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Tax raise on non-essential services 'pointless'
It would be pointless to raise prices on non-essential services and goods, says one expert.
This advice may convince contractors to keep their prices at the level they are currently, rather than increasing them to adapt to the new VAT rate of 20 per cent.
Nick Bamford, chief executive of Informed Choice said that each individual service or sector needs to decide how much their goods are worth and whether they would actually suffer as a result of the price rise.
"It would be pointless for [a retailer] to increase prices by the figure of eight per cent if it means the consumer is just going to switch off and say we are not going to buy it," he explained.
This comes as industry experts warned in the Daily Telegraph that the cost of many goods and services may rise by significantly more than the VAT rate allows for, to mask a rise in prices and off-load the blame.
This advice may convince contractors to keep their prices at the level they are currently, rather than increasing them to adapt to the new VAT rate of 20 per cent.
Nick Bamford, chief executive of Informed Choice said that each individual service or sector needs to decide how much their goods are worth and whether they would actually suffer as a result of the price rise.
"It would be pointless for [a retailer] to increase prices by the figure of eight per cent if it means the consumer is just going to switch off and say we are not going to buy it," he explained.
This comes as industry experts warned in the Daily Telegraph that the cost of many goods and services may rise by significantly more than the VAT rate allows for, to mask a rise in prices and off-load the blame.
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