Did you know from the 1st of October 2021 the temporarily reduced rate of 5% VAT for certain supplies relating to hospitality will be charged at a new rate 12.5%.
What does this mean?
Your financial systems may not currently be set up to account for the changes. For example, are you a business with employees submitting expense claims with VAT receipts? You must make sure your software can accommodate the 12.5% change as it affects food and beverage purchases.
At IMS, we are working with clients to make sure the necessary software amendments are in place before the deadline which is only now a few weeks away.
Unsure of your readiness? Speak with Simon or Nigel at IMS today.
Call: 0845 130 8499