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Where will the VAT rise be noticed most?
Comments
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I think it will probably bear hardest on the most expensive items, and least on items that are zero rated or exempt.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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I only have one tank per month say 60 quid.
it will have a 1.50 impact x 52 weeks... so say 80 quid for the year impact.
Lets look at all the tax hikes for 2011
Fuel -£80
Other -£50
PAYE banding Freeze -£100ish
1% NI increase -£350 less 165 banding offset so £185
So overall i recon next year just due to tax increases im 400 out of pocket... but this year I was quids in £1600 due to stamp duty exemption.
Cant complain really
Plus payrise, should I have a job next year will basically be CPI plus 2% at least! So it will more than offset it, and if inflation is recorded as being higher which it will due to VAT rise, then all well and good! Should be covered!Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
I hope to notice on my NS&I index linked tax free savings certificates
'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Beer
Wine
Gin0 -
Diesel - cheapest for me is 119.9p per litre
Food - most of it's delivered by road and even though most is 0% rated for VAT, I expect prices to go up almost immediately due to the increase in delivery costs.
General household products i.e. cleaning products, toilettres these are VATable and again delivered by road. There is no reason for shops to keep the prices down like they will do with clothes and electrical goods for a few months.
Alcohol - mind you the prices are already creeping up because it's near ChristmasI'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0 -
Let's face it, we're all scuppered next year, and prices never go down do they?
I'm worried about the gas/elec more than anything.I’m a Forum Ambassador and I support the Forum Team on the Old style MoneySaving boards.
If you need any help on these boards, please let me know.
Please report any posts you spot that are in breach of the Forum Rules by using the Report button, or by e-mailing forumteam@moneysavingexpert.com.
All views are my own and not of MoneySavingExpert.com0 -
Another thing I stupidly didn't consider. OH is a HGV driver VAT on fuel will hit his employer hard i imagine, 100+ wagons each with 300 litre tanks getting filled daily. There goes any small chance of a pay rise come June 2011.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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LilacPixie wrote: »Another thing I stupidly didn't consider. OH is a HGV driver VAT on fuel will hit his employer hard i imagine, 100+ wagons each with 300 litre tanks getting filled daily. There goes any small chance of a pay rise come June 2011.
Added to the fact your living costs on everything delivered by road (which is everything) will go up regardless of how they are rated for VAT. :eek:I'm not cynical I'm realistic
(If a link I give opens pop ups I won't know I don't use windows)0
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