How small businesses can beat the VAT rise
The new coalition government has had to take some steps in order to reduce the countries deficit
. These are basic cost cutting measures that are intended to put the country back on a stronger financial footing. The reason our budget deficit is so high can be put down to a number of factors but the end result is that many financial measures are going to have to be put in place, including a VAT rise from January of next year.Any VAT rise will impact on purchases in all sorts of professions, including small businesses such as painters and decorators, gardeners and window cleaners, all of whom have to make regular purchases for their supplies.
When it comes to beating the VAT rise next year there are a few steps that such small businesses can take:
The main step is to think ahead regarding the sort of purchases you make regularly and are likely to need after the VAT rise in January. For instance, a decorator needs to buy all sorts of decorating supplies, such as paint brushes, paint rollers and other decorating tools that need to be replenished on a regular basis. Buying these before the VAT rise means you can benefit from the lower rate of VAT, although it is important to monitor your cashflow to ensure you do not over-stock.
Rather than just thinking about regular supplies, consider also whether you might need new workwear, dust sheets or even larger items such as power tools. If your tools are nearing the end of their days, it is worth buying them before January to benefit from the lower prices before the VAT rise.
At Trade 1st, we offer all sorts of decorating supplies, such as paint rollers, paint brushes and other decorating items such as filler, sealant and sandpaper.
How small businesses can beat the VAT rise
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