Accountancy News Archives - More Than Accountants

Get Ready for Hospitality VAT Changes.

Get ready for 12.5% VATMost supplies made by the hospitality industry will carry 12.5% VAT from 1 October 2021.Some businesses will have to deal with four rates of VAT in their accounting systems from 1 October 2021.This has not happened since 1979 and will hopefully not happen again after 31 March 2022 when the temporary 12.5% rate for most sales made by the hospitality industry will end and the 20% rate will resume on 1 April 2022. We will then be back to three VAT rates: 0%, 5%, and 20%.Affected supplies
In a nutshell, the supplies made by the hospitality industry that have been subject to 5% VAT since July 2020 will become liable to 12.5% VAT for the period between 1 October 2021 and 31 March 2022.

Read more

New residential property rules to look out for

UK residents who are trying to dispose their UK residential property should be aware of the new rules which requires them to report and make a payment for their CGT (Capital Gains Tax) liability with a 30-day period of completion. This comes as a shock to many people. In fact, during the last six months of 2020, HMRC issued fines to approximately 13,113 people who failed to meet the new deadlines. The total fines amounted to more than £1.3m.

Read more