Chancellor's Winter Economic Plan
On 24 September, The Chancellor announced additional support for those businesses which have been impacted by Coronavirus.
The key measures impacting businesses can be summarised as follows:
- New Job Support Scheme to replace the Job Retention Scheme from 1 November 2020
- Extension of time to repay deferred VAT falling due on 31 March 2021, over 11 months.
- CBILS application deadline extended 2 months to the 31 November 2020 plus reference to a new loan scheme for January 2021.
- Further extension of time to repay CBILS and Bounce Bank Loans.
- Support for hospitality and tourism with extension of 15% VAT cut to 31 March 2020.
- Extension of restrictions on Statutory Demands, Winding Up Petitions and Landlord Forfeiture to 31 December 2020.
- Protection for directors from wrongful trading will not be extended from 30 September.
Whilst these measures provide welcome support and clarity for business, the Chancellor’s measure was very clear – support will be focussed on “viable” businesses and the Government cannot save everyone. Quite what constitutes a viable business during and post Covid is difficult to quantify but there will lots out there who have very difficult decisions to make and not long to make them.
We have delved deeper into the detail and the consequences please click here to read the full overview.
ENDS
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