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VAT rate change

The UK VAT rate on hospitality, holiday accommodation and attractions is reducing from 20% to 5%, from 15 July 2020 to 12 January 2021.

The cut applies to food and non-alcoholic drinks as well as accommodation and admission to attractions across the UK.

In your Accounting solution, this means that some transactions that you would normally record at 20% VAT may now be at a reduced rate of 5% VAT. There is already a 5% VAT rate in Accounting called Lower Rate, and in most cases you just need to change affected transactions from Standard to Lower Rate.

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