At the end of September, Chancellor Rishi Sunak announced a new Winter Economy Plan, with new measures to support businesses and individuals through the economic impact of the coronavirus pandemic, as well as extensions of current measures.\u00a0 <\/span><\/p>\n While he faced pressure to extend the furlough scheme, the scheme ended as planned in October and was replaced with the Job Support Scheme.<\/p>\n Here are some support measures in place.<\/p>\n From 1 November, the Government is now helping employers by subsidising the salary of employees who are working at least one-third of their usual hours. The aim is to reduce redundancies and keep people in the workforce.<\/p>\n For the hours that an employee is unable to work, the Government will pay 33% of their usual salary, up to a maximum of \u00a3697.92 per month. The scheme will run for six months.<\/p>\n So, if you are working half of your usual hours, you\u2019ll receive 100% of your salary for those hours, plus 33% of your salary for the unworked hours (totalling 66.5% of your usual salary), assuming the cap is not met.<\/p>\n SEISS grants will continue to be available to self-employed individuals if they are actively trading but their business activities have been limited by the pandemic.<\/p>\n One grant will cover the period from 1 November to 31 January, offering 20% of the individual\u2019s average trading profits. The second grant will cover the period from 1 February to 30 April, on the same basis.<\/p>\n Application for these grants is available online, following the same process as the first and second waves of grants.<\/p>\n The existing Bounce Back Loan Scheme is to be extended to 30 November, allowing small businesses to apply for loans of between \u00a32,000 and \u00a350,000 (capped at 25% of their turnover) with no repayments for the first 12 months.<\/p>\n The Government will pay any interest accrued in those 12 months, as well as guaranteeing the loan to make it easier for small businesses to borrow.<\/p>\n Businesses that have received a loan under the Bounce Back Loan Scheme will be given up to ten years to repay that loan, significantly reducing the monthly repayments.<\/p>\n Taxpayers with taxes due in January 2021 of below \u00a330,000 will be able to spread their payments over an additional 12-month period, i.e. until January 2022. This includes tax payments on account that were due in July 2020, which had previously been deferred until January 2021.<\/p>\n During these challenging times, making good financial decisions can feel overwhelming. If you\u2019re experiencing a change in your financial circumstances due to coronavirus (COVID-19), we are here to guide you and support you with professional financial advice. Please contact us to see how we can help.<\/p>\n","protected":false},"excerpt":{"rendered":" What you need to know about the Chancellor\u2019s announcement At the end of September, Chancellor Rishi Sunak announced a new Winter Economy Plan, with new measures to support businesses and individuals through the economic impact of the coronavirus pandemic, as well as extensions of current measures.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":346,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/posts\/345"}],"collection":[{"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/comments?post=345"}],"version-history":[{"count":1,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/posts\/345\/revisions"}],"predecessor-version":[{"id":347,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/posts\/345\/revisions\/347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/media\/346"}],"wp:attachment":[{"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/media?parent=345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/categories?post=345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.a1-financial.com\/blog\/wp-json\/wp\/v2\/tags?post=345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Support for employers and employees: Job Support Scheme<\/b><\/h3>\n
Support for self-employed people: Self-employed Income Support Scheme (SEISS)<\/b><\/h3>\n
Support for small business owners: Bounce Back Loan Scheme<\/b><\/h3>\n
Additional support for small business owners: Pay as you Grow<\/b><\/h3>\n
Plus, to give business owners added flexibility in repaying the loan, they will have two options to cope with temporary cash flow problems in the future:<\/b><\/h3>\n
\n
Support for Self-Assessment taxpayers: Time to Pay<\/b><\/h3>\n
Making good decisions in unprecedented times<\/b><\/h3>\n