With the increased uncertainty we are facing over the next six months The Chancellor cancelled the Autumn Budget and instead announced his Covid Winter Economy plan on 24 September 2020.
At the heart of the plan is a continued theme of safeguarding jobs and supporting businesses’ cashflows during the months ahead.
The salient points are as follows:
- The announcement of the new Job Support Scheme
- Further support for the self employed over the next six months
- An extension of the temporary 5% VAT rate for the hospitality and tourism sector to 31 March 2021
- Application deadlines extended for loan schemes until 30 November 2020
- Announcing more flexible and longer term repayment terms for the Bounce Back Loans and CBILs loans
- 12 month instalment payment plan on self assessment tax payments due in January 2021
- 12 month instalment payment plan on deferred VAT payments