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If these questions are causing challenges for your business get in touch with Gemma at Gemma. McCaldon-Gower cowgills. How does this work in practice? What about businesses that can recover all of the VAT? Will your MTD compliance be compromised? This measure is expected to boost cash flow and viability of businesses in the hotel, hospitality and tourism sectors. Where businesses opt to pass some or all of the saving on to customers this may result in increased spending in these sectors.
This is expected to have a negative impact on inflation in the period for which the measure applies and positive impact in the following year compared against a return to the standard VAT rate. This measure is expected to continue to have a positive impact for individuals who go out for meals, buy hot takeaway food, stay in hotels or other holiday accommodation or visit the types of attractions outlined above. It then introduces a temporary reduced rate of The extension and introduction of the temporary reduced rate of It is not anticipated that this measure will have impacts on groups sharing protected characteristics.
This measure is expected to have a positive and significant impact upon more than , businesses by substantially reducing the VAT they would be ordinarily required to charge and account for to HMRC. It is expected that the introduction of the temporary However, these costs for system providers are expected to be negligible. HMRC will be consulting with industry stakeholders to gather further evidence on implementation costs and the government will update its estimates in due course.
Customer experience for impacted businesses is expected to improve given the supportive and positive nature of this measure. This measure will be monitored through information collected from tax returns and receipts, as well as through communication with affected taxpayer groups.
To help us improve GOV. It will take only 2 minutes to fill in. Cookies on GOV. UK We use some essential cookies to make this website work. Accept additional cookies Reject additional cookies View cookies. Hide this message. Contents Who is likely to be affected General description of the measure Policy objective Background to the measure Detailed proposal Monitoring and evaluation Further advice Print this page. Who is likely to be affected Businesses that make certain supplies relating to hospitality, make supplies of holiday accommodation or charge for admission to certain types of attractions.
Policy objective To support businesses and protect 2. Background to the measure This temporary relief was introduced as an urgent response to the coronavirus emergency. Current law Previously the standard rate of VAT applied to most goods and services supplied by the tourism and hospitality sectors.
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