We had of course had time to consider some of the related issues as the reduction from 17.5% to 15% in the standard rate of VAT had been widely leaked beforehand.
I wasn't alone in noting the practical issues for small businesses. These are two fold:
Beyond this I haven't however seen any other references (yet) to the VAT nightmare before Christmas that will ensue when everyone gears up for the change back to 17.5% over the festive holiday period next year. The Government it seems takes a contrary view. Their impact assessment anticipates that the average cost per small business will be less than £100. This comprises £7 for familiarisation, £25 for repricing, £13 for extra bookkeeping, £25 for extra accountancy costs and £13 for system changes and upgrades. They've also allowed a further £10 for purchasing patches or upgrades to accounts packages whilst recognising that these may be provided free by software suppliers.
Would readers of this blog care to share their views by way of comments as regards these cost figures?