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Good News in Retail Sector is Hesitant Thanks to Forthcoming VAT Rise

I was encouraged to read some positive reports recently concerning the state of the retail sector in the UK. It seems to be going from strength to strength after healthy sales figures were gleaned from sales during the summer of 2010.

However many experts are warning that the joy could turn out to be short lived. The blot on the horizon is the new 20% rate of VAT that is due to arrive in January 2011.

Personally I feel that we should wait and see what happens. It has been good to read positive news that has continued over the space of several months in this sector. Businesses are starting to bounce back after the troubles of the recession, and although there could be tough times ahead yet, perhaps they will not be as bad as the doomsayers think they will.

We are heading into the final third of the year now and that means Christmas will soon be on the cards. The seasonal sales should boost the high street even more, especially since many people may be tempted to spend while the VAT rate remains at 17.5%. Perhaps the pre-Christmas sales will be healthier than ever this year, even if they are followed by a more subdued January.

We shall have to wait and see what actually happens. But it is certainly good news to see many of the UK’s businesses doing better than they have in months. If you own a business and you are looking for an accountant to take care of your finances and tax returns for you, contact St Matthew now for professional advice.


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