VAT Relief in Sight
Listed under: News
Published: Thursday, November 12, 2009
The British Retail Consortium (BRC) has welcomed the Government's decision to consider allowing retailers extra time to update their price labels when the VAT change comes into force next month.
The law currently gives retailers just two weeks to adjust their prices – something which will be almost impossible for some business owners, particularly those with high levels of stock, such as yarn stores and those selling beads.
Commenting on the proposal, director of business environmnent, Tom Ironside, says, “This is a welcome indication that the Government could give retailers the extra flexibility we’ve been calling for. Repricing tens of thousands of items is a mammoth and costly task, and it is going to have to be done during most retailers’ busiest and most commercially important time of year – a time when staff should be focused on serving customers.”
He continues, “A situation where some ‘old’ shelf prices may be less than the ‘new’ price a customer is asked to pay at the till could be more difficult than last December’s reverse scenario. Retailers will be doing their utmost to get the job done as quickly as possible. But I urge the Government to follow through on this consultation and ensure retailers have the time they need and aren’t unfairly penalised while this work is being carried out.”
The law currently gives retailers just two weeks to adjust their prices – something which will be almost impossible for some business owners, particularly those with high levels of stock, such as yarn stores and those selling beads.
Commenting on the proposal, director of business environmnent, Tom Ironside, says, “This is a welcome indication that the Government could give retailers the extra flexibility we’ve been calling for. Repricing tens of thousands of items is a mammoth and costly task, and it is going to have to be done during most retailers’ busiest and most commercially important time of year – a time when staff should be focused on serving customers.”
He continues, “A situation where some ‘old’ shelf prices may be less than the ‘new’ price a customer is asked to pay at the till could be more difficult than last December’s reverse scenario. Retailers will be doing their utmost to get the job done as quickly as possible. But I urge the Government to follow through on this consultation and ensure retailers have the time they need and aren’t unfairly penalised while this work is being carried out.”
