VAT Update for hospitality
National Insurance reverse update
As announced in the budget, the government will be extending the temporary VAT reduced flat rate of 5% until 30 September 2021.
Other changes include a new reduced tax rate of 12.5% introduced on 1 October 2021, which will apply for six months, until 31 March 2022.
Here are the key dates and VAT rates announced:
From 8 July 2020 to 30 September 2021
VAT Rate: 5%
From 1 October 2021 to 31 March 2022
VAT Rate: 12.5%
From 1 April, 2022
VAT Rate: 20%
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