Avoid the VAT on your white goods this new year
Consumers in the UK are estimated to have spent a total of almost £50 billion shopping on the internet during 2009, according to new research. A report released by Retail Decisions found that increased spending over the festive period resulted in a 21 per cent year-on-year increase.
Part of the reason for the hike was down to the Government raising the rate of Value Added Tax from 15 per cent to 17.5 per cent. The rate was lowered during 2009 to help stimulate the economy and drive sales, and news that it would revert to the old rate on January 1, 2010, pushed sales along even more.
Retail Decisions’ report also revealed that for the first time in a decade white goods such as fridges, freezers and cookers, were on top of the bestsellers list. The most likely reason for this is people rushing to make purchases from online retailers before the level of VAT was raised.
If you didn’t make the January 1 deadline however, but still need to replace that clapped out fridge or a troublesome chest freezer, then don’t think you’ll automatically have to pay an extra 2.5 per cent. Some online retailers understand that after the expense of Christmas, not everyone could afford to make large purchases straight away.
As a result, you can still find a few online electrical retailers who have frozen their prices and decided to pay the extra 2.5 per cent themselves, so you don’t have to. There are also online stores that will offer free delivery on your new product, so you are able to save even more cash.
Apart from the money you can save buying your electrical products online, there are a number of other benefits. Some online firms provide a removal service which means they will take away your old electrical appliance and dispose of it for you. With all of the environmental regulations in force, you need to be careful about how you dispose of white goods, especially refrigeration products. Letting a reputable firm handle the disposal can save considerable time and money.
Although some online retailers have decided they don’t want to pass on the VAT increase to customers straight away, the price hold won’t last forever. So if you’re serious about buying that dishwasher that you’ve always wanted, then don’t wait any longer and make sure you take advantage of the VAT freeze.
There are plenty of good deals on larger home appliances such as Plasma TVs and Fridge Freezers that you could get cheaper than you'd expect.
Questions and Answers
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