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thelegend

Greggs

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Good, I can't think of one reason why this is a bad thing.....more jobs for the people too smile.png good times.

 

Local bakeries that use local suppliers and are IOM VAT registered may be better for the economy.

 

The VAT money goes to the UK and then a portion is given back to the IOM according to a formula. If you evade VAT its HMRC from UK that turn up to check the books.

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I would say you're clutching at straws if you think out of the millions or so shares issued in Greggs that any of the profits end up in manx cash tills. Compared to a local company with two or three local shareholders who will spend most of their income locally it's very different.

 

 

 

As I explained already, it doesn't really matter. Greggs is going to be buying commodity type stuff - and consequently there's one price globally, to the first approximation. Manx businesses can already sell their meat or flour or whatever worldwide if they want to. They don't need local buyers.

 

In the world you want where everyone buys locally, they wouldn't be able to export. Everyone would be a heckuva lot worse off.

 

I don't want a world where everyone buys locally, and I didn't say I did. I was responding to the question on why a massive chain opening on the island squeezing out small business may be a bad thing. There are benefits too, but I wasn't responding to that being questioned.

 

I'm not sure why you're banging on about commodity prices. Laxey Flour Mills aren't going to start selling on commodity exchanges, they sell to local businesses with a bit of export and the price is set by their costs locally. Try buying flour in india and see if it's the same price as Laxey, there isn't one price globally at all.

 

 

You're right of course. But the difference between the UK/Ireland and here will be minimal. And there's no reason Greggs couldn't order from here too. But if it doubles in India it probably would here :)

 

Ultimately this quibbling is a red herring. The point I'm getting at is that the more "interesting" the produce the more important it is to buy local. That includes services of course, but also things like fudge from the manx fudge factory, which is astoundingly good. And perhaps a competitor to greggs would have that fudge while greggs wouldn't. Doub tit though.

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The small print of the UK budget added VAT to many of their products (as well as e-books...grrrr), and consequently Gregg's value dropped by £30M.

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We have a Greggs shop in our local town and they are shite. We also have a Greenhalghs and that is much better quality.

 

Thank your lucky stars you haven't got one of them Pound Bakery shops that sprung up in our town before christmas, pure and utter shite.

 

Personally I would rather pay a few pence more and get something decent to eat.

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Good, I can't think of one reason why this is a bad thing.....more jobs for the people too smile.png good times.

 

Local bakeries that use local suppliers and are IOM VAT registered may be better for the economy.

 

True, but competition is good as always and I cannot stress this enough, people will vote with their wallets who is better. More to the fact that we always jump to the conclusion that any british company will put our manx company out of bussiness, which is not always true, lets all relax and let greggs come over and give some of our poor unemployed folks jobs.

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The VAT money goes to the UK and then a portion is given back to the IOM according to a formula. If you evade VAT its HMRC from UK that turn up to check the books.

 

Yes, and that formula is based on GNP which non resident companies don't contribute to. That's my understanding anyway, could be wrong. There was a bit of a fuss about VAT receipts to Tesco which was deemed a lesser issue when you're talking about non-vatted food, but more of an issue as they branch out into the 'extras'. Hot food is vatted, so a non resident pastie shop wouldn't contribute to our VAT take, where a local one would.

 

I think smile.png

 

Flint, yes competition is always good, but it should be on a level playing field and it's government's job to look at what local businesses provide with a wider view than individual businesses. It's no good making it attractive for a large chain to come here and compete unfairly with local business if the knock on effect isn't considered.

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The small print of the UK budget added VAT to many of their products (as well as e-books...grrrr), and consequently Gregg's value dropped by £30M.

 

VAT on ebooks wasn't a 2012 change was it Albert? Thought it'd been there already.

 

Interesting on the hot food changes, I wonder if our VAT take will go up? Even more reason to have local pastie shops though!

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The small print of the UK budget added VAT to many of their products (as well as e-books...grrrr), and consequently Gregg's value dropped by £30M.

 

VAT on ebooks wasn't a 2012 change was it Albert? Thought it'd been there already.

 

Interesting on the hot food changes, I wonder if our VAT take will go up? Even more reason to have local pastie shops though!

Yeah - VAT is on e-books, but at a full 20% - printed books are exempt. There was a lot of lobbying to keep it a level playing field (e.g. 3% to 5% as it is across much of the EU) - which failed.

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Good, I can't think of one reason why this is a bad thing.....more jobs for the people too smile.png good times.

 

Local bakeries that use local suppliers and are IOM VAT registered may be better for the economy.

 

The VAT money goes to the UK and then a portion is given back to the IOM according to a formula. If you evade VAT its HMRC from UK that turn up to check the books.

 

This is just not true, if an IoM business was evading tax, then it would be the IoM C&E people who would "turn up"

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The shop next to artisan on Victoria street looks like it will either be a bakery or starbucks. Had a quick peek in the door when I went passed today

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The shop next to artisan on Victoria street looks like it will either be a bakery or starbucks. Had a quick peek in the door when I went passed today

 

It's coffee republic as discussed elsewhere on the forum.

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Good, I can't think of one reason why this is a bad thing.....more jobs for the people too smile.png good times.

 

Local bakeries that use local suppliers and are IOM VAT registered may be better for the economy.

 

The VAT money goes to the UK and then a portion is given back to the IOM according to a formula. If you evade VAT its HMRC from UK that turn up to check the books.

 

This is just not true, if an IoM business was evading tax, then it would be the IoM C&E people who would "turn up"

100% agree. A a business registered for VAT in the IoM would have a VAT inspection underatken by IOM C&E

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