Value added tax makes up 42% of business taxes deferred under agreements
struck with the Business Payment Support Service.
A total of £2.5bn in tax payments have been deferred by 141,000 struggling
businesses, Business Credit Management reports.
The BPSS was set up by the Chancellor in the pre-Budget report to stop
cash-strapped businesses from going under in the recession.
Firms can also request a deferral of PAYE and NIC payments, and are typically
granted repayment extensions of between three and six months.
The deferred VAT makes up 1.5% of the total predicted VAT take of £64bn for
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states