VAT / Fuel duty.

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malcolm2

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Just when I thought it was safe to fill up..........

6p per litre extra duty on fuel between Dec 1st 2008 and April 2010 (which aint that far away) supposedly to offset the reduction in VAT. (but hang on a minute "red" diesel only has 5% Vat).

Am I missing something here.?
 
Hi I was just thinking the same about the new 15% vat, ive paid my mooring till end march next year so there getting the extra 2.5% on 4 months mooring.

If i was paying monthly I would be paying 2.5% less for 4 months of the remaining year im contracted to.

Any chance of a refund??? surely not.

Ive just bought an Audi in the last 3 weeks, could have saved another 2.5% too, lifes not fair is it.

Was joking with mrsvolvopaul this morning, she said im going to the pound shop this dinner time, I said leave it till monday it will be the 98p shop then..................................... I think not so still more profit to the revenue.

Still we can look forward to MDL new cheaper berthing next year where we will get back our lost 4 months when the 17.5% comes back into force next december!!.
 
For VAT purposes, the 'tax point' (which deternines the VAT liability) is created at the earliest of (i) when an invoice is issued (ii) when payment is made (iii) when the supply is made. If your annual berthing fee was paid in full before 1.12.08, the tax liability will be at 17.5% regardless of the period covered.
 
Think we have missed the point.

Fuel duty goes up by 2p on 1st Dec 2008. Then a further 2p in April 2009 and another 2p in Apiril 2010. Making 6p in total or 27p a gallon. I leave you to do the maths as to effect on pump price per gallon. /forums/images/graemlins/laugh.gif

Now perhaps somebody can explain to me how this is going to kick start the economy.
 
Will M & S reduce the price of cloths by 2.5% Say £20 to £19.50
Will the local shop reduce a Mars Bar by 2.5% 40 pence to 39 pence.

Please can somebody can explain to me how this is going to kick start the economy.
 
[ QUOTE ]

Ive just bought an Audi in the last 3 weeks

[/ QUOTE ] I heard the rumour that someone in the UK bought a new car recently. Didn't realise it was you.
 
Did I really miss this? They're reducing VAT so ' litre of unleaded-down 2p' (in all the newspaper reports)
BUT
they're putting 2p on fuel duty at the same time?
 
ah, but only for those who are paying 17.5 vat.. so if you reclaim Vat through business, you ll be paying more. The 40pct heating use on boats is at 5pct VAt isnt it, so doesnt that mean 2p more?
MF these guys, arent they.
 
Still missing the point.... Road Fuel VAT 17.5% down to 15%.From 1st Dec. But duty up 6p per litre between now and April 2010.

"Red" diesel VAT 5%. But I presume duty up by road fuel 6p per litre. I ignore the 60/40% split for simplicity.

In other words likely to get hit with duty increase without corresponding drop in VAT
 
Hi all I was in my local volvo dealer today asking about the discount from monday relating to vat issues, there reply was that no prices will be changed although volvopenta prices are the same as before ex vat prices, so therefore they are still going to charge the same and not pass on the discount, though things were going to change for the better!!! ive got gearoxes to supply and 2 k worth of heat exchangers next week, guess there not going to get the business for once as they see it fit to gain out of this new 15% drop.
 
Quote:
"although volvopenta prices are the same as before ex vat prices"

My business is VAT registered and there seems to be a lot of confusion surrounding the change in rate. If their "ex VAT" prices aren't changing then they will be cheaper from Monday when they start charging "inc VAT" with the new 15% rate.

Yeterday we got a letter from HMRC along the lines of "lets explain it all for you". It says at one point "HMRC recognises that this is a change that businesses will have to implement in a short timescale. Therefore we will adopt a "light touch" in relation to errors or mistakes made in the first VAT return after the change." This is unprecedented AFAIK and indicates that they at least are realistic enough to recognise that there are going to be a lot of cockups with traders not fully appreciating the ramifications of the change.
 
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