V.A.T. BACK TO 20% IN HOSPITALITY

From April 1 2022, VAT returns to 20% in the hospitality sector.


You need to ensure that your business is ready to update the point of sales systems to reflect the changes to the going VAT rate.


Make sure the VAT rate is adjusted now, before you make any sales in April and you will have accurate VAT invoices. Making the changes to your EPOS systems will save all the hassle, time and expense of having to unpick the % rates on your invoices, for your V.A.T. return later on in the quarter, which will prove costly.


More broadly, it might be worth considering if the 7.5% increase in V.A.T. means it's time to look at your pricing to maintain your profitability as a business.