VAT Cut - SV650.org

23-11-08, 12:14 PM

Well, I seem to have this knack at predicting things!

Our IT chap at work is writing me an accounting package for invoices that we send out. A month ago I asked him to enable it for me to change the VAT rate, being a young 21 he looked at me gone out! VAT doesn't change he said.
We then had a long conversation about when the VAT rate last changed, and I ended by saying, 'believe me, there will be a VAT change soon'.

Looks like VAT is going to be lowered to 15%

The last time I said something, it was when redundancies were predicted, and I joked that all the accounts would move to Wales. One week later we were told that all the accounts was going to Cardiff.

I am now spooked!

23-11-08, 12:29 PM

A VAT cut would be very welcome. As I don't have a mortgage, I haven't benefited from the interest rate cuts, but I'd certainly benefit from a cut in VAT.

23-11-08, 01:16 PM

A vat rate cut will not be welcome in my eyes, Why? well they will cut it for a few months then when it goes back up it will go up more than it was cut and that will last forever. believe me we will lose out in the long run.

Sid Squid · 23-11-08, 01:17 PM

Would you? Although a nice cut in prices seems welcome, I can't help feel adverts with lower prices on is a way to tell you how Gordon has it all under control so you should vote for him next time. Cheap vote buying for them and:

How will the Govt make up the money they won't be getting from VAT? Oohh... another tax rise elsewhere - just my wild guess of course.

Anything headline like this is deeply suspicious - I'm unimpressed & you shouldn't be fooled.

23-11-08, 01:17 PM

any help at this moment in time would be welcome by me.

23-11-08, 01:18 PM

sid's right tho, they'll bang it on somewhere else, the govt dont loose.

Bibio · 23-11-08, 01:50 PM

i always thought that the vat raised in the country went to europe anyway.. that's why its never been raised...

23-11-08, 02:01 PM

Lets not forget there are 3 different VAT rates. 17.5%, 5% and zero (of course, there's exempt as well, but thats not the point).

Some figures for you...

Quote:

How much will products reduce in price?
Petrol
Current price: 94p/litre (average UK price, Thursday November 20)
New price: 92p/litre
Saving: 2p/litre
McVities' milk chocolate digestives 400g
Current price: £1.29
New price: £1.26
Saving: 3p
Pint of bitter
Current price: £2.80 (average UK)
New price: £2.74
Saving: 6p
Bottle of wine
Current price: £6.99
New price: £6.84
Saving: 15p
Nintendo Wii games console
Current price: £179.99
New price: £176.16
Saving: £3.83
Marks and Spencer men's shoe
Current price: £39.50
New price: £38.66
Saving: 84p
Marks and Spencer black ladies' macintosh
Current price: £80.00
New price: £78.30
Saving: £1.70
Vauxhall Astra car
Current price: £11,955 (list price, basic model)
New price: £11,700
Saving: £255
Ikea "Billy" bookcase 106cm x 80cm in birch effect
Current price: £37.00
New price: £36.21
Saving: 79p
iPod Nano 16GB
Current price: £149.00
New price: £145.83
Saving: £3.17

Basically, you'll only benefit if you buy a lot of high priced luxury items. Otherwise, it's nothing to write home about. 2p/ltr from petrol though.

EDIT: See this quote as well.

Quote:

The move costs £12.5bn and the idea would be to get retail sales moving, then jack up VAT later.

Speculations have the new VAT rate at 22% after Christmas. Who's glasses are rose tinted still?

23-11-08, 02:02 PM

All I see is a headache with getting the invoices changed on the exact day that the rate is changed.

How selfish of me!

23-11-08, 02:31 PM

Quote:

Originally Posted by Baph

Speculations have the new VAT rate at 22% after Christmas. Who's glasses are rose tinted still?

I very much doubt significant tax increases will be implemented before the general election, which must be held within the next 18 months, but likey to be sometime during 2009. I wouldnt be suprised of further cuts in taxes, tends to be usual practice during election approach.

23-11-08, 12:14 PM	#1
Lou M Guest Posts: n/a	VAT Cut Well, I seem to have this knack at predicting things! Our IT chap at work is writing me an accounting package for invoices that we send out. A month ago I asked him to enable it for me to change the VAT rate, being a young 21 he looked at me gone out! VAT doesn't change he said. We then had a long conversation about when the VAT rate last changed, and I ended by saying, 'believe me, there will be a VAT change soon'. Looks like VAT is going to be lowered to 15% The last time I said something, it was when redundancies were predicted, and I joked that all the accounts would move to Wales. One week later we were told that all the accounts was going to Cardiff. I am now spooked!

23-11-08, 12:29 PM	#2
wyrdness Guest Posts: n/a	Re: VAT Cut A VAT cut would be very welcome. As I don't have a mortgage, I haven't benefited from the interest rate cuts, but I'd certainly benefit from a cut in VAT.

23-11-08, 01:16 PM	#3
bris Guest Posts: n/a	Re: VAT Cut A vat rate cut will not be welcome in my eyes, Why? well they will cut it for a few months then when it goes back up it will go up more than it was cut and that will last forever. believe me we will lose out in the long run.

23-11-08, 01:17 PM	#4
Sid Squid No, I don't lend tools. Mega Poster Join Date: Jul 2003 Location: Skunk Works, Nth London Posts: 8,680	Re: VAT Cut Would you? Although a nice cut in prices seems welcome, I can't help feel adverts with lower prices on is a way to tell you how Gordon has it all under control so you should vote for him next time. Cheap vote buying for them and: How will the Govt make up the money they won't be getting from VAT? Oohh... another tax rise elsewhere - just my wild guess of course. Anything headline like this is deeply suspicious - I'm unimpressed & you shouldn't be fooled. __________________ If an SV650 has a flat tyre in the forest and no-one is there to blow it up, how long will it be 'til someone posts that the reg/rec is duff and the world will end unless a CBR unit is fitted? A little bit of knowledge = a dangerous thing. "a deathless anthem of nuclear-strength romantic angst"

23-11-08, 01:17 PM	#5
kwak zzr Guest Posts: n/a	Re: VAT Cut any help at this moment in time would be welcome by me.

23-11-08, 01:18 PM	#6
kwak zzr Guest Posts: n/a	Re: VAT Cut sid's right tho, they'll bang it on somewhere else, the govt dont loose.

23-11-08, 01:50 PM	#7
Bibio Member Mega Poster Join Date: Jul 2008 Location: here as devil's advocate Posts: 11,568	Re: VAT Cut i always thought that the vat raised in the country went to europe anyway.. that's why its never been raised...

23-11-08, 02:02 PM	#9
Lou M Guest Posts: n/a	Re: VAT Cut All I see is a headache with getting the invoices changed on the exact day that the rate is changed. How selfish of me!