On September 24 and in a move to assist struggling businesses, Chancellor Rishi Sunak announced an extension to the hospitality VAT cut until March next year.
Initially, the temporary cut, which was first introduced in July, was to run until January 2021 but this date has now been put back as businesses again grapple with restrictions due to the worsening pandemic.
Announcing the extension, Mr Sunak said: ‘To support more than 150,000 businesses and help protect 2.4 million jobs through the winter, I’m announcing that we are cancelling the planned increase and will keep the lower 5% VAT rate until March 31 next year.’
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