COVID-19 Update | Highlights of the Chancellor’s winter economy plan:

  • Chancellor has announced new Job Support Scheme – the Gov’t will directly support the wages of people in work giving business, who faced depressed demand, the option of keeping employees in jobs on shorter hours rather than making them redundant.  Scheme will open in November, for 6 months, and employers retaining furloughed staff on shorter hours can claim both the JSS and the Retention Bonus.
  • 5% VAT will be in place to support hospitality and tourism industries until 31st March 2021.
  • New pay as your grow repayment scheme for the bounce back loan recipients
  • Government backed loans deadline extended to the end of the year
  •  Self-employment grants to be extended (based on earnings, up to 20%)
  • Up to half a million business who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller interest-free payments during the 2021-22 financial year.
  • Around11 million self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.

For more details see the government website https://lnkd.in/dky24Mk

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