VAT rate stays at 15% for drinkers

4 11 2009

We all know that the VAT rate goes back up to 17.5% on 31st December at midnight, but what some people don’t know is that pubs, restaurants and clubs have been given permission to keep the VAT rate at 15% until 6am New Years Day.

Yippee! 6 more hours of cheaper drinking!!

Although this only means 5p off of a pint, this is still good news for people going out in a big group this New Years.

This was decided by politicians back in May after long debates. They decided to change it because licensees selling alcohol on this night would have had to change the prices at midnight – possibly confusing and annoying drinkers.

Mr Timms, Treasury minister, said this;

“ I said in May that businesses open across midnight, like pubs and clubs, would be able to continue VAT at the lower rate. I can confirm today that will be until 6am on the morning of January 1. That will be very welcome news, I think, to institutions like those you are concerned about.”

So, what do you think about this? (To be honest, I’m not really expecting a lot of negative replies!!)

Why not check out the Best Accountants in Sussex?Tax Accountant  Make sure you’re aware of the new National Minimum Wage Rates for 2011 – they come into effect in October 2011.

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