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VAT query
| Profile | Posted by | Options | Post Date |
|---|---|---|---|
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Redharissa | Report | 24 Nov 2008 19:44 |
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Does anyone know if the VAT cut is going to be applied to household gas and electric bills and food? Or is it only on luxury items like mega-huge TV sets? |
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McB | Report | 24 Nov 2008 19:48 |
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Don't think so as vat on gas & leccy is only 5% |
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Redharissa | Report | 24 Nov 2008 19:50 |
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I wish they'd drop VAT on gas and electric altogether! It was really cruel putting it on essential services in the first place. |
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Mrs. Blue Eyes | Report | 24 Nov 2008 19:51 |
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Jeez goes to show how much attention I pay, I didn't know vat was on gas & leccy, that's ridiculous |
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McB | Report | 24 Nov 2008 19:55 |
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Sorry, should'nt have said ONLY 5% |
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~Summer Scribe~ | Report | 24 Nov 2008 20:08 |
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I knew I should have waited to buy my TV *sigh* |
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°o.OOº°‘¨Claire in Wales¨‘°ºOO.o° | Report | 24 Nov 2008 20:24 |
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VAT is not only charged on luxury items, it's also on every day items bought from the local supermarket |
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Redharissa | Report | 26 Nov 2008 19:43 |
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I went into Sainsburys today to ask if their clothing and kitchenware, etc prices are going to drop by 2.5% on Monday and whether they are going to change the price tags or alter things at the till. |
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McB | Report | 26 Nov 2008 19:48 |
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I've got a business ( just ) & i had some bumph from the VAT people today saying as from monday ALL invoices from monday should include 15% vat, that includes shop sales. |
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LD | Report | 26 Nov 2008 20:15 |
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From Monday if you buy anything ask for a full VAT receipt. If it shows 17.5% then ask for a price reduction calculating VAT at 15% |
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Researching: |
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Jill 2011 (aka Warrior Princess of Cilla!) | Report | 26 Nov 2008 20:18 |
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I think you might find that due to the vagaries of working out the percentage you will not pay 2.5% less. You will pay 2.something% less but it will be less than 2.5%. Heard that from a friend with a shop today and I can't remember the exact figure. It's driving her mad and it will drive her customers mad. |
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Researching: |
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LD | Report | 26 Nov 2008 20:21 |
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It will actually be 2.12% off the gross price |
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Researching: |
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McB | Report | 26 Nov 2008 20:25 |
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Y ? |
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LD | Report | 26 Nov 2008 20:38 |
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If an item nett price is £100 then with 17.5% VAT it would be £117.50. With 15% VAT it is reduced by £2.50, and that is 2.12% off the original price. |
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Researching: |
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McB | Report | 26 Nov 2008 20:40 |
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Arghhhh |
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Jill 2011 (aka Warrior Princess of Cilla!) | Report | 26 Nov 2008 20:41 |
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Told you - it's going to be fun!! |
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Researching: |
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Redharissa | Report | 26 Nov 2008 20:55 |
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Now is the time to go into business selling Gordon Brown voodoo dolls!! |
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Jill 2011 (aka Warrior Princess of Cilla!) | Report | 26 Nov 2008 21:03 |
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I've got lots of pins Tracey! |
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Researching: |
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InspectorGreenPen | Report | 26 Nov 2008 21:03 |
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Food is exempt from vat so no saving here. Have a look at your supermarket bill and you will see that very little is vatable. |
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Janice | Report | 26 Nov 2008 21:28 |
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Tampons and sanitary towels have VAT on them so they should be cheaper ladies!! |
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