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Thread: VAT Con...

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    Regular Member macdad's Avatar
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    Default VAT Con...

    Anyone noticed that when the vat reduction first came into play,shops where selling at the reduced rate..ie instead of 4.99 the price was 4.24 or something like that...so it would seem that the shops have just put there prices up accordingly and told the gov to sod off...some good that has done then..oh and btw vat goes back up to 17.5% on the 1/1/2010..moan over.

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    Full Member Big Sig's Avatar
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    Yep I had noticed! just means whats £4.99 will be £5.17 or something, then £5.49!
    Now I need a turbo to keep up!

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    Regular Member Flaninacupboard's Avatar
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    Still stimulates the economy. If you pay the same gross price for an item but the VAT is lower the retailer keeps more.

    Take a £1,000 item:

    17.5% vat means £851.06 to retailer, £148.94 to the taxman.
    17% vat means £854.70 to retailer, £145.30 to the taxman.

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    Regular Member Ste's Avatar
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    I honestly don't see how a 2.5% reduction in VAT is anywhere near enough to really make a tangible difference to the decision making process, even if retailers passed on the full rebate.

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    Ex Vec-C Admin ed taylor's Avatar
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    Quote Originally Posted by Ste View Post
    I honestly don't see how a 2.5% reduction in VAT is anywhere near enough to really make a tangible difference to the decision making process, even if retailers passed on the full rebate.
    I think it was a token gesture. Look how much they are now raking in from "booze" and fuel, seeing that the cost of crude is now as low as it has been since early last year. This lot in power must think we are stupid.......... I hope we don,t prove to be when the time comes. But sadly the majority of us have very short memories.

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    Regular Member rushy's Avatar
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    As a food retailer I only pay about £20 vat on a total bill of about £400 at the wholesaler as not all food stuffs carry vat. We can only add vat on food eaten in the premise or hot food, so any cold food that is taken out carries no vat where as some of the ingredients we would have had to pay vat on it when buying it in. Now you try working the prices for that little lot out. All we can do is take a percentage of sales to submit. Tie that in with the fact that all the prices have rocketed and you can see how on a knife edge we are.

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    Regular Member SRimonkey's Avatar
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    i wanna know why pound shops are still pound shops??? what happened there? they didn`t pass nothing on

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    [Ex]Admin Duncan's Avatar
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    Quote Originally Posted by Ste View Post
    I honestly don't see how a 2.5% reduction in VAT is anywhere near enough to really make a tangible difference to the decision making process, even if retailers passed on the full rebate.
    Yep, exactly what I thought when they first announced it. They made a big hoo ha about it and how it would stimulate the economy - what utter cobblers.

    If some electrical goods (for example) cost £400 when the VAT was 17.5%, then with the massive 2.5% reduction it would then be £391.50 (rounded up). I'm sorry, but if they think that people are going to go "Oh look, that washing machine is now £8.50 cheaper. Let's buy it as we're saving loooads", it just ain't gonna happen.

    Quote Originally Posted by macdad View Post
    ..so it would seem that the shops have just put there prices up accordingly and told the gov to sod off...
    Can't say I'd noticed they'd gone back up but I'll have a look around here next time I'm in shops. They (the shops) also made a big hoo ha about how they'd reduced the prices to reflect the VAT change, again thinking that people would be daft enough to not realise that it was hardly going to save them anything. Given how desperate retailers were at the end of last year though they'd have tried anything to get people through the doors and buying.

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    Regular Member yorkshireborn's Avatar
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    Quote Originally Posted by Duncan View Post
    Yep, exactly what I thought when they first announced it. They made a big hoo ha about it and how it would stimulate the economy - what utter cobblers.

    If some electrical goods (for example) cost £400 when the VAT was 17.5%, then with the massive 2.5% reduction it would then be £391.50 (rounded up). I'm sorry, but if they think that people are going to go "Oh look, that washing machine is now £8.50 cheaper. Let's buy it as we're saving loooads", it just ain't gonna happen.

    Can't say I'd noticed they'd gone back up but I'll have a look around here next time I'm in shops. They (the shops) also made a big hoo ha about how they'd reduced the prices to reflect the VAT change, again thinking that people would be daft enough to not realise that it was hardly going to save them anything. Given how desperate retailers were at the end of last year though they'd have tried anything to get people through the doors and buying.

    oh you will notice D because instead of sticking the £8.50 back on they will stick extra on to cover the cost of changing all the tills over and extra advertising to show the new prices.

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    [Ex]Admin Duncan's Avatar
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    lol, now that's a cyncial point of view! It's true though! How much has it cost retail businesses in changing all their tickets, till programming etc.

    I'm VAT registered but as I generally deal with business to business my prices were always quoted ex VAT, so easy enough to just change the VAT rate in my accounting/invoicing software, and as the businesses I deal with also tend to be VAT registered they calim it back anyway, so the 'saving' to them is nowt as the net cost has remained the same. All that's changed is the extra cost they incur having to change their systems!

    For the business to consumer side (i.e. the weddings side) as my (inc VAT) prices were rounded to ones that sounded 'appealing' then I'm afraid I, like many other business selling to the public, have simply kept those prices the same so my net on those has actually increased! - same cost to the consumer though.

    It was obviously aimed at the large retail places (the VAT cut) and I don't think it's made an iota of a difference there, and certainly has done sod all in the small/medium business area other than incur extra costs for them. What a marvellous Government we have eh? lol

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