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<p>The Self-Employment Income Support Scheme (SEISS) is helping those that have been
adversely affected by COVID-19, and has already helped 2.6 million people with over
£7.6 billion of support. As set out in the Winter Economy Plan last week, the Government
is extending the SEISS Grant; an initial taxable grant will be provided to cover three
months’ worth of profits for the period from November to the end of January 2021.</p><p>
</p><p>Those ineligible for the SEISS Grant Extension may still be eligible for other
elements of the very large package of financial support available. The Government
has temporarily increased the Universal Credit standard allowance for 2020-21 by £20
per week and relaxed the Minimum Income Floor, so that where self-employed claimants'
earnings have significantly reduced, their Universal Credit award will have increased
to reflect their lower earnings. The self-employed also have access to other elements
of the package, including tax deferrals, rental support, mortgage holidays, and other
business support grants.</p><p> </p><p>Furthermore, the Winter Economy Plan announced
further support to reduce pressure on business finances. The application deadline
for four temporary coronavirus loan schemes – Bounce Back Loans, Coronavirus Business
Interruption Loans, Coronavirus Large Business Interruption Loans (CBILS) and the
Future Fund – has also been extended to 30 November. The Government is introducing
Pay as you Grow, a new option for Bounce Back Loan borrowers to repay their loan over
a period of up to ten years, and enabling CBILS lenders to extend the term of these
loans to ten years where they deem this necessary.</p><p> </p><p>Up to half a million
businesses who deferred their VAT bills will also be given more breathing space through
the New Payment Scheme, which gives them the option to spread their payments over
the financial year 2021-2022. All 11 million UK self-assessment taxpayers will be
able to benefit from the recently enhanced Time to Pay ‘self-service’ facility to
create a 12-month, interest-free payment arrangement for up to £30,000 of self-assessment
debt.</p><p> </p>
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