Tuesday, 28 May 2024
Trending
COVID UK VAT cuts
WORLD TAXES

UK Tax News: VAT cut down for hospitality & tourism sector

UK Tax News: VAT cut down for hospitality & tourism sector

The Chancellor announced a reduction in VAT rate for the hospitality and tourism sectors in this epidemics situation.

UK VAT Rate Reduced

This temporary reduction in VAT rates from 20% to 5% would be maintained till March 31, 2021 instead of January 13. He said the move would “help secure 2.4m jobs in the winter”.

Restaurants particularly affected by the lock down measures, and thousands of jobs already lost in the sector. The provisional VAT cut was first introduced in July and was designed to help hotels, restaurants, cafes and pubs financially.

Price Reduction by Businesses

However, some businesses in private sector, such as KFC, Nando and Pret, have decided to offer savings directly to consumers by lowering prices in their stores.

The chancellor said that the VAT cuts would help “more than 150,000 businesses” over the winter.

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants
A d v e r t i s e m e n t

See also  Tax Havens, a Global Issue
Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: