Firms need help to pay tax on time
More should be done to encourage firms to pay their company tax and VAT bills on time, an influential committee of MPs says.
The Commons Public Accounts Committee said around £1.5 billion was outstanding annually, affecting HM Revenue & Customs (HMRC) and the Treasury.
Around 85% of VAT returns and 77% of company tax returns are lodged on time, but the committee said those figures were too low, the BBC reported.
The committee also said incentives to encourage businesses to file their returns on time and more efforts to promote online filing should be made.
