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The Masked Tulip

Uk Vat Revenues Fall

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Found this on another site:

Official data yesterday showed that VAT revenues tumbled nearly 14% in March compared with March last year. In the full fiscal year they were down 0.2% to £72.9bn - the first full-year drop. The fall in revenues is remarkable given that the economy has had two severe recessions since the early 1970s that did not cause VAT revenues to drop.

Less VAT means companies are selling less 'things'.

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Presumably there may have been an issue with the Easter dates in those years. Still, a big blow to Gordon.

Actually I got this wrong - if Easter was indeed in late March 05 and after 6 April 06 then there are 2 extra business days in fiscal 2006, so the decrease in VAT looks even worse.

Maybe fraud is an issue, but would that not also be true for the previous year?

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Of all the things I've bought in the last month, the only things I've paid VAT on are petrol, a bucket, and a sponge. The rest has either been VAT-free (food is still VAT-free, isn't it?) or imported from online stores abroad, with no VAT.

In the last decade I've probably saved myself a couple of thousand pounds in VAT by buying online.

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Found this on another site:

Less VAT means companies are selling less 'things'.

Makes it even more surprising it wasn't raised it to 20% in the budget.

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The rest has either been VAT-free (food is still VAT-free, isn't it?) or imported from online stores abroad, with no VAT.

Basic foods are still VAT free, luxury foods are not. You'll find your hamper from Fortnum and Masons will have some VAT on it.

G-Man

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You'll find your hamper from Fortnum and Masons will have some VAT on it.

F&M seem to have stopped sending me Christmas catalogues because I don't use my account enough anymore... guess even they're cost-cutting these days.

I remember the time when the parcel delivery van couldn't find my house so F&M stuck some guy in a car to drive it out to me instead. Now that's customer service for you.

Edited by MarkG

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Of all the things I've bought in the last month, the only things I've paid VAT on are petrol, a bucket, and a sponge. The rest has either been VAT-free (food is still VAT-free, isn't it?) or imported from online stores abroad, with no VAT.

How does that work? The goods still have to be imported and the import agent is responsible for making sure the duty is paid.

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Basic foods are still VAT free, luxury foods are not. You'll find your hamper from Fortnum and Masons will have some VAT on it.

G-Man

As an example, I think (not 100% sure on the exact definition) normal biscuits are vat free, whereas chocolate biscuits you pay vat, who knows what they do with selection boxes!

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As an example, I think (not 100% sure on the exact definition) normal biscuits are vat free, whereas chocolate biscuits you pay vat, who knows what they do with selection boxes!

One thing I find particularly great is the VAT on dog food. How about that for animal welfare?

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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