Thread: VAT Rises

For as long as I can remember the VAT (Value added tax) rate in England has been set at 17.5%. I'm in my 20's so I simply can't remember any different. However some time last year they took the rate down to 15% to help the economy to recover. This caused many businesses to invest time and money into changing the tax rates on their goods and services.

Now however there is talk to putting it up to a staggering 20%! This announcement was made in the house of commons by George Osborne and it certainly didn't go down very well.

If you're reading this site then the increased VAT rate is probably going to affect you in two ways. Firstly we are all consumers and will need to pay more for things we need. Also as you are reading about merchant accounts you probably sell something. This means that you will need to adjust your tax rates on your products.

While the new higher VAT rate won't come into force until 4th January 2011 it's going to come around very quickly.

When researching this story I found it interesting to discover that charities, unlike businesses cannot claim the tax back on purchases. Should the government really be generating revenue from organisations which are supported by donations from people who already pay tax?

The new VAT rate will cost the average household in England an extra £500 per year. This is a huge amount of money which will need to be found from somewhere.

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