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Topic History of: Ken Clarke, who I always thought was a great Chancellor...
Max. showing the last 5 posts - (Last post first)

Author	Message
zooloo	I'm not sure if cutting VAT would be any quicker a process than reducing income tax, both would take time to implement. From a business point of view in the quarterly VAT returns I will have some VAT I've paid at the old rate to claim back, some at the new rate. Obviously I'd have charged VAT at the old and new rate too. Some I will have paid at the old rate and collected at the new rate For me my VAT is quite straight forwards but I can see for some it will be a bureaucratic nightmare and will add to business running costs to sort it all out. So if VAT is more instant than income tax cuts I haver no idea, not sure why it would or would not be, but it certainly isn't cost free.
dixie	Cutting VAT is both instant, and potentially costs nothing. As the tax revenue generated by the increase in spending compensates for the reduction in the rate.
Angel	I'm with JK. Running a business and having a decrease in VAT is very attractive.
JK2006	I would have thought dropping VAT temporarily - or shrinking it - would boost spending as people would think "I'll buy that now since it will be
zooloo	I understand the objective but why do believe cutting VAT would be the best way to achieve that objective?