Along with the various coronavirus business support schemes, the temporary 5% reduced VAT rate for the hospitality and tourism sector was regarded almost universally as a success.
It was no surprise therefore when this was extended from 31 March 2021, until 30 September 2021.
What did come as a surprise to many was the introduction of a 12.5% transitional rate that will apply from 1 October 2021 until 31 March 2022, before reverting to the VAT standard rate of 20% from 1 April 2022.
Source: pkf-francisclark.co.uk
Latest Posts in "United Kingdom"
- Interest Payable on VAT Element of Commercial Debt Under Late Payment of Commercial Debts Act 1998
- Addressing Unfair VAT Repayment and Interest Rates: CIOT and ATT Autumn Budget 2025 Representation
- UK Tribunal Clarifies Input VAT Deductions and HMRC Discretion Under VAT Regulations 1995
- UK Tribunal Rules Company Cannot Reclaim Input VAT Due to Pre-Registration Purchases and Invalid Invoices
- Permission to Make Late VAT Appeal Refused: Choudhury v HMRC, Martland and Katib Applied
