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17/07/20

In-depth look at latest VAT updates

Liaison Financial

Liaison Financial has this week hosted two webinars providing specific support to the NHS to explain the latest VAT updates affecting NHS organisations, which came into effect on Wednesday 15th July.

These webinars, which were hosted by our Head of Tax Services, Kenny Lee, were viewed live by over 500 attendees, and can be re-watched on our website.

The webinars detailed the measures announced by the Chancellor of the Exchequer, Rishi Sunak, in last week’s Budget speech aimed at helping the hospitality and tourism sectors to recover from the economic impact of COVID-19. These are not straightforward changes and relate to the temporary drop in VAT to 5% for catering and accommodation, which may be pertinent to the NHS where food is sold onsite or where the NHS provides accommodation to staff and visitors that is currently liable to the standard-rate of VAT.

A brief summary of these changes can be found on our COVID-19 Hub.

For a more in-depth look at these measures and what NHS organisations can do to benefit from them, as well as a number of commonly asked questions in relation to the changes, please view the webinar here.

For support in implementing these VAT changes, including assisting with the catering adaptation scheme or checking the point of sale scheme, please contact your Liaison VAT Advisor, or email us at info@liaisongroup.com