Rishi Sunak Econimic Winter Update
Autumn Budget
- No Autumn Budget this year
Job Support Scheme
- Government will support businesses who are keen to repay staff but forced to have them working reduced hours
- Employees must work 1/3 of usual hours, government (1/3) and employer (1/3) will top up the rest
- All small and medium size businesses qualify
- Large businesses qualify if they can prove turnover has dropped
- Can be claimed even if businesses didn’t previously claim furlough
- Starts from November and will last 6 months
SIESS Grant
- Will be extended in line with Job Support Scheme
- Will cover 20% of average monthly profits via government grant
- Extended until 30 April 2021
Bounceback Loans
- Government to introduce “pay as you grow” scheme
- This means loans to be extended to 10 years, make interest only repayments or suspend repayments for up to 6 months without credit rating being affected
- Application deadline extended to 30/11/20
Coronavirus Business Interruption Loan
- These can also be extended up to 10 years
Loans
- New loan scheme to be announced in January
Tax Deferral
- VAT payments deferred until 31 March 2021 can now be paid across 11 months with no interest charged
- Self assessment tax bills be paid across 12 months from January 2021
VAT on Hospitality
- 5% VAT will be extended to 31 March 2021