24th September 2020 / COVID-19 Updates

Winter Economy Plan

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Chancellor Rishi Sunak has announced the Winter Economy Plan today to help individuals and businesses through the coming 6 months after new restrictions were put in place last week.

The highlights are:

  • A new job support scheme starting 1st November. Designed to run alongside the Jobs Retention Bonus, this scheme will enable an employee to work for 33% of their normal time and be paid for this by their employer with the Govt and the employer picking up the additional 66%...so in essence, the business will contribute 66% of the employee’s wages.
  • SEISS will continue and there are potentially two grants that will be open to the self-employed – but with caveats. Only those currently eligible for the current SEISS scheme can apply…there will still not be any help for those who went self-employed during the 2019/20 tax year or since then.
  • Tax cuts and deferrals – reduced VAT rates to continue, VAT payment deferrals extended and there is an additional 12-month extension on the “time-to-pay” for self-assessment taxpayers.
  • The flexibility of Loan Repayments: repayment of “Bounce Back Loans” extended from 6 years to 10 years.

In addition to this more money will be made available for our public services.

We will post more updates as more details emerge so keep your eye on our socials and our latest blogs.

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