The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end on 30 September. The rate is increasing to 12.5% from 1 October until 31 March 2022; the standard rate will then apply from 1 April…
Category Archives: Deferral of VAT Income Tax and TTP
24
Aug
Aug
The hospitality and tourism sector has been enjoying a reduced rate of VAT (5%) since 12 July 2020. It applies to most supplies made by hotels, tourist attractions, members’ clubs and most places that host events. It also applies the food and drink served in those premises, hot takeaway food and drink, but not alcoholic…
To follow on from our earlier blog ‘HMRC refuses to budge the 31 January 2021 Self Assessment filing deadline’ we just want to remind you of the tax that is due to be paid on 31 January 2021 as follows: The 2nd payment on account for the tax year 2019/20 (if you deferred it from…
06
Aug
Aug
When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his Summer Statement on 8 July there were a number of areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021. HMRC have now set out more details…
17
Jul
Jul
On Wednesday the supply of certain hospitality, holiday accommodation and attractions dropped to 5%, rather than standard rate. This is a temporary reduction for 6 months and businesses need to have systems in place for recording the different types of sales they make, if not all of their supplies are effected by the announced changes….
Blog, Deferral of VAT Income Tax and TTP
VAT reduced to 5% on certain supplies of hospitality, holiday accommodation and attractions
13
Jul
Jul
There will be a temporary reduction in the rate of VAT on supplies between 15 July 2020 and 12 January 2021. Supplies that will benefit from the reduced rate are: food and non-alcoholic beverages sold for on-premises consumption, for example, in restaurants, cafes and pubs hot takeaway food and hot takeaway non-alcoholic beverages sleeping accommodation…
If you took advantage of HMRC option to defer VAT payments that fell due between 20 March and 30 June, then you need to ensure that you reinstate your direct debit for the next payment, the first of which for many businesses will become due in early July. Agents are not able to set up…
As many of you will be aware, VAT payments due from 20 March to 30 June 2020 can be deferred. The government guidance states that this is an automatic deferral and no action is needed. However to ensure the VAT isn’t automatically collected from your bank accounts we suggest that you cancel the HMRC VAT direct…
