Reduction in VAT can help your next event

The UK government announced in early July, a temporary VAT change which could really help the events industry. The temporary VAT change will see the rate reduced from 20% to 5% until 12th January 2021.

What does it mean for you?

Reduced VAT rates will mean many advantages for event organisers and attendees. Lower ticket prices for attendees will be the main benefit which will hopefully result in more people attending the specific event. The VAT reduction applies to ticket sales during this period including advance ticket sales for events beyond the 12th January 2021.

If you sell more tickets then you will have more attendees which will provide you with a bigger budget to create a great event.

Lower ticket prices will definitely be a popular selling point for your event so don’t forget to contact your target audience with this great news. If you can show the potential attendee that the value of the event is greater than the price, then they will be more likely to purchase a ticket.

Event organisers who are VAT registered will be able to reduce their VAT bill to the new 5% rate. It is up to you if you decide to pass on this saving to your attendees by reducing the ticket prices. If you keep the ticket prices the same, you will receive more net revenue. We do however strongly urge promoters to start ticket sales for their events as soon as possible to benefit from this support.

As always, please don’t forget that we can help organise and run your event and provide event staff on the day. Get in touch today to find out how we can support your future events.