Government updated help for business

posted on September 24, 2020in the Blog Category

Government updated help for business

Chancellor Rishi Sunak has today announced new measures to help support the UK economy over the winter months.  Here’s is the government’s new help for business and jobs, at a glance.

  • Furlough scheme will  be replaced with a Job Support Scheme (JSS) to ‘directly support’ wages of staff working at least a third of regular hours.
  • Firms will pay workers for hours they work. For regular hours they cannot work, employer and Treasury will both pay a third of their wages, so they get two-thirds of pay for missed hours.
  • JSS open to firms who have not used furlough. 
  • Self Employment Income Support Scheme Grant (SEISS) is extended, with a lump some to cover November to January next year
  • It will be worth 20 per cent of average monthly profits, capped at £1,875. 
  • Second grant available for February to April 2021 
  • Bounceback Loan guarantee term extended to 10 years from the current six.
  • Interest-only periods of six months and payment holidays also now available. 
  • VAT cut from 20 to 5 per cent for firms in hospitality and tourism sectors is extended to March 2021.
  • Other firms who have deferred VAT bills under New Payment Scheme will be allowed to pay it off in 11 interest-free payments in 2021-22 financial year instead of one full payment in March 2021.
  • ‘Time to Pay’ self-assessment tax system extended to January 2022.

 

AvatarWritten By: MBL Marketing

Government updated help for business

Date : September 24, 2020

Author : MBL Marketing

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