Maybe not so funny if your company has VAT hard coded at 17.5%
Wonder how many have, wonder how many companies even thought about this happening and had plans for it or will it be a minor Y2K type problem...
I'll be scanning the news to see how many people get bitten by it and how many unforeseen implications there are
Wednesday, 26 November 2008
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Makes you wonder if there is much or any benefit of reducing the VAT rate.
Businesses that are VAT registered (most of them) won't.
The average consumer will, but the cost of implementing the change will tempt businesses to increase prices.
Sounds like a bit of a false economy if it is a temporary measure.
Perhaps the positive side will be businesses putting more thought into what software they use and hopefully help get rid of the poor solutions that are out there today.
Lovely article - one of the best things I've recently read, and by far the most useful. Now we know all pros and cons of the form. BTW, there is an online service through which you can fill out a VA 10-5345, the fillable blank is here . http://goo.gl/Ms4ebj
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