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    Emergency Budget

    This is a discussion on Emergency Budget within the General chat forums, part of the Community channel category; Originally Posted by paulcarrm9mx It means a loaf of hovis brown costs 1.19 in sainsburys yesturday. with the increase in ...

    1. #11
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      Re: Emergency Budget

      Quote Originally Posted by paulcarrm9mx View Post
      It means a loaf of hovis brown costs 1.19 in sainsburys yesturday. with the increase in VAT it will cost 1.42 that is a huge increase for a low income person.
      Putting aside that it's only 2.5% extra i'm pretty sure someone on a low income would buy the shop's own brand of bread. I certainly do, tastes no better/worse than the brands

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    3. #12
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      Re: Emergency Budget

      also VAT is also blurred as companies who have a turnover of less than 50,000 don't get a VAT number and so don't charge VAT.

      That's why getting a small builder in may be cheaper as he doesn't charge it.

      The whole VAT system is overly complicated and also needs a jolly good look at again.
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    4. #13
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      Re: Emergency Budget

      I think the VAT registration limit is now 70K, although that may have changed with the new budget. It is very complicated, especially for a small firm who cannot afford to employ a VAT accountant. The registration period is calculated over a rolling 12 months, not the financial year, which makes it even more complicated. I know, I've been there done it and did not even get a tee shirt for my problems.

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    5. #14
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      Re: Emergency Budget

      Last month I went into property development, so my only concern is the increase in Capital Gains Tax, but as its new to me don't know if would effect me as lower band is the same at 18%, whilst its the higher band that's gone up to 28%.
      No idea how much profit I will be making yet so dont know which band i'll fall under!

    6. #15
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      Re: Emergency Budget

      i know theres alot of people either on this forum or out the in the uk who dont like the conservatives and thats your opinion but the fact is we cant go on like this. this country is almost in ruins because of labour and there reckless spending im with the coalition on thease cuts sure vat is a kicker but hey we have to get our finances back under control one we do that we will be fine. sure there maybe job losses but there was loads of jobs lost when labour was in power so what much difference will the blue and yellows make. and if your not happy about a loaf of break going up simplist solution go to a cheaper shop lol. i do i goto aldis on saturdays sure they may not have all the food in the world but there good if you want to get basic stuff like bread and milk and there cheaper than morrison asdas tescos and sainsburys fact. also if your not happy about bills etc you cut down on things in your home save energy use energy saving light bulbs turn electrical goods off.

    7. #16
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      Re: Emergency Budget

      Quote Originally Posted by Isitme View Post
      I think the VAT registration limit is now 70K, although that may have changed with the new budget. It is very complicated, especially for a small firm who cannot afford to employ a VAT accountant. The registration period is calculated over a rolling 12 months, not the financial year, which makes it even more complicated. I know, I've been there done it and did not even get a tee shirt for my problems.
      Sorry, but that's rubbish. You can voluntarily register for VAT, and it is to your advantage to do so, because you can claim back the VAT on things that you buy for your business. Doing the VAT return is easy, you just do the following....

      1. Enter the amount of VAT charged in your sales in one box
      2. Enter the amount of VAT paid on purchases in another box
      3. Subtract one from the other
      4. Write a cheque for the difference, or pay online.
      5. Done. 10 minutes work every 3 months.


      I run my own business, and I'm registered for VAT, and my accountant does not do the VAT return - either I do it, or (more often than not) my wife does.

    8. #17
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      Re: Emergency Budget

      Quote Originally Posted by Isitme View Post
      Only items classed as luxury food are subject to VAT eg a packet of digestive biscuits is VAT free, a packet of chocolate digestive is subject to 20% VAT.

      The matter of 'take away food is a bit blurred. Take away shops have to charge VAT while Supermarkets with a 'deli' counter selling cooked chicken, ribs etc generally don't.

      Food consumed on the premises is subject to VAT. Take-away food is not subject to VAT, if it is taken away. A loaf of bread costing 1.19 before the VAT increase will cost 1.19 after the VAT increase, because it's Zero-rated (assuming the price hasn't been increased in that time).

    9. #18
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      Re: Emergency Budget

      I did not say you could not volunteer to register for VAT, but if your turnover exceeds 70 you must register. I ran my own small business for 25 years and for much of that time turned over about 300K so had no option but to register. Whether it is in your interests to register below the 70K depends on the type of business, if it is labour intensive, it may not pay you to register. If it is material intensive then it certainly will.

      Food consumed on the premises is subject to VAT. Take-away food is not subject to VAT
      Sorry, you have that the wrong way round.
      Extract from http://customs.hmrc.gov.uk/channelsP...24129#P60_3742


      2. VAT – Hot take-away food

      This Business Brief clarifies Customs policy on the treatment of hot take-away food in light of recent VAT Tribunal decisions. It includes some minor amendments to policy, and replaces the guidance previously published in Business Brief 26/2002.
      Most food is zero-rated for VAT purposes. But hot take-away food and drink is standard-rated, whether sold from a traditional take-away, supermarket or any other outlet. Standard rating applies where the supplier’s main intention in heating the food is to enable it to be consumed hot or warm (regardless of whether, in practice, the food is always consumed hot or warm). Standard rating applies irrespective of the customer’s intention, the place of consumption or whether the food is collected or delivered.
      Last edited by Isitme; 25-06-10 at 02:40 PM.

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    10. #19
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      Re: Emergency Budget

      If you ran a VAT-registered business for that length of time, then I can't understand why you made the claim that VAT is complicated for those who can't afford an accountant ? Although, to be quite frank, if you can't afford an accountant, you might as well pack up and sign on.

      As for the second point, yes you are quite right - I believe the VAT position was originally as I stated, but it was unworkable in its original form, so it was changed, and I forgot - sorry.

      Anyway, a 1.19 loaf will still be 1.19 when the VAT rate is 20% :-)

    11. #20
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      Re: Emergency Budget

      Although, to be quite frank, if you can't afford an accountant, you might as well pack up
      I did, as soon as I qualified for my personal pensions.

      TomD


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