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No Accounting for Taste ep70: MTD extended, VAT 5% cut, and eat out to help out

On this week’s No Accounting for Taste, we discuss the return of Making Tax Digital, the VAT cut for the hospitality sector and whether the Summer Statement measures will make any difference.

23rd Jul 2020
Editor AccountingWEB
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Host Richard Hattersley is joined this week by PracticeWeb’s Ray Newman and the managing director of Steele Financial, Ben Steele.

The last time Ben appeared on the podcast he couldn’t remember the last time he had a lunch break and he was checking emails right until his head hit the pillow. So coming off a period that has felt like one long January, it was interested to find out how Ben coped during his coronavirus response.

This week AccountingWEB readers greeted the return of Making Tax Digital in their inimitable way with comments such as “Good job I'm quitting next year” and “I think the words 'good luck with that' spring to mind”. The NAFT team discuss the government’s plans to expand the MTD reporting regime from 2022 and the release of the equivalent of a standard Spring Statement with no prior warning.

Without question, the biggest story on AccountingWEB has been the 5% VAT cut for the hospitality sector. Picking up a debate from Any Answers, the pod team question whether businesses actually reduce their prices during the 5% VAT period.

The team also evaluate the Chancellor’s headline-grabbing Summer Statement measures, such as the furlough bonus and the ‘eat out to help out’ scheme. With a lot of hospitality clients, Ben understands the intention of the ‘eat out’ measure but has some reservations.

But one summer statement scheme the team is keen to talk about is the kickstarter and apprenticeship. But in profession which has previously grappled with a recruitment crisis, will these schemes make any difference at all?

Articles discussed in the podcast

Click play above to listen, or download ‘No Accounting for Taste’ by searching AccountingWEB wherever you get your podcasts.

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