Late, perhaps holding it back? (8)
I believe the answer is:
reticent
'late' is the definition.
Both the answer and definition are adjectives. Perhaps you can see an association between them that I don't see?
'perhaps holding it back?' is the wordplay.
'perhaps' becomes 'recent' (I am not sure about this - if you are sure you should believe this answer much more).
'holding' is an insertion indicator.
'back?' is a reversal indicator (I've seen 'back' mean this).
'it' back-to-front is 'ti'.
'recent' enclosing 'ti' is 'RETICENT'.
(Other definitions for reticent that I've seen before include "Not wanting to talk" , "Not forthcoming" , "Reserved, not revealing thoughts readily" , "Reserved, retiring" , "Reserved, shy" .)