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posted on September 25, 2020
The Chancellor, Rishi Sunak, yesterday delivered a statement to the House of Commons outlining plans for a winter economy plan to help protect jobs across the UK whilst the country faces a resurgence of coronavirus and a winter of uncertainty. The Chancellor was facing mounting pressure to reveal future changes as many of the schemes and reliefs previously announced are coming to an end including the furlough scheme at the end of October.
It has also been confirmed that the Budget that was expected to be delivered in the autumn will now take place next year. The measures announced today are more clearly focused on keeping the economy ticking over during the coming weeks and months.
The main focus of the Chancellor’s winter economy plan announcements is a new Job Support Scheme and an extension to the Self Employment Income Support Scheme as well as additional flexibilities for businesses who have borrowed money as a result of the pandemic.
Details of the announcements follow:
Job Support Scheme
Self-Employment Income Support Scheme extension
Loan deadlines extended
New VAT Payment Scheme
Self-Assessment payment deadlines
VAT reduction for hospitality and tourism sector
The new incentives announced today should be welcomed as the government continues to try and cope with this unprecedented pandemic. Managing the economic ramifications are causing great difficulties for many people and businesses across the country. These steps, at least, give affected businesses and individuals a degree of certainty as to the level of government assistance available to them throughout the coming months.
As more details emerge on the various schemes in the Chancellor’s winter economy plan we will update you further.