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VAT Reduced Rate Summary

 

 

 

 

Please find below a brief summary of the VAT Reductions that came into effect on the 15th July.

 

  • From 15th July 2020 to 12th January 2021 a reduced rate of VAT of 5% applies to supplies made by VAT registered businesses in the hospitality, holiday accommodation and attractions sectors

 

  • The 5% reduced rate does not apply to the sale of alcoholic beverages

 

  • Other supplies, such as the provision of hot food, non-alcoholic beverages, holiday accommodation and admission to certain attractions will qualify for the 5% reduced rate

 

  • If the reduced rate applies to your business you must ensure that you are correctly recording your sales, so the correct amount of output VAT is declared to HMRC

 

For further guidance on the changes click here

 

If you require any assistance or support with this, please do not hesitate to get in touch with us.

 

Please feel free to share this information as widely as possible and encourage people, who might benefit from these updates, to register at www.asquithand.co.uk for future updates.

This information is provided free of charge and in good faith, without acceptance of any future liability arising from any action or in-action by any recipient or reader.

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