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
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