Chat & Social > The Bar - General Chat
VAT to be cut by 2.5%!!
Disco Matt:
It really is more of a psychological thing than a real one. It's £2.50 for every £100 you spend. In other words you might save £10 if you spent £400 on Christmas stuff - not much really is it!
But if you think about it, the whole recession business is psychological. People hear rumours of it, reduce their spending, and hey presto you have reduced economic growth.
I too was pondering the short-term effect on cashflow - suspect there will be a dip in takings! Nobody seems to know whether it's a case of it coming in on Monday (as in, anything bought from 00:01 on Monday will be taxed at 15%) or whether it comes in from Monday (as in, from 00:01 Tuesday).
V8MoneyPit:
--- Quote from: Disco Matt on November 25, 2008, 10:50:38 ---I too was pondering the short-term effect on cashflow - suspect there will be a dip in takings! Nobody seems to know whether it's a case of it coming in on Monday (as in, anything bought from 00:01 on Monday will be taxed at 15%) or whether it comes in from Monday (as in, from 00:01 Tuesday).
--- End quote ---
I have the statement from HM Revenue & Customs in front of me and is says "..... goods or services on or after the 1st December....". So it's Sunday night onwards.
littlepow:
--- Quote from: crazymac on November 24, 2008, 19:30:45 ---
And on top of that, NATIONAL INSURANCE IN INCREASNG BY 0.5%
--- End quote ---
Thas the bit I like best, so If you are finding the present market hard on your income and expenditures, they'll just take more money so you have to cut back even more!
V8MoneyPit:
I don't pay NI :dance:
muddyjames:
--- Quote from: littlepow on November 25, 2008, 17:22:58 ---
--- Quote from: crazymac on November 24, 2008, 19:30:45 ---
And on top of that, NATIONAL INSURANCE IN INCREASNG BY 0.5%
--- End quote ---
Thas the bit I like best, so If you are finding the present market hard on your income and expenditures, they'll just take more money so you have to cut back even more!
--- End quote ---
so really VAT is going down by 2% not 2.5!
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