Tags Tagged With Consumers
How Does The Government Recover The Vat Rate Change Shortfall?
Obviously, in reducing the VAT rate from 17.5% to 15% for a year will create a shortfall in the government's finances for the year. There are a variety of predictions on exactly how much this will be, however, most agree that it will be somewhere in the region of £12.5 billion. The government will have to make this up in some way or another: One option the Treasury has considered, but is now denying is to INCREASE the tax rate as the economy recovers. The plans seen on an Revenue
Make The Most Of The Vat Rate Change - Whos Offering The Price Cut?
As we have covered in previous posts, there are many companies that have decided against offering the 2.5% VAT Rate Cut to it's customers. While 2.5% may not be a whole lot, the goverment was offering this VAT Rate Change to try and do something for the consumers, therefore it is only right that you get in on the act! Here, we are listing some of the stores, websites and companies that are passing on the cut in VAT to it's customers. If you want to be added to this list, please post a comment
Should The Republic Of Ireland Reduce Vat?
News is emerging that concerned border towns in Ireland are calling for Finance minister Brian Lenihan to cut VAT by 6% from 21% to 15% in line with the UK's announced VAT rate change. Irish towns that border with the UK run the risk of shoppers deciding to take advantage of the strong exchange rate and the lower VAT rate in the UK and doing their christmas shopping across the border. Lenihan has admitted that the large numbers of Republican shoppers travelling north to shop in N
Uk Vat Rate Changes
The Chancellor announced in his Pre-Budget Report that, on the 1st of December, the standard VAT rate will reduce from 17.5% to 15% until the end of next year. For consumers, this means that the providers of any standard rate VAT products and services should charge the new rate of VAT from this date. Only standard-rated sales are affected. There are no changes to sales that are zero-rated or reduced-rated for VAT. Similarly, there are no changes to the VAT exemptions.
Vat Rate Change Comes Early
In a bid to attract customers over the weekend, some of the largest companies in the UK are offering 'VAT rate cut' prices already, and many more will be doing the same in the days leading up to the official rate change. Currys, PC World and Dixons started passing the cut on as soon as it was announced, in a bid to attract more customers to their stores and websites. A spokesman for the parent company said: "We felt it was right thing to do, even though it was complicated. We al
Vat Rate Cut Comes Into Force
While the VAT Rate Change came into force today, many companies and stores were still racing to get their systems updated and the prices in line. Early signs for the companies that did get it done in time however, were positive. Even some major department stores were facing struggles, and some stores will not be bringing in the reduced prices until Wednesday. On the other hand, many companies have already introduced the new prices. Initial signs suggest that there has been a
What Will Things Cost After The Vat Rate Change?
With the VAT Rate changing from 17.5% to 15%, suppliers are supposed to pass on the reduced VAT rate to you, the consumer on all standard VAT goods. So how much should things cost now? Full rate 17.5% VAT items thought to be changing to 15% *Ford Mondeo Current price: £15,995; new price: £15,175.26 Saving: £819.74 *Big Mac meal Current price: £3.79; new price: £3.60 Saving: 19p Article Continues Below: