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COVID-19 Information Hub

Winter Economy Plan

The Chancellor, Rishi Sunak, has set out the government's new job retention measures in a statement to the House of Commons. This is a summary of the Winter Economy Plan, not the formal statement.

(Updated 24/9/2020)

Our summary of the Winter Economy Plan provides an overview of the key announcements arising from the Chancellor’s speech.

Our summary provides information on the key announcements, including:

  • A new Job Support Scheme, primarily targeted at small and medium employers, will be introduced covering employees who work at least one third of their normal hours
  • The Chancellor confirmed that the furlough scheme will end on 31 October.
  • The Self-Employment Income Support Scheme (SEISS) will be extended to April 2021, with a revised basis.
  • The closure date for the four existing business loan schemes will be extended to the end of November.
  • Repayment terms for the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loans (BBLS) will be relaxed, with the maximum term extended to 10 years.
  • The reduction in VAT to 5% for the hospitality and tourism industries will be extended to 31 March 2021.
  • The deferred VAT and self-assessment payments due early next year can be repayable in instalments rather than as a lump sum.

DOWNLOAD OUR SUMMARY

Please contact us about how the Summer Economic Statement or you need advice on tax, financial planning or business accounting. Call 01344 875 000 or email info@kirkrice.co.uk.

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