With the increase in VAT for accommodation and restaurants increasing from 5% to 12.5% today (1 October 2021), the Tourism Alliance (with UK Hospitality, BBPA, AVLA and BII) has issued a press release based on the results of the VAT Survey that was sent to the hospitality industry earlier.
Some of the main findings from the survey are:
If VAT on tourism and hospitality were to remain at 12.5% indefinitely, it would increase turnover by an average of 8.8% (using mid-point average calculation).
If VAT on tourism and hospitality were to remain at 12.5% indefinitely, it would increase business investment by an average of 12.0% (using mid-point average calculation).
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