On-Air Now
Facebook

Isle of Man to mirror UK VAT changes

Fri, 25 Sep 2020


The UK Government yesterday announced that a reduction in the rate of VAT applied to hospitality, accommodation and attractions will now be extended until 31 March 2021

The reduction from 20% to 5% was originally planned to run for six months from 15 July 2020 until 12 January 2021.

The Isle of Man will also extend the application of the 5% rate to hospitality and attractions until 31 March 2021.

The reduced rate of VAT already applies to holiday accommodation in the Isle of Man.

The UK Government also announced an option on how to pay deferred VAT due for payment next spring. The Isle of Man will replicate this measure with more details available in due course.

Businesses that have deferred paying VAT from the period March to June 2020 were due to pay the outstanding amount by 31 March 2021. They will now be able to opt to pay in smaller instalments during 2021-2022 without incurring interest.


 

Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed