In today’s summer statement, the UK’s Chancellor said he plans to change UK VAT for the hospitality and tourism sectors from 20% to 5% with effect from Wednesday 15th July 2020 until Tuesday 12th January 2021.
Any businesses that buy and sell food, provide accommodation or manage attractions will be affected by the change.
We’ll publish more on this topic soon, including how to deal with this change in your Sage program.
To find out more about the VAT changes, visit the gov.uk website.
For more Sage tax code guidance, download our free Sage Tax Codes Guide.