Winter economy plan
- The new Job Support Scheme (which replaces the Furlough Scheme) will be introduced from 1 November 2020 and will run for 6 months.
- An extension for the Self Employment Support Scheme for the period November 2020 to April 2021
- Hospitality vat reduced rate of 5% will run to 31 March 2021 (previously 12 January 2021)
- Bounce back loan has introduced a new Pay as You Grow flexible repayment system. This includes extending the length of the loan from six years to ten, which will cut monthly repayments by nearly half. Interest-only periods of up to six months and payment holidays will also be available to businesses.
Further details for the above can be found in the link below:-