The latest news from the world of VAT, brought to you by the experts at Vantage Fee Protect.
VAT Articles
Temporary VAT Rate Change in Hospitality and Tourism
Following the easing of the Covid-19 lockdown for businesses in the hospitality and tourism industries and in an attempt to stimulate a recovery in those businesses the Chancellor has recently announced that VAT on certain supplies of foods and drink, accommodation, or admission to attractions would temporarily be reduced from 20% to 5%, applying to…
Temporary reduction in the VAT rate
Temporary reduction in the VAT rate for hospitality businesses The Chancellor has today announced further measures to assist with job retention and to help stimulate business and the economy as business begin to open up after the Covid-19 lockdown. To help businesses in the tourism and hospitality industries VAT will be temporarily reduced from 20%…
The End of VAT Deferral
VAT Deferral Scheme Many businesses will have taken advantage of the Governments VAT Deferral scheme which allowed a business to defer until 31/3/2021, without penalty, the VAT due to be paid on VAT returns with a due date ending between 20 March 2020 and 30 June 2020; essentially payments due for the quarterly VAT returns…
Coronavirus update – Deferment of July 2020 Payment on Account
HM Treasury have recently released an update on the option for a taxpayer to defer their second Self-Assessment Payment on Account which would usually be due by 31 July 2020. What is it? The Self- Assessment payment on account, that is ordinarily due to be paid to HMRC by 31 July 2020 may now be…
Updated: UK VAT Deferral
Last week the Chancellor of the Exchequer announced that there will be a deferral of VAT due to be paid between 20 March 2020 until 30 June 2020, see here. This essentially means that businesses will automatically qualify to defer payment of the VAT due on their VAT returns for the VAT periods ending February,…
Coronavirus: UK VAT Deferral
Last week the Chancellor of the Exchequer announced that there will be a deferral of VAT due to be paid between 20 March 2020 until 30 June 2020, see here: https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses This essentially means that businesses will automatically qualify to defer payment of the VAT due on their VAT returns for the VAT periods ending…