pongo Posted November 23, 2008 Share Posted November 23, 2008 So if VAT gets cut tomorrow as widely predicted - does the IOM Govt's income decline? Link to comment Share on other sites More sharing options...
Slim Posted November 23, 2008 Share Posted November 23, 2008 So if VAT gets cut tomorrow as widely predicted - does the IOM Govt's income decline? Yep, it screws us over pretty bad as we're more reliant on vat than the uk government. Also interesting that there's provisions for tax free offshore dividends as well as a host of other cuts. Course, the UK isn't a tax haven though, is it? Definitely not! Link to comment Share on other sites More sharing options...
theman Posted November 23, 2008 Share Posted November 23, 2008 So if VAT gets cut tomorrow as widely predicted - does the IOM Govt's income decline? i dont think 2 % will tuch us. Link to comment Share on other sites More sharing options...
The Old Git Posted November 23, 2008 Share Posted November 23, 2008 So if VAT gets cut tomorrow as widely predicted - does the IOM Govt's income decline? i dont think 2 % will tuch us. Of course it will, we have a common agreement with the UK re VAT and customs. Whatever the UK decide, we'll follow. Should cause some fun at work, I remember when it last went up how customers were keen to get an invoice before the work had even been done. Link to comment Share on other sites More sharing options...
Pat Ayres Posted November 23, 2008 Share Posted November 23, 2008 Sounds familiar. Are you a builder by chance? Link to comment Share on other sites More sharing options...
The Old Git Posted November 23, 2008 Share Posted November 23, 2008 Sounds familiar. Are you a builder by chance? No No doubt this time if VAT does come down they'll be wanting their invoices dated after the drop I assume the 5% rate will stay the same Link to comment Share on other sites More sharing options...
Tempus Fugit Posted November 23, 2008 Share Posted November 23, 2008 it will be worse than a stocktake to reprice all the goods on the shelves, I wonder if all the shops and businesses will close for a few of days to do all the paperwork and repricing or just knock something off at the till ? Link to comment Share on other sites More sharing options...
Albert Tatlock Posted November 23, 2008 Share Posted November 23, 2008 Rip up the anti-smoking legislation and get everyone back in the pubs - and we'll make the shortfall up in a week. Link to comment Share on other sites More sharing options...
molly Posted November 23, 2008 Share Posted November 23, 2008 Listening to Sunday opinion today, whoever was on reckoned that the isle of man will have a shortfall of £50m did i hear that correct? if its true we are in the shit. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted November 23, 2008 Share Posted November 23, 2008 Listening to Sunday opinion today, whoever was on reckoned that the isle of man will have a shortfall of £50m did i hear that correct? if its true we are in the shit. The VAT income estimate for 2008/9 in the 'Pink Book' is around £340 million. Knock 2% of that and I make it around a shortfall of £7 million. Link to comment Share on other sites More sharing options...
molly Posted November 23, 2008 Share Posted November 23, 2008 Listening to Sunday opinion today, whoever was on reckoned that the isle of man will have a shortfall of £50m did i hear that correct? if its true we are in the shit. The VAT income estimate for 2008/9 in the 'Pink Book' is around £340 million. Knock 2% of that and I make it around a shortfall of £7 million. Phew thats not to bad then. Link to comment Share on other sites More sharing options...
cheeky boy Posted November 23, 2008 Share Posted November 23, 2008 it will be worse than a stocktake to reprice all the goods on the shelves, I wonder if all the shops and businesses will close for a few of days to do all the paperwork and repricing or just knock something off at the till ? Your a bit hopeful there Tempus. I would guess that most businesses who do not charge VAT seperatley will just pocket the difference Not that we would ever consider doing such a thing in our business Link to comment Share on other sites More sharing options...
Albert Tatlock Posted November 23, 2008 Share Posted November 23, 2008 Listening to Sunday opinion today, whoever was on reckoned that the isle of man will have a shortfall of £50m did i hear that correct? if its true we are in the shit. The VAT income estimate for 2008/9 in the 'Pink Book' is around £340 million. Knock 2% of that and I make it around a shortfall of £7 million. Phew thats not to bad then. At the current exchange rate - that's 1.5 roundabouts, or 1.2 'eco' offices - but more likely with the bunch of clowns running the budgets here, 200 fewer operations and 2 of our very own baby P's. Link to comment Share on other sites More sharing options...
Slim Posted November 23, 2008 Share Posted November 23, 2008 The VAT income estimate for 2008/9 in the 'Pink Book' is around £340 million. Knock 2% of that and I make it around a shortfall of £7 million. Provided spending is at anticipated levels, but it isn't, which is the reason for the cut. Link to comment Share on other sites More sharing options...
=^..^= Posted November 23, 2008 Share Posted November 23, 2008 Wohoooo. 2p more off petrol !!!! Link to comment Share on other sites More sharing options...
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