Ablestoke announces No VAT increase for clients in 2011
Ablestoke Consulting have announced that they will not be passing on the increase in VAT to their retained clients
After a "tough but fair" Budget, VAT will rise from 17.5 per cent to 20 per cent in January of next year. New Chancellor George Osborne unveiled the largest package of tax increases and spending cuts in a generation, aimed at significantly reducing Britain's massive financial deficit within the next five years.
The Chancellor told the House of Commons: "The years of debt and spending make this unavoidable. This single tax measure will by the end of this Parliament generate over £13 billion a year of extra revenues. That is £13 billion we don't have to find from extra spending cuts or income tax rises."
A spokesperson for Ablestoke announced “We appreciate that our clients will be suffering already from a rise in their cost of living due to general inflation, energy price rises, the above inflation rises in public transport fares announced and the rise in price of services many companies will pass on to their clients.
Ablestoke therefore will not be increasing the price of our retainer service for clients, and will bear the cost of the VAT increase internally”.
· Ablestoke Consulting offer a retainer fee based service to their clients, which gives access to three different service levels depending on a client’s needs.
· The Ablestoke service is based around a long term, ongoing relationship between a dedicated consultant and the client offering regular financial planning reviews, general financial advice and access to a range of industry specialists in all areas of financial planning.
For more details of the Ablestoke service visit: www.ablestoke.com
Brits 'preparing to spend big ahead of VAT rise' and save big in 2011
Ablestoke beleive there are mixed views on whether the impending VAT rise in January will lead to a retail spending spree for Christmas. Retailers are hoping that the January VAT rise will boost Christmas spending, and big names including Marks & Spencer, Debenhams, Currys, Argos and House of Fraser slashed prices by up to 50% on Saturday in a bid to draw in customers.
However, according to the Citizens advice bureau most of the public are unaware of the VAT rise with Almost a fifth of the British public not knowing what VAT stands for, a survey conducted by Citizens Advice indicates.
Their research shows that many people will struggle to adapt their budgets to accommodate the change.
One in eight (13 percent) of respondents are not aware that VAT is rising, while 18 percent do not know the current rate.
Citizens Advice Chief Executive Gillian Guy said that the figures could indicate that many people will end up in debt in the New Year.
"At this time of year we urge people to consider their spending carefully. Planning, budgeting and organisation are key to avoid getting into debt at Christmas and beyond," Ms Guy commented.
The majority of respondents (58 percent) told the charity that they budget for Christmas to ensure they do not overspend.
Some 438 Citizens Advice Bureaux are currently operating across England, Wales and Northern Ireland.
To see the CAB findings visit: Citizens Advice Bureau Website
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