Menu
28/09/2001
Federation calls for Government action on VAT
The Federation of Master Builders (FMB) has criticised the Government’s failure to address the issue of VAT on domestic repair, maintenance and improvement (RMI) work.
While the FMB has welcomed recent changes to VAT, most notably the extension of a 5 per cent rate of VAT on the conversion of non-residential property into dwellings and the conversion of dwellings into multiple occupation, this figure falls short of the universal rate of 5 per cent on all RMI work for which the Federation has campaigned.
The Federation has also continued to stress that what it describes as “the current punitive rate” of 17.5 per cent supports the rogue operative to the detriment of the professional builder. According to the FMB, such a level encourages the employment of cash-in-hand cowboy builders who perform second-rate jobs that leave the customer no opportunity for redress – and which also cause the Treasury to lose some £43 billion in tax evasion.
Gordon Marjoram, National President of the FMB, commented: “Reducing VAT would encourage customers to use bona fide firms rather than taking the cheapest option. These customers then have the temerity to complain about the rogue traders that they themselves have encouraged and employed.
“It would actually improve the Treasury’s tax take by brining more work into the legitimate economy. This view is borne out by experience in other EU countries and indeed closer to home in the Isle of Man.
He added: “The European Commission supports our aims on VAT. At the moment seven European countries have reduced the rate for RMI - the sooner that the Treasury makes it eight, the better.” (CL)
While the FMB has welcomed recent changes to VAT, most notably the extension of a 5 per cent rate of VAT on the conversion of non-residential property into dwellings and the conversion of dwellings into multiple occupation, this figure falls short of the universal rate of 5 per cent on all RMI work for which the Federation has campaigned.
The Federation has also continued to stress that what it describes as “the current punitive rate” of 17.5 per cent supports the rogue operative to the detriment of the professional builder. According to the FMB, such a level encourages the employment of cash-in-hand cowboy builders who perform second-rate jobs that leave the customer no opportunity for redress – and which also cause the Treasury to lose some £43 billion in tax evasion.
Gordon Marjoram, National President of the FMB, commented: “Reducing VAT would encourage customers to use bona fide firms rather than taking the cheapest option. These customers then have the temerity to complain about the rogue traders that they themselves have encouraged and employed.
“It would actually improve the Treasury’s tax take by brining more work into the legitimate economy. This view is borne out by experience in other EU countries and indeed closer to home in the Isle of Man.
He added: “The European Commission supports our aims on VAT. At the moment seven European countries have reduced the rate for RMI - the sooner that the Treasury makes it eight, the better.” (CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
21 April 2011
UUP Seeks Maintenance Sector Boost
An official Government publication has this week confirmed the problems facing the construction trade in NI. The Department of Finance and Personnel's Construction Bulletin showed that the industry is in crisis, with overall activity down by over 15% in little over a year.
UUP Seeks Maintenance Sector Boost
An official Government publication has this week confirmed the problems facing the construction trade in NI. The Department of Finance and Personnel's Construction Bulletin showed that the industry is in crisis, with overall activity down by over 15% in little over a year.
07 November 2002
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
Bank of England holds UK interest rate at 4%
The Bank of England has held the main UK interest rate at 4% for the twelfth consecutive month. This is despite a larger than anticipated cut by the US Federal Reserve. Leading economists were split on whether or not interest rates would or should be dropped.
02 October 2001
US rate cut expected to battle economic recession
The US Federal Reserve was widely expected to cut interest rates for the ninth time this year in a bid to help stave off a recession and fight the effects of the terrorist attacks on the US. With the US economy edging closer to recession many analysts were anticipating a 0.25 per cent rate cut, but a 0.5 per cent cut was not being ruled out.
US rate cut expected to battle economic recession
The US Federal Reserve was widely expected to cut interest rates for the ninth time this year in a bid to help stave off a recession and fight the effects of the terrorist attacks on the US. With the US economy edging closer to recession many analysts were anticipating a 0.25 per cent rate cut, but a 0.5 per cent cut was not being ruled out.
20 June 2011
There Is Another Road To Recovery Says FMB
The Government needs to think more carefully about the powers it has to stimulate job creation in the construction industry, says the Federation of Master Builders (FMB) in response to last week's official employment figures which revealed that the construction industry lost 24,000 jobs in the first three months of 2011.
There Is Another Road To Recovery Says FMB
The Government needs to think more carefully about the powers it has to stimulate job creation in the construction industry, says the Federation of Master Builders (FMB) in response to last week's official employment figures which revealed that the construction industry lost 24,000 jobs in the first three months of 2011.
30 September 2003
FMB Seeks Top Apprentices
Are your apprentices worth their weight in gold? Do they deserve special recognition? Do you run a building firm that prides itself on training new recruits? If so, then the Federation of Master Builders (FMB) wants to hear from you.
FMB Seeks Top Apprentices
Are your apprentices worth their weight in gold? Do they deserve special recognition? Do you run a building firm that prides itself on training new recruits? If so, then the Federation of Master Builders (FMB) wants to hear from you.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy. Also mainly dry at first this evening but then occasional outbreaks of rain developing overnight. Light southwest winds, and staying mild. Minimum temperature 9 °C.
