Winter Economy Plan
The good news is that the government is looking to help us out whilst restrictions remain in place and if you were benefiting from some of the assistance beforehand, then it’s likely there will be more assistance for you to tap into.
However, with only top line details available at present it looks as though those who missed out or where excluded the first time round will also be overlooked with the new measures being put in place.
If you are in this group, maybe join in and support the campaigns that are attempting to pressure the government to make change, such as:
Key points of Rishi’s statement are detailed below:
- the Coronavirus Job Retention Scheme (CJRS) will end as planned on 31 October 2020;
- a new Job Support Scheme will provide funding for employers who are able to retain employees but on shorter hours. The scheme will initially run for 6 months from November;
- an extension to the Self-Employment Income Support Scheme (SEISS) grant, which will provide two grants and will last for 6 months from November 2020 to April 2021. Grants will be paid in two lump sum installments each covering a 3-month period;
- the temporary reduced (5%) rate of VAT will be extended until 31 March 2021;
- taxpayers will be given more flexibility over payment of VAT and personal tax bills. Deferred VAT may be spread over 11 instalments, whilst self-assessment tax due on 31 January 2021 may be spread over 12 interest-free payments; and
- the repayment terms of bounce back loans and other coronavirus support loans are to be extended to help businesses with cashflow. In particular, a new Pay As You Grow scheme will allow businesses with bounce back loans to extend the term of the loan from 6 to 10 years.
Further details can be found in the Winter Economy Plan.
If you would like any further information on the above then please get in touch with a member of WardWilliams Creative.