Yesterday the Chancellor announced further and new measures to support our economy through the Coronavirus recovery.
These measures include:
- A new Job Support Scheme has been introduced and will run from November 2020 to April 2021. Employees must be working at least one third of their normal working hours, paid by their employer and the Government will supplement the remaining two thirds of their salary. All SME businesses can apply.
- The VAT cut of 5% for hospitality and tourism businesses will remain in place until March 31st.
- The £30bn of business VAT that is due in March 2021 will be eligible for deferred payments over 11 months.
- Bounce Back Loans repayments can be spread out over a 6 - 10 year repayment plan.
- The Self Employed scheme will be extended on similar terms to the new Job Support Scheme.
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