Sunday 21 March 2010

UK Wine Tax Problems

Interesting article in the Telegraph here.
The current UK taxes are extremely punitive. The government will undoubtedly raise taxes further this coming Wednesday during the Budget. There is talk of a 5% rise or even more. So that would be c 30% tax increase in the last year.
It is difficult enough selling Australian wine (30% swing on the currency in the last 18 months) and also European wine (the Euro is strong against the Pound).
The recession also does not help...slow payments and bad debts and companies closing.
I am always positive and we are still trading away. We have to diversify here.
The next 12 months will see more rationalization and change in the wine trade. Survival of the fittest!
Whilst at the same time we are selling more and more fine wine from Bordeaux. There is genuine interest from the UK trade and collectors (and investors) for the 2009 Bordeaux wines, which I will be tasting thoroughly in the next fortnight.

3 comments:

Heiko said...

It's the way forward, Hamish. It's almost impossible to keep your head above water trying to sell wine. Services is what earns a living. Shame really.

HamishWM said...

Heiko
My head is above water...just. I love wine and food rather than stressing about duty, tax and foreign exchange rates. How are your tours/tastings going in Italy?
Cheers
Hamish

Heiko said...

Just starting to take off...