Questions and Answers
What are the VAT changes announced in Budget 2021?
I run a small restaurant and am wondering if the new VAT rate will affect me?
Today Minister for Finance Paschal Donohoe announced a reduced VAT rate from 13.5% to 9% for the tourism and hospitality sector. This will affect restaurants, hotels etc.
The new rate will come into effect on 01 November 2020 and will run until December 2021.
The Minister also confirmed that the reduction in the standard rate of VAT from 23% to 21% will expire as planned at the end of February 2021.
You can read the full TaxAssist Accountants Budget 2021 Summary here.
Date published 13 Oct 2020 | Last updated 15 Oct 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 23 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.