BUSINESSES in Bolton are being urged to consider potential hidden costs involved with the cut in VAT.
Local accountancy firm Tenon, says that although implementing the change is a simple matter, additional expense will be incurred by addressing customer queries, educating staff and other processing costs.
Paul Draper, head of tax at Tenon in Bolton, said: “Costs of the rate change will vary wildly from business to business, and it is often difficult to quantify the true cost of such a dramatic rate change. We are advising clients to consider the costs beyond the simple process of applying the new 15 per cent rate.”
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