04 Mar VAT Reduced Rate Extended
Posted at 20:12h in Budget, Coronavirus
The reduced 5% rate of VAT for goods and services supplied by the tourism and hospitality sector has been extended to 30 September 2021.
To help support businesses further there will be a transitional rate of 12.5% from 1 October to 31 March 2022 with the standard rate of 20% applying from 1 April 2022.
The VAT registration and deregistration thresholds are unchanged at £85,000 and £83,000, respectively until April 2024.