Winter Economy Plan

On Thursday 24th September the Chancellor, Rishi Sunak, unveiled the government’s plan to protect jobs and support businesses over the coming months.

Full details are yet to be published but here are the headlines:


  • The ability to pay furloughed wages and claim these back via the Coronavirus Job Retention Scheme (CJRS) will cease at the end of October, as previously announced.


  • There is going to be a new Job Support Scheme (JSS), starting on 1st November, to support viable jobs.


  • The Self-Employment Income Support Scheme (SEISS) has been extended until the end of April 2021.


  • The ability to apply for loans, Coronavirus Business Interruption Loan (CBIL) or Bounce Back Loan (BBL) has been extended until the end of November 2020.


  • A new Pay as You Grow flexible repayment system, means that businesses can extend their Bounce Back Loans from six to ten years.  They will have the option to make interest-only payments and take payment holidays.


  • Self-Assessment tax, which is due to be paid on 31st January 2021, can now be paid in 12 instalments.


  • Businesses who deferred VAT payments earlier this year, and were due to repay in March 2021, can now pay it back in 12 monthly interest-free instalments.


  • The reduced rate of VAT (5%) in the Hospitality and Tourism sectors has been extended until March 2020


More information will be published in the coming weeks so watch this space!