On 1 June 2008, a new version of VATA 94 Schedule 10, covering the option to tax, was introduced in order to bring more clarity and simplifcation to a set or provisions, which had been widely misunderstood and often abused.
The British Chambers of Commerce (BCC) has called on the government not to impose new business taxes and to reduce the burden of red tape in its Budget submission.
With effect from VAT periods or VAT years starting on or after 1 April 2010, two new, optional de minimis tests will be introduced to save certain partly exempt businesses the need to carry out complicated and time-consuming calculations.
The government’s plans to establish a workplace pension scheme for lower paid employees have been criticised after it was revealed that people who join initially will have to pay a 2 per cent contribution fee.
