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July’s Sector VAT news round-up

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!!

PPE/Covid-19…latest extension

Temporary VAT zero rate which applies to all supplies of PPE extended to 31 October 2020.

Further information: https://www.gov.uk/government/publications/vat-zero-rating-for-personal-protective-equipment/vat-zero-rating-for-personal-protective-equipment

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.

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