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3 Month End Things To Do Today....

May 02, 2022

3 Important Tasks For Today 
Do some or all, as applicable

1. VAT Rate Change for Hospitality
2. Minimum Wage Changes 1st April
3. Utility Rates Increase 1st April

- And don't forget, we reminded you earlier in the week.  Today is the last day to pay your self assessment and avoid penalties.
 
 
5 Minute Read

Please pass this on to anyone who may find our updates or news helpful.
 
VAT Rate Change
12.5% back to 20%

A Quick Reminder - 

VAT on Hospitality will go up on 1st April 2022.
If you have been utilising the reduced rate, make sure you update your software and advise your teams of the changes.

 

HMRC Hospitality VAT Rate Advisory

 

Minimum Wage

Current Rates and New Rates
 

  23 & Over   21 to 22  18 to 20 Under 18   Apprentice  
April 2021 (current rate)  £8.91 £8.36 £6.56 £4.62 £4.30
April 2022 (New Rate) £9.50 £9.18 £6.83 £4.81 £4.81

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). The rates change on 1 April every year.
 
HMRC Minimum Wage Link

 
 
Utilities Rates Increase

The energy price cap will increase from 1 April for approximately 22 million customers.

Those on default tariffs paying by direct debit will see an increase of £693 from £1,277 to £1,971 per year (difference due to rounding). Prepayment customers will see an increase of £708 from £1,309 to £2,017. Ofgem Statistics
 
OFGEM

 

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