New VAT rate for hospitality and leisure

New VAT rate for hospitality and leisure

To help the hospitality and leisure industries recover from the impact of the COVID-19 pandemic and associated lockdowns, a reduced rate of VAT of 5% applied from 15 July 2020 until 30 September 2021. This rate has now come to an end, and a new reduced rate of 12.5%...
Hospitality VAT Rate Increase

Hospitality VAT Rate Increase

Hospitality Industry VAT Rate Increase – 1st October 2021 In July 2020, the VAT rate for the tourism and hospitality sector was temporarily reduced to 5%, from 20%. The businesses that were able to take advantage of the reduced rate include; Hotels Restaurants Hot...
Quickbooks – Record a VAT payment or refund

Quickbooks – Record a VAT payment or refund

When you pay VAT in QuickBooks Online, you are recording the payment against a specific VAT period; you are not actually transferring money to HMRC. Below is a short video on how to record your VAT payment in QuickBooks Online. Record a VAT payment Go to Taxes, then...