The Government has announced a Winter Economy Plan, which includes a new Job Support scheme to replace the current Furlough scheme from 1 November.

Under the six-month scheme, the Government will contribute towards the wages of employees who are working fewer, but at least one third, of normal hours. 

Employers are required to pay the wages of staff for hours they work. For hours not worked, the Government and employer will each pay one third of their equivalent salary. 

Self-Employment Income Support Scheme

The Self-Employment Income Support Scheme (SEISS) has been extended, providing a reduced grant of 20% of average monthly profits to those previously qualifying for SEISS. This covers the period November to January. A second grant for February to April will also be available, though the amount may be adjusted to take into account conditions at the time.

VAT cuts and payments 

As part of the package, the Government also announced it will extend the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March 2021.

In addition, businesses who deferred their VAT bills will be given the option to pay back in smaller instalments through the New Payment Scheme.

Self-assessment taxpayers will be able to benefit from a 12-month extension on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.

Loans

Businesses who took out a Bounce Back Loan will be offered greater flexibility, with the length of the loan being extendable from six years to ten. Interest-only periods of up to six months and payment holidays will also be available from lenders.

Coronavirus Business Interruption Loan Scheme lenders will be provided with the ability to extend the length of loans from a maximum of six years to ten years, if it will help businesses to repay the loan.

Finally, the Chancellor announced that both the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes would be extended for new applications until the end of November.

Read further details on the Winter Economy Plan 

On 24 September, new regulations came into force for businesses, which must be complied with.

Those selling food or drink (including cafes, bars, pubs and restaurants) must be closed between 10pm and 5am. This will include takeaways but delivery services can continue after 10pm.

In licensed premises, food and drink must be ordered from, and served at, a table. Customers must eat and drink at a table in any premises selling food and drink to consume on-site.

Businesses should also display the official NHS QR code posters, so customers can ‘check-in’ at different premises using this option as an alternative to providing their contact details on arrival.

Read full details of new regulations for businesses

Create a NHS QR code poster for your venue 

Upcoming Save The High Street webinars:

Ensuring your business is found in local search – masterclass. Improve your local online search results and grow your customer groups.

Thursday 1 October at 5.30pm – book your place

Making data work for you in your business and your local market – masterclass.  Power-up your data and give yourself a competitive advantage with top class advice from experts in their field.

Tuesday 6 October at 5.30pm – book your place 

Watch the Save The High Street Waltham Forest launch webinar

Watch past webinars

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