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Hugh Davies News

Are you ready for the Hospitality VAT rate change?

Are you ready for the Hospitality VAT rate change?

On 15th July 2020 the Government lowered the rate of VAT relating to tourism and hospitality from 20% to 5% as a way of supporting businesses severely affected by the pandemic.

It was initially only planned to last until 12th January 2021, but after being extended twice, it will now change on 30th September 2021 where it will rise to 12.5% until 31st March 2022 where it is thought to return to 20%.

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Post-Lockdown Business Restart

Post-Lockdown Business Restart

As coronavirus restrictions continue to ease across the UK, many business owners who were forced to shut in previous lockdowns have now been able to reopen for trade.

Not only has this provided a great opportunity to retarget new customers and potentially diversify business, it is also a good time to optimise internal processes and ensure you’re starting on the right foot with business administration.

In this article, we will suggest our best 4 tips for giving your business the refresh it deserves.

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Budget comments

Budget comments

I like to wait a week to let the dust settle after the Budget before taking a view. This was always going to be a tricky one for Rishi Sunak - on the one hand he wanted to support a fairly fragile economy only just emerging from lockdown, and on the other he needed to set the scene for re-balancing the books after spending unprecedented billions in economic support.

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Covid Grants Update

Covid Grants Update

The situation regarding grant availability has been rather confusing since Tier 4 restrictions were introduced on 5 January. To make things clearer for you we have summarised the current situation. As previously all funding will be through the local councils.

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Coronavirus support update

Coronavirus support update

There have been a lot of changes and tweaks to government support as we've entered the second wave of the pandemic. This is just a quick summary of the financial support now available...

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Have you considered the impact leaving the EU will have on your business?

Have you considered the impact leaving the EU will have on your business?

With the UK leaving the European Union in less than a month, have you considered how this will impact the services you supply to or buy from the EU?

You may not even think it will but are you aware that any services you buy from the EU will be subject to the ‘Reverse Charge’ mechanism? Under this mechanism, even though your supplier may not have charged you VAT you may still have to declare Output VAT on the invoice at the UK VAT rate in box 1 and then reclaim it as input VAT in box 4.

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Summer Economic Update - a couple of key points

Summer Economic Update - a couple of key points

Another raft of incentives and give-aways to support the economy at a critical juncture as we emerge from lock-down and anticipate the ending of the job retention scheme.

Measures include - Job retention bonus, VAT reduction for hospitality, stamp duty holiday and support for young people to find work. I will focus on just two of these.

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5 tips for leading your company out of a crisis

5 tips for leading your company out of a crisis

This is an article recently prepared by our partners at Xeinadin Group

Getting out of a crisis is difficult and requires extraordinary measures and great efforts from a company and its people. Since we’re here to help, we’ve listed 5 tips for leading your company out of a crisis or turnaround situation. Read on and make smart use of these tips.

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Cocooning a business

Cocooning a business

This is an article recently prepared by our partners at Xeinadin Group

The purpose of this guidance is to give an overview of what, why and how a business might be cocooned (or mothballed) in response to the change in trading environment arising from Covid-19.

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