Reduced VAT rate for hospitality, holiday accommodation & attractions
Emily Kilshaw • July 18, 2020
New VAT Reduced Rates for hospitality
The government announced on 8 July 2020 that it intended to legislate to apply a temporary 5% reduced rate of VAT to certain supplies relating to hospitality, hotel and holiday accommodation and admission to certain attractions. The reduced rate will last for a temporary period between 15 July 2020 and 12 January 2021.
The new deemed employment rules for IR35 have now come into play. If you have a personal service company and have been caught by these new rules and you need help filing your companies accounts & tax return, please get in touch.
The reverse charge for VAT came in on the 1st March 2021 for the construction industry. Are you ready or do you need help with this change. Contact us to find out more & how we can help get you underway.
HMRC has postponed the £100 penalty for late submission of 2019/20 personal tax returns, as long as the return is submitted by 28th February 2021. However they will still charge interest on any tax which is due. Therefore, if you haven't already done your personal tax return, the sooner you get it done and submitted the better. Contact us for advice and assistance on your personal tax return.
