The Recent VAT cut costs one Manchester business a staggering £10,000

The recent VAT cut has cost one Manchester business a staggering £10,000. firstfound, a search engine consultancy based in St James’s Buildings, Oxford Street, has had no choice but to reprogram their systems to accommodate the temporary change in VAT rates – at a cost of £10,000.

Chris Bellamy, who owns the company, complained: “I’ve now had to create 68,000 new invoices and credit notes and email them to 6,000 different customers.

“In addition I’ve got 2,300 customers who pay me by standing order and are now paying the wrong amount so I need to address that as a matter of urgency too.”

Tony Reynolds, of Cassons chartered accountants and businesses advisers, looks after firstfound’s financial affairs... Read more