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Recent Posts
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Chancellor Kwasi Kwarteng announces his ‘mini-budget’ with major tax cuts
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Key points of October 2021 Budget from the Chancellor’s Autumn Budget and Spending Review
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Self-Employment Income Support Scheme (SEISS) fourth grant – Applications must be made by 1 June
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New Stamp Duty rates for non-UK residents
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Highlights of 2021 Spring Budget announced by Chancellor of the Exchequer Rishi Sunak
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Make a Time to Pay arrangement or pay tax by 1st April to avoid Self Assessment Late Payment Penalties
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New rules for business travellers, cash declarations and on social security following UK’s exit from Europe.
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No late filing penalty for Self Assessment 2019-20 tax return filed until 28th February.
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Are you affected by coronavirus ‘reasonable excuses’ to meet Self Assessment deadline 31 Jan?
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New lockdown grants to support retail, hospitality and leisure businesses worth up to £9,000 per property
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CJRS (Furlough scheme) has been extended to end of April 2021
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NHS & Healthcare workers tax refunds – Claim tax relief for your job expenses now.
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Self-Employment Income Support Scheme (SEISS) third grant up to £7500: Applications now open
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Spending Review 2020 – National Living Wage will increase & NHS Doctors and nurses will get a pay rise.
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The Chancellor has highlighted that the pandemic has fundamentally altered our lives. With the economy having shrunk by 10% and borrowing reaching wartime levels.
There were no rises in income tax, national insurance or VAT announced. Though the personal income tax allowance and higher-rate threshold will be frozen this year.
Today, as part of the Budget, the UK Government has announced further support for employers and the self-employed.
Furlough Scheme
The furlough scheme is to be extended until the end of September. Employers will continue to pay 10% of costs through to July, when their contribution will increase to 20%.
SEISS Grants
The Self-Employed Income Support Scheme has been extended with grants to cover February to April. As before these grants will be worth 80% of average trading profits, up to £7,500.
Stamp Duty
Holiday extended until the 30 June, with an interim threshold of £250,000 for three more months. From October, the threshold will return to £125,000.
VAT
5% reduced rate for hospitality will be extended to September, with a rate of 12.5% introduced until April next year.
Corporation Tax
From April 2023 corporation tax will be 25%. To help protect small businesses a £50,000 small profits rate will be introduced, set at the current rate of 19%. Once a company’s profits rise above £50,000 a taper will apply, so that only businesses with profits above £250,000 will have to pay the 25% rate.
Super Deduction
From April 2021, for a two year period, companies can reduce their tax bill by 130% of the costs of investments.
Free Ports
New free ports are to be established. The Chancellor announced eight new locations throughout England.
Excises Duties
Alcohol and fuel duties frozen again.
Business Rates Holiday
The businesses rates holiday for those in the hospitality and leisure sector will continue to the end of June, with a two-thirds discount offered for the remainder of the tax year.
Restart Grant
Restart Grants to be offered to businesses in the hospitality, accommodation, leisure, personal care and gym sectors in England. These grants will be worth up to £18,000.
Recovery Loan Scheme
A new loan scheme, the Recovery Loan Scheme, will be launched. Loans under the scheme will have 80% of their value backed by Government. The loans offered under the scheme can range from £25,000 to £10m.
Mortgage Guarantee
New 5% deposit mortgages.
Universal Credit and Working Tax Credits
The £20 increase to universal credit will continue for six months.
Working Tax Credit claimants to be given a one-off payment of £500.
National Living Wage
The National Living Wage is to increase to £8.91 per hour.
Apprenticeships
The apprenticeship hiring incentive in England is to be extended to September 2021 and the payment will be increased to £3,000. Additionally, an extra £126m will be provided to fund 40,000 more traineeships in England for 16-24 year olds in 2021/22 academic year.
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Tags: 2021 Spring Budget, Apprenticeships, Business Rates Holiday, CJRS, Coronavirus Scheme, Covid19 Scheme, Economic Support, Excise Duty, Free ports, Furlough Scheme, Mortgage Guarantee, National Living Wage, Recovery Loan Scheme, Restart Grant, SEISS Grants, Stamp Duty, Super Deduction, Universal Credits, VAT, Working Tax Credits
Categories: Budget, Business & Self Employed, Business Support, Coronavirus Scheme, Money & Taxes, National Living Wage, Self-employed Income Support Scheme
Categories: Budget, Business & Self Employed, Business Support, Coronavirus Scheme, Money & Taxes, National Living Wage, Self-employed Income Support Scheme
