In important bit of news you may have missed for our sector is that the Chancellor announced an extension of the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March 2021. The Chancellor also announced that 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 in smaller instalments. Therefore, 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. All businesses that took advantage of the VAT deferral will be able to use the New Payment Scheme; businesses will need to opt in, but all are eligible. HMRC will put in place an opt-in process in early 2021.