As the new Spring/Summer 2011 deliveries come into the stores it is important that we all understand the effect of the VAT increase on pricing, and of course on profits. After checking some figures on the calculator, I can confirm what most retailers already suspect – that if no retail price change is made then you will lose 1% of your profit margin.
What a day! Touchretail’s independent fashion retailers have today done the simple process that was needed to their systems to accommodate the 20% VAT rate. In spite of sending out emails and a newsletter about it well in advance, and putting a link on our website home page (you can check this out here VAT Rate Change) we still had enough hotline calls to keep us busy throughout the day. (more…)
As part of Touchretail’s support service, we’ve prepared these Guidance Notes to help you prepare for the UK VAT Rate change from 17.5% to 20%, which takes place on 4th January 2011.
These notes cover both currently supported products and legacy products, and cover both back office products and Point of Sale (EPOS) products. If your system has both back office software and EPOS tills, you will need to update both sets of software.
Data exchange products such as Salespush, Salespush2 and Scheduler are not affected by VAT rates, so require no changes.
Our Core Product range is fully supported and developed in-house, so if you have any difficulty following the instructions below (more…)
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