Vale & West Chartered Accountants Blog

Category Archives:VAT

Steep price rise warning as hospitality businesses yet to receive Omicron funding

The hard-pressed hospitality industry is facing some difficult choices after the temporary cut in VAT to 12.5 per cent reverted to the full 20 per cent. It will result in double-digit price increases for consumers as operators struggle to survive, leading industry body UKHospitality says.

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Getting the data right is key to growth in hospitality

Hopes that the temporary VAT cut for hospitality would be extended were dashed in Chancellor Rishi Sunak’s Spring Statement this week.

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HMRC to close helplines one day a week to clear backlog

VAT and Corporation Tax helplines at HM Revenue & Customs (HMRC) will close for one day a week to help clear the backlog built up during the COVID-19 pandemic. Read More

Penalty reform for VAT delayed until January 2023

The penalty reform for late payments has been delayed until 1 January 2023, confirms a statement by Lucy Frazer (The Financial Secretary to the Treasury). Read More

Businesses that do not use MTD for VAT make more errors than those that do, study reveals

Small and medium-sized enterprises (SMEs) that do not use Making Tax Digital (MTD) for VAT make more errors than those that do, a major study has revealed.

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Campaign launched to peg VAT at 12.5 per cent for hospitality and tourism

Setting the VAT rate permanently at 12.5 per cent will create more than 100,000 jobs and boost investment in the UK, according to a new campaign.

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Transitionary rate of VAT for hospitality comes into force

The temporary reduced rate of VAT for hospitality has increased to a transitionary rate from today, 01 October 2021. Read More

HMRC letters remind businesses of VAT payments change

Reminder letters are being sent out to tens of thousands of UK companies explaining changes in the Making Tax Digital (MTD) system and how it affects them.

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Deadline to pay deferred VAT or arrange payment plan “fast approaching”

The deadline to pay deferred VAT or arrange a payment plan is “fast approaching”, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned. Read More

Register for Making Tax Digital for VAT or risk penalties, HMRC warns

Businesses who are required to use Making Tax Digital (MTD) for VAT but not registered could face fines of up to £400, it has been warned.

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