What does this VAT rate change apply to:
Hospitality industry
Hotel and Holiday accommodation
Attractions
- Theatres.
- Circuses and fairs.
- Zoos.
- Museums.
- Cinemas.
- Concerts.
- Amusement parks.
- Studio or factory tours.
- Botanical gardens.
- Exhibitions and other cultural events.
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Businesses in these sectors need to get ready
- Ensure the new VAT rate is up to date on any accounting software and internal systems.
- If your business also sells goods such as alcohol that fall outside the scope of the reduced rate, you will need to conduct a few extra checks. Go through your systems to make sure you have not altered the VAT rate for these products and establish with your team how you will account for the sale of goods with different amounts of vat due.
- Decide whether you will pass on the savings to your customers and if you decide not to, double-check whether you are operating within the VAT rules in this regard.
- If you are going to pass on these savings, update your website, menus and other documentation with your prices and be sure to let your clients know they can enjoy these discounted rates until March 2022.
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