mannin Posted November 24, 2008 Share Posted November 24, 2008 Wohoooo. 2p more off petrol !!!! It seems not; petrol, cigs and booze are having the duty increased to compensate for the 2.5 % reduction in VAT!!! Link to comment Share on other sites More sharing options...
Slim Posted November 24, 2008 Share Posted November 24, 2008 So why not remove it outright then? The fact it is a reduced rate does not mean it can never be looked at again. Because the EU does not permit rates lower than the already reduced rates. Link to comment Share on other sites More sharing options...
The Old Git Posted November 24, 2008 Share Posted November 24, 2008 Bugger - that's a lot of work to reduce prices by 2.172% and then to put them back again 13 months later Link to comment Share on other sites More sharing options...
TerryMcCann Posted November 24, 2008 Share Posted November 24, 2008 Bugger - that's a lot of work to reduce prices by 2.172% and then to put them back again 13 months later Just leave all the prices the same. Everyone else will. Most people don't know how much things cost in the forst place, they won't notice a 2.5% price cut Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted November 24, 2008 Share Posted November 24, 2008 "F5 on the IOM Treasury web site to wait for press release....." Link to comment Share on other sites More sharing options...
Slim Posted November 24, 2008 Share Posted November 24, 2008 "F5 on the IOM Treasury web site to wait for press release....." Some pretty big hits to the wealthy in the UK, could be good news for the Island. That's almost a socialist budget eh? Link to comment Share on other sites More sharing options...
oldmanxfella Posted November 24, 2008 Share Posted November 24, 2008 "F5 on the IOM Treasury web site to wait for press release....." Some pretty big hits to the wealthy in the UK, could be good news for the Island. That's almost a socialist budget eh? What you mean putting up the top rate of tax by 5% in 2011 ? Link to comment Share on other sites More sharing options...
Skeddan Posted November 24, 2008 Share Posted November 24, 2008 What you mean putting up the top rate of tax by 5% in 2011 ? Of course that's assuming there is a Labour Government then. Link to comment Share on other sites More sharing options...
Slim Posted November 24, 2008 Share Posted November 24, 2008 What you mean putting up the top rate of tax by 5% in 2011 ? Sure, plus NI and allowance reductions. It's a signal of higher taxes for the rich isn't it? Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted November 25, 2008 Share Posted November 25, 2008 Still no news that I can see on the IOM C&E web site...so are we to assume that IOM standard rated VAT is now 15% as from 1 December? Link to comment Share on other sites More sharing options...
Tempus Fugit Posted November 25, 2008 Share Posted November 25, 2008 had the slide rule out, and the easy formula for the 15% rate seems to be 6/46 vat and 40/46 nett (instead of the 7/47 for 17.5%) Link to comment Share on other sites More sharing options...
When Skies Are Grey Posted November 25, 2008 Share Posted November 25, 2008 So if you raise a credit note in December for an invoice raised in November...what happens to the VAT differential... and if a tree falls in a forest and no-one hears it does it make a sound.... Link to comment Share on other sites More sharing options...
The Old Git Posted November 25, 2008 Share Posted November 25, 2008 had the slide rule out, and the easy formula for the 15% rate seems to be 6/46 vat and 40/46 nett (instead of the 7/47 for 17.5%) I just divide by 115 and multiply by 100 to get the nett or divide by 115 and multiply by 15 to get the VAT. I find it saves slide rules and messing around. Also makes it easy if I have to go from old standard rate to the home improvement rate - divide by 117.5 and multiply by 105 Link to comment Share on other sites More sharing options...
The Old Git Posted November 25, 2008 Share Posted November 25, 2008 So if you raise a credit note in December for an invoice raised in November...what happens to the VAT differential... From the BSSA Refunds to customers after the rate change, where sale made at 17.5% should be dealt with at the rate declared. If 17.5% VAT declared, then adjust VAT account at the same rate. If returned goods invoiced at 17.5%, issue credit note for the same value and same VAT rate, as originally charged. Link to comment Share on other sites More sharing options...
pongo Posted November 25, 2008 Author Share Posted November 25, 2008 Good news for accountants. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.