The Chancellor Rishi Sunak yesterday outlined additional government support to provide certainty to businesses and workers impacted by coronavirus across the UK.
Full details can be found at;
https://www.gov.uk/government/news/chancellor-outlines-winter-economy-plan
The measures outlined can be summarised as follows;
- a new Job Support Scheme;
- https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/921389/Job_Support_Scheme_Factsheet.pdf
- extension to the Self Employed Income Support Scheme;
- over one million businesses will get flexibilities to help pay back loans
- extension to the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March next year.
- further deferal of VAT bills through a New Payment Scheme, which gives them the option to pay back over 11 smaller interest-free payments during the 2021-22 financial year.
- self-assessment tax payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.
- Extra funding commitments;
- £68.7 billion of additional funding has been approved by the Treasury, including £24.3 billion since the Summer Economic Update in July to help
- the procurement of PPE for frontline staff,
- provide free school meals for children while at home and protect the country’s most vulnerable.
- £12 billion funding to roll-out the Test and Trace programm
- the Treasury has also guaranteed the devolved administrations will receive at least £12.7 billion in additional funding. This gives Scotland, Wales and Northern Ireland the budget certainty to for coronavirus response in the months ahead.
