Self Employed, Loans & Taxes
Support for the self-employed
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The chancellor is extending the self-employed grant on similar terms to the jobs support scheme
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A grant will be available to those eligible for the Self Employment Income Support Scheme Grant
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The grant will cover three months' worth of profits for the period from November to the end of January
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It will cover 20% of average monthly profits up to a total of £1,875
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A further grant will be available to the self-employed to cover February 2021 to the end of April
Business loans
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Bounce Back Loans will be extended from six years to 10, cutting monthly repayments by nearly half
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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
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The chancellor is also extending the deadline for the government's coronavirus loan schemes to the end of November
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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
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Businesses will not see their credit rating fall as a result, the chancellor says
Taxes
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The 15% emergency VAT cut for the tourism and hospitality industries will be extended from January 2021 to 31 March
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Business who deferred their VAT bills will be able to pay back their taxes in 11 smaller interest-free instalments
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Self-assessment tax payers will be able to defer tax payments to January 2022