Self Employed, Loans & Taxes

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