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High street fears VAT could rise to 20%

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High street fears VAT could rise to 20%

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Zippy

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Joined: Thu Apr 23, 2009 6:20 pm
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Re: High street fears VAT could rise to 20%


	timark_uk wrote: sigh Great, couple the return to 17.5% with another pay freeze next year and a possible hike from 17.5% to 20% and I'll be getting a real reduction in income. Compound that with the pay freeze I got earlier this year and I might have to stop eating. Mark

I'm adding


	Quote: Petrol prices look set to rise to £5 per gallon before the end of the year

to my list of woes

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Mon Nov 16, 2009 2:16 pm

MrStevenRogers

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Re: High street fears VAT could rise to 20%

i reckon that VAT will be raised to 20% in April 2010 and VAT will be extended on all foods at 5%
that's my forecast for the 2010 budget …

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Mon Nov 16, 2009 3:04 pm

jonbwfc

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Re: High street fears VAT could rise to 20%

Zippy wrote:

I'm adding


	Quote: Petrol prices look set to rise to £5 per gallon before the end of the year

to my list of woes

I was thinking that as I filled up this weekend. It's already up to about 110p round our way so if they effectively drop a 2.5% price rise on it in January, that would be up to 113p. In fact, it'll probably be more than that because IIRC for some reason VAT gets added to petrol twice..

Jon

Mon Nov 16, 2009 4:06 pm

paulzolo

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Re: High street fears VAT could rise to 20%

jonbwfc wrote:

Zippy wrote:

I'm adding


	Quote: Petrol prices look set to rise to £5 per gallon before the end of the year

to my list of woes

You are paying tax on tax when it comes to petrol. VAT is added to the gross cost after fuel duty has been added. This should not be - it should be VAT on the net price.

When the VAT was dropped last year, fuel duty was adjusted so that the cost of petrol didn’t go down. Who wants to bet that this adjustment won’t be reversed?

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Mon Nov 16, 2009 5:17 pm

finlay666

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Joined: Thu Apr 23, 2009 9:40 pm
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Re: High street fears VAT could rise to 20%


	paulzolo wrote: You are paying tax on tax when it comes to petrol. VAT is added to the gross cost after fuel duty has been added. This should not be - it should be VAT on the net price. When the VAT was dropped last year, fuel duty was adjusted so that the cost of petrol didn’t go down. Who wants to bet that this adjustment won’t be reversed?

It never is

Cost per barrel goes down, prices at best take a 1p dip or so a few months later
Cost goes up, prices go up instantly

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Mon Nov 16, 2009 8:28 pm

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