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VAT Increase!!!!

2»

Comments

  • sarahg1969
    sarahg1969 Posts: 6,694 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It probably has nothing to do with the VAT increase at all. It's more likely to be a pricing or labelling error, given the figures.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 9 January 2011 at 1:33AM
    Surely a firm can add whatever extra they want onto the cost of an item, vat is 20% full stop and not 37%, the other 17% looks like its the retailer putting they're costs up
  • mo786uk
    mo786uk Posts: 1,379 Forumite
    Flyboy152 wrote: »
    Perhaps Jessops has jumped the gun on the latest Tory wheeze of allowing retailers to rip consumers off by not having to advertise the VAT price.

    The current regulations are as such..

    If a shop sells goods THAT CAN BE sold to ocnsumers they must include the full price including any taxes.

    This includes places that sell to trade as well as consumers. As long as they show a VAT included price then they can show a VAT excluded price.

    In terms of updating changes after a VAT increases they have 1 month to do it (so til Feb).
  • Flyboy152
    Flyboy152 Posts: 17,118 Forumite
    mo786uk wrote: »
    The current regulations are as such..

    If a shop sells goods THAT CAN BE sold to ocnsumers they must include the full price including any taxes.

    This includes places that sell to trade as well as consumers. As long as they show a VAT included price then they can show a VAT excluded price.

    In terms of updating changes after a VAT increases they have 1 month to do it (so til Feb).
    Whch is basically what I said in post #11. ;)
    The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark
  • I_luv_cats
    I_luv_cats Posts: 14,457 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    I just divide the original price by 1.175 and times by 1.20
    i.e.


    old priced @ 17.5% vat £3.15 (3.15 / 1.175 = 2.68 net)

    new priced @ 20% vat item £3.22 (2.68 x 1.20 = 3.217)

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