Yesterday’s budget has revealed that from 31 January next year
VAT will be applied at the standard rate to certain postal
services provided by the universal service provider (Royal Mail).
According to the Telegraph “it was not yet clear exactly
which bits of post would be subject to VAT, but it would mostly
likely be business mail, with most customers able to enjoy a VAT
refund because the are VAT-registered businesses.”
Revenues at retailer Next‘s mail order and
online division rose 7 percent to £873.2 million in the year
ended January 2010. Profits for the division are also up from
£157.6 million last year to £183.6 million-a rise of
16.5 percent. Overall pretax profit at the retailer was up 18
percent to £505 million. Next Directory saw revenue from
delivery charge increase by £3.5 million during the year as
customers placed smaller orders more often.
International expansion is a focus for the d�cor and apparel this
year. Having posted a profit of £800,000, Next plans to grow
the turnover of its international website NextDirect.com to
£7 million in 2010, to generate a profit of £1.4
million.
Tools cataloguer/retailer Screwfix suffered a
4.3 percent decline in annual sales to £471 million, for the
year to 31st January 2010. Total UK and Ireland sales for parent
company Kingfisher, which also owns the B&Q
retail chain, rose 1.2 percent to £4.4 billion. Profits for
the UK & Ireland division were up 64.5 percent to £217
million “supported by strong sales, gross margin benefits
and further cost initiatives”.
A manager at Fat Face‘s Havant call centre has
been arrested on suspicion of defrauding the retailer of
approximately £40,000, reports Portsmouth newspaper The News. In related Fat Face news, the
Telegraph reports that in the year to 30th
May 2009, sales declined from £131.5 million to £129.4
million and pretax losses widened to £225 million, up from
£29.6m in 2008. Operating profit, however, was up to
£24.7 million, compared to £19.9 million the previous
year.
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Is a Royal Mail VAT refund in your future?
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