Welcome to the latest edition of our South and Vale Business Support newsletter!

The Chancellor has outlined a Winter Economy Plan to provide certainty to businesses and workers impacted by COVID-19 across the UK.

The following measures have been announced:
 
Job Support Scheme
The Furlough Scheme will end. A new Job Support Scheme will be introduced from
1 November to protect viable jobs in businesses who are facing lower demand over the winter months due to COVID-19.
Self-Employment Income Support Scheme
The Government is extending the Self Employment Income Support Scheme Grant (SEISS).

An initial taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade but face reduced demand due to COVID-19.

An additional second grant will also be available for self-employed individuals.
Flexibility to pay back loans

Businesses that have borrowed under the Bounce Back Loan Scheme will be offered the choice of more time and greater flexibility for their repayments. The length of the loan will be extended from 6 years to 10. Interest-only periods of up to six months and payment holidays will also be available to businesses.

Coronavirus Business Interruption Loan Scheme lenders can extend the length of loans from a maximum of 6 years to 10 years.

The Chancellor also announced he would be extending applications for the government’s coronavirus loan schemes until the end of November.
Tax cuts and deferrals

The temporary 15% VAT cut for the tourism and hospitality sectors will be extended to the end of March 2021.

The New Payment Scheme will allow businesses who deferred their VAT bills the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end of March next year, they will be able to make 11 smaller interest-free payments during the 2021-22 financial year.

Self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility.

Find out more by reading the Business and Innovation Strategy Action Plans 
on our SVBS website.

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