Covid hit the entertainment and hospitality sectors harder than most. To help alleviate the financial pressure, the UK government introduced a number of measures, including slashing the VAT rate for hospitality businesses from 20% to 5%.
Recently, the UK announced that VAT rates on tickets for concerts and live events would return to the pre-Covid level of 20%. However, not everyone is pleased. The head of the music industry group UK Music has written to chancellor Rishi Sunak asking him to rethink the increase.
Source: vatit.com
Latest Posts in "United Kingdom"
- Property TOGCs Under the Microscope: Navigating VAT Conditions and HMRC Expectations
- Fintua Sponsors Indirect Taxes Annual Conference 2025 in London (Nov 12)
- VAT Hike Would Cause Biggest Economic Damage, Leading Economists Warn Chancellor
- HMRC Clarifies VAT Treatment of Overage Payments on Land Sales
- VAT Error Correction: Amending Returns, Claiming Refunds, and Avoiding Penalties
