VAT savings for the hospitality and tourism industries
9th July 2020As part of the Government’s measures to try to stimulate the economy, the Chancellor has announced a reduction in the rate of VAT payable by the hospitality and tourism industries.
From 15 July 2020 until 12 January 2021, the rate of VAT will be reduced to 5% on any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol. The reduced rate also applies to all holiday accommodation in hotels, B&Bs, campsites and caravan sites, as well as attractions like cinemas, theme parks and zoos.
If you would like guidance on how the reduced rate of VAT affects your business please email your normal Whiting and Partners contact.
Disclaimer - All information in this post was correct at time of writing.
