Chancellor’s update
Posted 24/09/2020
New job support scheme
A new Job Support Scheme will be introduced from 1 November for a duration of 6 months. Employers will still pay the wages of staff for the hours they work, however for the hours not worked the government and the employer will each pay one third of the equivalent salary. Employees must be working at least 33% of their usual hours. The grant will be capped at £697.92 per month.
Extension of self employment income support scheme
The initial lump sum will cover 3 months’ worth of profits for the period from November 2020 to January 2021 and is worth 20% of average monthly profits, capped at £1,875. An additional second grant will be available to cover the period from February 2021 to April 2021.
VAT
The government will extend the 15% VAT cut for the tourism and hospitality sectors to the end of March 2021.
VAT Deferred payments
Would have been due by 31/3/2021, these can however now be spread over 11 months.
CBILS and Bounceback loans
Terms to be extended from 6 to 10 years .
Deferred Self Assessment payments
Would have been due by 31/1/2021, these can now be spread over 12 months to 31/1/2022
For full details see here:
Also follow us for further updates on:
Linked In https://www.linkedin.com/company/accountants-congleton-cheshire