Self Employed, Loans & Taxes

• Септ. 24, 2020
• VAT
• Assessment
• Self Assessment
• Tax rate
• Cornona virus
• COVID19
• Back to work
• Self Employed
• Furlough

Support for the self-employed

• The chancellor is extending the self-employed grant on similar terms to the jobs support scheme

• A grant will be available to those eligible for the Self Employment Income Support Scheme Grant

• The grant will cover three months' worth of profits for the period from November to the end of January

• It will cover 20% of average monthly profits up to a total of £1,875

• A further grant will be available to the self-employed to cover February 2021 to the end of April

Business loans

• Bounce Back Loans will be extended from six years to 10, cutting monthly repayments by nearly half

• Coronavirus Business Interruption Loan Scheme lenders will also be able to extend the length of loans from the current maximum of six years to 10 years

• The chancellor is also extending the deadline for the government's coronavirus loan schemes to the end of November

• Businesses struggling can choose to make interest only payments for six months and those "in real trouble" can apply to suspend repayments altogether for six months

• Businesses will not see their credit rating fall as a result, the chancellor says

Taxes

• The 15% emergency VAT cut for the tourism and hospitality industries will be extended from January 2021 to 31 March

• Business who deferred their VAT bills will be able to pay back their taxes in 11 smaller interest-free instalments

• Self-assessment tax payers will be able to defer tax payments to January 2022