Budget 2021: Hospitality: VAT
Wednesday, 3 March 2021 12:50
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One of the hardest hit sectors has been hospitality and tourism:
150,000 businesses that employ over 2.4 million people need our
support. To protect those jobs, I can confirm that the 5% reduced
rate of VAT will be extended for six months to 30th September. And
even then, we won’t go straight back to the 20% rate. We’ll have an
interim rate of 12.5% for another six months; not returning to the
standard rate until April next year. In total, we’re cutting VAT
next year by almost £5bn....Request free
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