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.