Thursday, 24 September 2020

Chancellors Winter Plan

Breaking News! - Chancellors Winter Plan:

The Chancellor has just announced his ‘Winter Plan’ with the following support measures:

Furlough Scheme

As planned, the furlough scheme will close on 31st October.

Job Support Scheme

To replace the furlough scheme the Government will introduce a new ‘Job Support Scheme’ starting on 1st November:

Employees must work a minimum of 33% of their normal hours

The Government and Employer will pay another 33% each

Self-Employment Grant (SEISS)

The SEISS is to be extended on similar terms to the new job support scheme

Bounce Back Loans and Coronavirus Business Interruption Loans

BBLs will be ‘Pay as you Grow’, with loans extended 6-10 years which will allow monthly payments to be halved.

Interest only payments will be allowable for a period.

Payments will be able to be suspended for 6 months at no negative effect to credit ratings

CBILs will be Government guaranteed for 10 years

The deadline to apply for loans is being extended to 31st December

VAT and Tax Deferrals

VAT payments that were deferred to 31st March will be able to be spread over 11 months at no interest

Self-Assessment payments from July deferred to January will be able to be spread over 12 months from January

Hospitality and Tourism VAT

The VAT reduction from 20% to 5% for hospitality and tourism is being extended to 31st March

I will be reading the full details when published and be updating our clients with a full overview ASAP.

In the interim if you have any queries or concerns please don't hesitate to drop me a line.

Best,

Steve

Steven Hillman ACA
Chartered Accountant
Tel: 01934 444100


No comments:

Post a comment