The government announced a number of VAT measures including a temporary reduction to the Standard Rate of VAT from 20% to 5% for the hospitality sector.
The 5% rate of VAT now applies until 31 September 2021. From 1 October 2021 the hospitality sector VAT rate is due to increase to 12.5% until to 31 March 2022, after which time it is due to return to the standard rate, currently at 20%.
Changes that temporarily introduce a 5% reduced rate on supplies of:
A new Recovery Loan Scheme will be launched to replace the existing government guaranteed schemes which have supported £73 billion of lending to date and close at the end of March.
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