Our latest newsletter is now available including a round-up of all HMRC & Tribunal news, the latest on input VAT recovery on postal services and an in-depth look at the Flat Rate Scheme.
Read it here
Friday, May 14, 2010
Thursday, May 13, 2010
Stakes rise on VAT rate rise
It would be difficult not to notice the media interest today in a VAT rate rise being on the cards.
The prediction is that the standard rate will rise to 20% by the end of 2011, with analysts calculating this bringing in an extra £11.5bn per year, it is easy to see why this is likely given the current national debt levels.
It is even less surprising when you note that 63% of EU countries already have a VAT rate of 20% or higher, and 85% have a higher rate than the current UK rate of 17.5%. All in all is seems we have had it easy here in the UK!
As an aside, maybe the new government will also consider bringing back the 'Window Tax' from the 1700's to increase revenue. There was a flat rate for each house and a higher rate for houses with 10 or more windows - now that would be something to write about!
We will of course get you updated if the rate does change - keep an eye on our website or sign up to our newsletter.....
The prediction is that the standard rate will rise to 20% by the end of 2011, with analysts calculating this bringing in an extra £11.5bn per year, it is easy to see why this is likely given the current national debt levels.
It is even less surprising when you note that 63% of EU countries already have a VAT rate of 20% or higher, and 85% have a higher rate than the current UK rate of 17.5%. All in all is seems we have had it easy here in the UK!
As an aside, maybe the new government will also consider bringing back the 'Window Tax' from the 1700's to increase revenue. There was a flat rate for each house and a higher rate for houses with 10 or more windows - now that would be something to write about!
We will of course get you updated if the rate does change - keep an eye on our website or sign up to our newsletter.....
Subscribe to:
Comments (Atom)
Posts
