Yesterday the Chancellor announced a 5% VAT rate to apply to accommodation, meals and drinks in pubs and restaurants (but not alcoholic drinks) and tourist attractions in the UK. The rate cut will apply from 15 July 2020 - 12 January 2021. Good news for the sector which has been calling for a VAT rate cut for some years. HMRC has published guidance today but we don't have the legislation as yet. The guidance can be found here https://www.gov.uk/topic/business-tax/vat/latest Also please visit our website for information and comment here https://www.macintyrehudson.co.uk/spotlight-on/uk-economic-update where you will also be able to listen to me being interviewed this morning by LBC News' Lisa Aziz about the change.
MHA MacIntyre Hudson