A temporary VAT reduction has been announced as part of the government's "Great British Summer Savings" initiative. While many businesses in the tourism, leisure and hospitality sectors have welcomed the move, it also introduces additional complexity that businesses need to prepare for quickly.
The UK Government has announced a temporary reduction in VAT aimed at lowering the cost of family leisure activities during the summer holidays, in response to lobbying from the tourism sector. Our tourism and VAT specialists summarise what you need to know.
There are several significant changes to how small businesses and partnerships can prepare their accounts. We discuss the benefits of cash accounting as well as the unique needs of medical practices.
