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Government will extend the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March next year.

Businesses who deferred their VAT bills will also be given more breathing space through the New Payment Scheme, giving them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, businesses will be able to make 11 smaller interest free payments during the 2021-22 financial year.

Self Assessment taxpayers will also benefit from an additional 12 month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.