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Rishi Sunak has announced that he is deferring the next quarter of VAT payments due from businesses.
That means no business will pay VAT from now to June, and they’ll have until the end of the financial year to repay those bills. That should help companies struggling with a cash flow crisis.
The government is also extending its coronavirus business interruption loan scheme, to be interest free for 12 months (up from 6 months).