VAT and EU?
It is a fact that VAT is regulated by the EU Regulations. According to sources, it is agreed that every member state within the EU must apply VAT at a standard rate that can be anything between 15 and 25 per cent. All countries can also have up to two reduced rates between five per cent and 15 per cent. Reduced rates can only be applied to a limited range of goods and services specified in the regulations. A few items are permitted to have ‘super-reduced rate’ of less than five per cent, a ‘parking rate’ or a zero rate, and others may be exempt from VAT.
Reduced rates VAT in EU and UK
Every country Except Denmark has at least one reduced rate among the 27 member states in the EU. Fourteen of the remaining countries have two reduced rates and the remaining twelve have a single reduced rate. The UK currently has a single reduced rate of five per cent which is applied to a limited range of goods and services including domestic fuel, children’s car seats and insulation materials.
Impact of a VAT reduction
Industry Expert and common end user become agree on that a reduced rate of VAT would impact a lot on the Catering and hospitality industry:
1. Generate higher levels of employment, with increased wage levels and training and indirectly benefits the age and socio-economic spectrum of the UK.
2. Increase profits, corporation tax payments and shareholder dividends.
4. Lead to further investment and improving the UK’s competitiveness.
Impact of VAT if it is not reduced on Curry Industry
1. The UK’s share of international tourism and curry industry revenue receipts will continue to fall in comparison with European competitor countries
2. The sharp decline in domestic tourism expenditure by UK residents will affect the Curry industry and related suppliers and employment
Campaign to take
We urge the government to implement this VAT reduction that will help the curry industry grow and survive.
HELP OUR CAMPAIGN:
Our campaign is to introduce a reduced VAT Scheme by the UK Govt. for Curry industry to survive.
If you are involved with the Curry Industry Business or a related service provider or an employer or employee of this £4.5 billion industry You can help us even further by taking a minute to agree with us by simply fill in the short form below
and please write "VAT Campaign" in Subject Box and " I AM WITH BCA REDUCED VAT CAMPAIGN" in the message box