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Businesses that deferred VAT and self-assessment tax payments will have more time to pay the sums owed.
As part of Rishi Sunak’s winter economy package announced on 24 September up to half a million business that deferred their VAT bills will have the option of using the new payment scheme giving them the option to repay in smaller instalments. Rather than paying a lump sum in full at the end March 2021 they will be able to make 11 smaller interest-free payments during the 2021-22 financial year.
Self-assessment taxpayers will have a 12-month extension on the time-to-pay’ facility so that payments deferred from July 2020 along with those due in January 2021 will now not need to be paid until January 2022.
In addition the temporary 15% VAT cut for the tourism and hospitality sectors has been extended to the...
