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The Webb Teasdale Weekly

This week we look at an update regarding VAT

Continuing with the reduced 5% rate of VAT for hospitality and tourism for an additional six months should help two of the most seriously impacted sectors of the economy, as will the subsequent interim rate of 12.5% for another six months after that.


"Although the decision to freeze the VAT threshold at £85,000 for two years provides certainty for businesses, there is increasing recognition that a lower VAT threshold may be needed in the future. This is partly demonstrated by an AAT member survey last month, which found 37.5% of AAT members favour a reduction compared to 33% who want to retain the current threshold

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The minimum wage rates have increased with effect from 1 April.

Please note that the age ranges have changed.


NEW RATES FROM 1 APRIL 2021 - 

These rates are for the National Living Wage (for those aged 23 and over) and the National Minimum Wage (for those of at least school leaving age) from 1 April 2021.


April 2021 (new rate)


23 and over £8.91

21 to 22 £8.36

18 to 20 £6.56

Under 18 £4.62

Apprentice £4.30

 


More information about minimum wages can be found at www.gov.uk