July’s Sector VAT news round-up
VAT Fact…Did you know?
If you buy a gingerbread person wearing chocolate trousers or skirt… you will pay VAT at 20% but a naked gingerbread man is zero rated and there is no VAT to pay!!
Temporary VAT zero rate which applies to all supplies of PPE extended to 31 October 2020.
Deferral of VAT payments…REMINDER
The concession to enable VAT payments to be delayed does not apply to VAT payments due on or after 1 July. HMRC has, therefore, updated its guidance to remind businesses to set up their direct debits (which may have been cancelled to take advantage of the deferral).
Further information: https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
Reduced VAT rate on catering and accommodation…ARE YOU ELIGIBLE?
On 8 July, the government announced in its “Plan for Jobs” that a reduced VAT rate of 5% would apply to catering, accommodation, and admission to attractions between 15 July 2020 and 12 January 2021.
Check here for further information and whether you might need to know more: https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
Our July News…
We are delighted to announce our sponsorship of the following:
ICHA (Independent Children’s Homes Association)
KICA (Kent Integrated Care Alliance)
…and we very much looking forward to working further with their membership over the coming months.