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VAT Cut for Hospitality Sector Continues, Deferral of VAT Bills and Self-Assessment Taxpayers – Time To Pay Extension
The reduction in VAT to 5% for the hospitality and tourism sector will be extended until 31 March 2021.
Up to half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller interest-free payments during the 2021-22 financial year.
Approximately 11 million self-assessment taxpayers will be able to benefit from a separate 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.
05 May 2021
The online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant is now open for claims.
The Recovery Loan Scheme has been introduced to replace the government's coronavirus lending schemes.