Well done to HMRC and the Treasury. That’s my main conclusion four weeks after the chancellor announced the temporary VAT rate cut from 20% to 5% for the tourist and hospitality industry from 15 July to 12 January next year. I discussed the practical issues of the reduction in my article ‘Summer treats’. The questions I have received from accountants have mainly been to clarify specific points of detail. There has been no major confusion as has happened in the past with VAT issues. The legislation and detailed guidance issued by HMRC has been well understood. Hurrah!
What is a cultural attraction?
I expected to receive many emails asking whether specific attractions would qualify for 5% VAT on admission fees under the banner of ‘similar cultural events and facilities’. The onus is on the business to make its own decision in such cases. However my concerns were unfounded and I...
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