So begins another headache for businesses!
Full info can be found on the HMRC site, link below:
HM Revenue & Customs: Increase in the standard VAT rate
The VAT reduction is over and returns to its previous 17.5% So begins another headache for businesses! Full info can be found on the HMRC site, link below: HM Revenue & Customs: Increase in the standard VAT rate
Steve Do you think the VAT reduction help business in the UK? Car sales did well and some big ticket consumer goods but not sure if it impacted elsewhere? tomsk
Personally, I think there was a bigger burden on smaller retailors and businesses, having to absorb the costs of repricing stock etc. Although less of an impact to online businesses, I suspect there will be a substantial amount of fall out and confusion as small businesses try and update their accounts packages as outstanding invoices come in with different VAT amounts.  I do wonder if we will hear any figures or stats to prove if the whole exercise did anything to increase consumer spending. Like you say, big ticket purchases can make an impression, but in times of tightened belts, normally replacing the family car is the last thing on the agenda, plus with so much discounting going on with things like new Kitchens or even TV's, I do wonder if it was all a waste of time... |
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