As a reminder, businesses that make supplies relating to hospitality, holiday accommodation or charge for admission to certain types of attractions will be affected by the VAT reduction. A temporary 5% reduced rate of VAT was introduced on 8th July 2020. The changes took effect on 15th July 2020 and were later extended to 30th September 2021. After which, an interim rate of 12.5% will be introduced which will end on 31st March 2022.
These changes have been brought in to support businesses critically affected by the coronavirus pandemic. If you have any questions in relation to the above or would like to know more, please contact Jake on 01227 277667 or by emailing him at email@example.com.