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UK winter economy plan

UK winter economy plan

The measures include the following:

– A new job support scheme: A new job support scheme will run from 1 November for 6 months which will directly support the wages of people in work. The scheme will support viable jobs so employees must be working at least a third of their normal hours and be paid for that work, as normal, by their employer. This minimum level of at least 33% of the employee’s usual hours will apply during the first three months and will be reviewed by the Government at a later date for the remaining months.

– VAT: The currently reduced VAT rate of 5% will remain in place until 31 March 2021 for supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises, supplies of accommodation and admission to attractions across the UK.

– Tax deferrals: VAT payments that were deferred from earlier this year and were due to be paid in one lumpsum in March 2021 may now be spread across 11 repayments over the 2021-22 financial year. Likewise, self-assessed income taxpayers with up to £30k of income tax liabilities may also benefit from an additional 12 month extension via HMRC’s Time To Pay self-service facility.

– Self-Employment: The Chancellor will also be extending the Self-Employment Income Support Scheme (SEISS) through an initial taxable grant covering 3 months’ worth of profits from November to January next year for those who are currently eligible for SEISS and are continuing to actively trade but face reduced demand. An additional second grant will be available for self-employed individuals to cover the period from February 2021 to the end of April.

– Government loan support: To give small businesses more time and greater flexibility to repay their Bounce Back loans, the Government is introducing Pay as You Grow. This will allow small businesses to access more favourable terms such as loan extensions, switching their loans to interest only and also suspending payments for limited periods of time to help them as they

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Harvey Yan

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