Been busy this afternoon emailing clients about two of the measures in the chancellor's winter economy plan.
Specifically:
"SEISS Grant Extension β The government recognises the continued impact that COVID-19 has had on the self-employed and has taken action to provide support. The SEISS Grant Extension provides critical support to the self-employed. The grant will be limited to self-employed individuals who are currently eligible for the SEISS and are actively continuing to trade but are facing reduced demand due to COVID-19. The scheme will last for 6 months, from November 2020 to April 2021.
The extension will be in the form of two taxable grants. The first grant will cover a three-month period from the start of November until the end of January. This initial grant will cover 20%of average monthly trading profits, paid out in a single instalment covering 3 monthsβ worth of profits, and capped at Β£1,875 in total. The second grant will cover a three-month period from the start of February until the end of April. The government will review the level of the second grant and set this in due course."
So a lot smaller than the two previous grants.
And
"Enhanced Time to Pay for Self-Assessment taxpayers β The government will give the self-employed and other taxpayers more time to pay taxes due in January 2021, building on the Self-Assessment deferral provided in July 2020. Taxpayers with up to Β£30,000 of Self-Assessment liabilities due will be able to use HMRCβs self-service Time to Pay facility to secure a plan to pay over an additional 12 months. This means that Self-Assessment liabilities due in July 2020 will not need to be paid in full until January 2022. Any Self-Assessment taxpayer not able to pay their tax bill on time, including those who cannot use the online service, can continue to use HMRCβs Time to Pay Self-Assessment helpline to agree a payment plan."
So different to the earlier July 2020 deferment in that a) this one is not an automatic process, b) interest will get charged from 31 January 2021, and c) it's a serious process - just read this:
https://www.gov.uk/guidance/fi...e-to-pay-arrangement