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Information re Vat reduction in Hospitality Sector

 
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zebedee



Joined: 12 Sep 2014
Posts: 1190
Location: yorkshire dales

PostPosted: Wed Jul 08, 2020 8:04 pm    Post subject: Information re Vat reduction in Hospitality Sector Reply with quote

VAT rate reduction: The announcement of a 6-month reduction in the rate of VAT from 20% or 5% on tourism and hospitality-related activities. The reduction will come into force from 15 July 2020 and remain until 12 January 2021. Further guidance on the scope of this relief will be published by HMRC in the coming days.

In response to this, KPMG is hosting a leisure and hospitality webinar covering, what will the VAT rate cover, how to update accounting system and other areas of considerations. It is scheduled to take place at 12:30 1:30pm on Friday 10 July 2020. Please email Nicola Robson at KPMG to register.

Nicola.robson@kpmg.co.uk

The above information is from UKHospitality daily email.
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newtimber



Joined: 24 Nov 2012
Posts: 1809
Location: Brighton

PostPosted: Wed Jul 15, 2020 9:35 am    Post subject: Reply with quote

Only just seen this, so missed the talk.

Do you know what they said about bookings that people have paid for before the VAT rate reduction for stays that are during the VAT reduction period? We use cash accounting and there is something about "special provisions" which as I read it, we can re-issue the invoices at the lower rate on those bookings we choose to??
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zebedee



Joined: 12 Sep 2014
Posts: 1190
Location: yorkshire dales

PostPosted: Wed Jul 15, 2020 10:43 am    Post subject: Reply with quote

Sorry, Im not VAT registered so only posted the information to be helpful.
Have you tried to see if it is available as a recording /podcast??
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