When the VAT increase was first announced, 2011 seemed a very long way off.
However, it’s suddenly come around very quickly indeed. From January 1st, you’ll be paying 20% instead of 17.5% VAT on everything including home improvements.
There’s still time to get in though and beat the increase but you’ll have to be quick – especially with larger home improvements like conservatories, garage and loft conversions or extensions.
A typical £25K extension means on the new rate, you’ll be paying £5000 in VAT alone. On a £4K double glazing installation, you’ll be paying £800 in VAT. Makes you think doesn’t it?
To help you, everyone from conversion companies to window, paving and kitchen companies are offering a dazzling array of VAT saving offers at the moment.
And if you’re already into a large project that’s going to run into the New Year, you could still save some money. Try to arrange part-payment on work or materials to date before the January 1st deadline to pay the present rate of VAT. The difference could mean not having to settle for a cheaper fitting or accessory or just leave you more money in your pocket at the end of the job.
Don’t delay any further – get your online quote and book your home improvement today to be quids in on leaving the job until the New Year.
photo credit: alan cleaver