With England in another lockdown and the extension to the furlough scheme, there are more possible financial complications than usual. This is especially true within the hospitality and tourism sector. As a result, you need a VAT accountant to ensure all accounting follows the new regulations and keeps your business within the law.
At SCS Financial Management, we offer a range of financial and accounting services for individuals and businesses. Whether you have a new business or many successful years behind you, our professional advisors know how difficult it is keeping on top of the newest regulations at this time.
Our services are designed with the smooth running of your business in mind. We cover all aspects of financial management that you might need.
Reduced VAT For Hospitality & Tourism Businesses
In July 2020, the Chancellor of the Exchequer Rishi Sunak announced that VAT for business in the tourism and hospitality sector would be cut. These new regulations came into effect on July 15th 2020 and will last until January 12th 2021.
The reduced VAT went from 20% to just 5% for things like accommodation, food, and attractions. This means businesses such as pubs, restaurants, cafes, and zoos are affected.
With all these changes in VAT, hiring a professional accountant to manage the tax for your business is essential. They will help to reduce the risk of confusion and to keep on top of any new rules and regulations that might come in the future.
One possible complication that the government warn of is accounting for supplies that straddle the dates of the temporarily reduced rate. Hiring an experienced and professional VAT accountant will ensure that any complications surrounding the regulations will be resolved.
Deferral Of VAT Payments
Businesses who deferred VAT due from March 20th to June 30th this year are now able to make those payments in smaller instalments interest-free up to the end of March 2022.
Hiring a VAT accountant to manage this side of your business’s finances will put your mind at ease. As a result, you can be sure that everything is being done correctly and for your benefit.
Get Professional Advice
With the changes made in July 2020 and England going back into lockdown, the hospitality and tourism sectors are going to need all the help they can get in managing their finances. If your business is affected, hiring a VAT accountant will put your mind at ease when it comes to following the newest regulations.
For expert financial advice for individuals and businesses, please contact us at SCS Financial Management. Call a member of our team at the office on 01737 373707. Alternatively, fill in our contact form and we will respond shortly.