Monday, January 26, 2009

VAT cut did put more money in our pockets - literally

When Alistair Darling lowered the rate of VAT last year he promised it would put more money into people's pockets.

According to the Daily Telegraph today this prediction has come to pass, quite literally. As a result, the extra coins that we now receive in change are wearing away at our pockets. And this is good news for dry cleaners and seamstresses who are being asked to sew up the holes!

And to think I predicted on my TaxBuzz blog that the VAT changes will HURT small businesses!

No comments:

Are some tax advisers paying more than they need to?

Some years ago on my first visit to Penrith, Cumbria, to present a talk to the local CIOT branch, I took a cab to the venue.  The driver ask...