WebSep 10, 2024 · As most of us are now familiar with, in July 2024 the Government introduced a reduced rate of 5% VAT to supplies made in the hospitality industry as a means to alleviate some of the financial impact Covid -19 was having on the industry. This temporary rate was originally intended to apply between 15 July 2024 and 31 March 2024. WebSep 24, 2024 · VAT rate increase from 1 October 2024 applies to hospitality businesses and the VAT rate is schedule to increase from 5% to 12.5%. The rate was reduced to 5% on 15 July 2024 as part of the government’s package of measures to help businesses during the COVID-19 pandemic.
UK VAT rate increase for hospitality, accommodation, and attractions
WebJul 15, 2024 · Subscribe. Unless the Chancellor responds to requests from the hospitality industry, starting the 1 st of April the VAT rate for most goods and services within the hospitality industry will increase from 12.5% to 20%, this reverses the temporary rates that were in place since June 2024. In June 2024 the government had introduced a temporary … WebResearch & Policy. NCSL actively tracks more than 1,400 issue areas. NCSL conducts policy research in areas ranging from agriculture and budget and tax issues to education and … did marc martel sing in bohemian rhapsody
VAT rate change for hospitality and tourism sector - Sage
WebOct 1, 2024 · What does this VAT rate change apply to: The latest UK VAT rate change applies to businesses in a few different sectors: Hospitality industry. In this instance, the term "hospitality businesses" covers restaurants, cafes, and pubs that serve food and beverages, including catering services that provide hot takeaway food. WebOct 1, 2024 · Hospitality VAT rate change from 1 Oct 2024 15 October 2024 In accordance with the March 2024 budget, the UK VAT rate applied to certain supplies relating to tourism and hospitality increased from 5% to 12.5% with effect from 1 October 2024. Various key matters in respect of this change are summarised below. Background WebSep 6, 2024 · What’s changing? A new 12.5% VAT rate will be introduced from 1 October 2024 for hospitality, holiday accommodations and attractions. It will stay in place until 31 March 2024. It replaces the current temporary reduced rate of 5% which was introduced on 8 July 2024 to encourage people back to the sector following the COVID-19 lockdown. did marco island get hit by hurricane