Rishi Sunak has changed VAT in today’s ‘mini-budget’ announcement
In the Chancellor’s summer statement today, he shared the government’s plans to change UK VAT from 20% to 5% for the hospitality and tourism sectors. This change will come into effect from Wednesday 15 July 2020 and run through until 12 January 2021.
What does this mean for Sage Users?
Sage has been working behind the scenes to ensure they could react quickly and have the guidance and support ready to help your business manage the change as soon as it comes into effect.
Businesses that buy and sell food, provide accommodation or manage attractions will need to update their software for these changes in VAT and Sage is uniquely positioned to support businesses through this change as they have done in the past with auto enrolment, RTR and MTD.
Over the coming days we will share further information with you about what the changes mean for you and how to handle them within your software. In the meantime, to find out more about the specific changes to VAT and what this means for your business visit the .gov website
If you need help with these updates contact our Support Team