Could further VAT changes inspire increased use of facilities management?
August 25th 14:14 Cost Management
A number of retail businesses based in the UK could be encouraged to adopt facilities management as a way or reducing costs following one expert's VAT claims.
Tim Denison of Synovate has said that next year's VAT rise of 2.5 per cent could well be the beginning of a long line of alterations.
From January 4th 2011, VAT will rise from 17.5 per cent to 20 per cent, but the expert said the changes are unlikely to end there.
"VAT is likely to be considered again in the budgets of 2011 and 2012 … with an extension to other categories of products a possibility, or the re-introduction of another band on luxury goods, last seen in the 1970s," he claimed.
"The January 2011 rise is unlikely to be the end of the story."
However, a recent study by Synovate/KPMG and the Retail Think Tank has estimated that the retail sector will be largely unaffected by the next year's rise.
According to the report, businesses have been given a long time to prepare for the rise and with seasonal promotions either side of the Christmas period, could even notice an increase in sales.
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