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VAT Reduction

techguy
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Registered: ‎12-09-2008

Re: VAT Reduction

I'd do more OT at work if I saw more of the money I earn from doing it but unless its double time there's little point in me doing it.
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Registered: ‎14-04-2007

Re: VAT Reduction

Quote from: HPsauce
Maybe, but as several politicians have explained, VAT can be implemented quickly; income tax takes months.

...and of course VAT changes are implemented by the government's army of unpaid tax collectors...e.g our accounts department Angry

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Community Veteran
Posts: 1,100
Registered: ‎05-04-2007

Re: VAT Reduction

Quote from: HPsauce
Maybe, but as several politicians have explained, VAT can be implemented quickly; income tax takes months.

Income tax  changes don't need to take months, but the difference is the employer as to make the changes for each individual. With VAT form a customer end point of view it can be ignored until the VAT return as to be done. With regard to income taxes the 10p bracket springs to mind.
On the strike issue.... it would not benefit anybody.... 2 days lost pay.... 2 days of chaos... months to recover from the mess.
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Re: VAT Reduction

When they decided to reduce the VAT rate maybe they were thinking, 'That'll keep them busy while we think of something that'll work'
or maybe 'That'll keep them busy while the whole problem blows over'

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Re: VAT Reduction

I've just heard that sales of pocket calculators have gone through the roof Wink Smiley

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James
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Registered: ‎04-04-2007

Re: VAT Reduction

Along with cases of RSI?
198kHz
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Re: VAT Reduction

Are they cheaper by the case?
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Re: VAT Reduction

Cheaper than those 16 cases of diarrhoea they had at the Royal Hallamshire last week Smiley
I think it was a BOGOF deal.

Anyway never mind that. What about this VAT thingy...

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itsme
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Registered: ‎07-04-2007

Re: VAT Reduction

Quote from: techguy
Very true John, the only people that matter in this country are the rich who swan about all day,
Quote from: techguy
I'd do more OT at work if I saw more of the money I earn from doing it but unless its double time there's little point in me doing it.

I don't know why you think that people that are on high wages are swaning around. You could earn more but don't want to pay the taxes. This was the situation that Britain was in in the 70's when the top rate was either 90% or 96%, what happen the poeple left the country and this period is referred to as the Brain Drain.
Perhaps poeple like Jonathan Ive would stay in this country if income tax is lower and and tyhe British poeple are not so negative on new ideas. He would have earned the UK millions.
techguy
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Registered: ‎12-09-2008

Re: VAT Reduction

You dont work where I do mate.
The top brass disappear to do what they like when they like.
Anyway you cant seriously think that Al Fayed, Abramovich etc are doing business all day every day, I mean they employ people to do that for them don't they?
maranello
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Re: VAT Reduction

I just don't see where the idea comes from that a 2.5% reduction in VAT is going to make a lot of difference to the current crisis, even if it has the desired effect of encouraging more people to spend money. The iWant generation will spend money anyway, increasing their already high levels of credit card debt. What difference will 2 and a bit percent make compared to credit card interest at between 20 and 30% per annum?
My other car isn't a Ferrari
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Re: VAT Reduction

Quote from: techguy
Anyway you cant seriously think that Al Fayed, Abramovich etc are doing business all day every day, I mean they employ people to do that for them don't they?

I can assure you Al Fayed and Abramavich and the like are doing business all day everyday.
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Re: VAT Reduction

Totally agree with Santigo, they are in the position they are because they work hard and are probably very ruthless.
It was interesting to watch the series on Dragons Den about how the Dragons made their money and how they work today.
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techguy
Grafter
Posts: 2,540
Registered: ‎12-09-2008

Re: VAT Reduction

At least they dont work shifts.
Grin
alanb
Grafter
Posts: 459
Registered: ‎24-05-2007

Re: VAT Reduction

I think the difficulty of changing price tickets and menus is a red-herring. There is nothing stopping retailers sticking a sign on their shelves or labels on their menus pointing out that displayed prices still include the old rate of VAT and that the final bill will be calculated with the reduced rate at the checkout.
Quote from: HPsauce
It's sort of ironic that the media reaction to a 2.5% VAT cut is to find people who think it's so small that it's pointless, yet the mere discussion of an option of a future 1% increase is seen as an intolerable burden.  Crazy

That's comparing apples and oranges though. The two tax changes are only superficially comparable.
It's a short-term decrease to 15% to encourage you to dip your hands in your pocket a bit more than you might have wanted to in the current financial situation; versus a permanent increase to 18.5% on everything you must buy, which is bound to cost everyone more over time.
Quote from: Santiago
I recall decimalisation in the Seventies. It was the opportunity for the most comprehensive prices increase in my memory.
I suspect the reduction in VAT will be seen by many as another opportunity to do the same, i.e. leave the price tag at the same value including 15% VAT therefore increasing the nett price.

I agree, it was the same on the continent when countries switched to the euro a few years back. Lots of stuff suddenly cost more when it was priced only in euros, and as people lost track of the exchange rates for the old currencies price increases began to occur in larger increments.