July/August Issue 62 - Flipbook - Page 30
NEWS
SPRING BUDGET 2021: W
The Chancellor of the Exchequer,
the Rt Hon Rishi Sunak MP,
presented
his
Budget
to
Parliament on Wednesday 3
March 2021.
The three-point plan to protect jobs
and strengthen public finances
announced:
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Billions to support businesses
and families through the
pandemic;
Investment-led recovery as UK
emerges from lockdown;
Future changes to strengthen
public finances.
Measures announced in the Budget
included:
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An extension of the Coronavirus
Job Retention Scheme to
September 2021 across the
UK. Employers will be expected
to pay 10% towards the hours
their staff do not work in July,
increasing to 20% in August and
September, as the economy
reopens.
An extension of the UKwide Self Employment Income
Support scheme to September
2021, with 600,000 more people
who filed a tax return in 201920 now able to claim for the first
time.
£5 billion for new Restart
Grants – a one off cash
grant of up to £18,000 for
hospitality,
accommodation,
leisure, personal care and gym
businesses in England.
A new UK-wide Recovery Loan
Scheme to make available
loans between £25,001 and £10
million, and asset and invoice
finance between £1,000 and £10
million, to help businesses of all
sizes through the next stage of
recovery.
Extension to the VAT cut to 5% for
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hospitality, accommodation
and attractions across the
UK until the end of September,
followed by a 12.5% rate for a
further six months until 31 March
2022.
750,000 eligible businesses
in the retail, hospitality and
leisure sectors in England
will benefit from business
rates relief to continue for three
months to the end of June. For
the nine months after, the rate
will be 66 per cent.
An extension to the temporary
cut in Stamp Duty Land Tax in
England and Northern Ireland
until September will support the
housing market and protect and
create jobs.
A new mortgage guarantee
scheme will enable all UK
homebuyers secure a mortgage
up to £600,000 with a 5%
deposit.
Extension
of
the
apprenticeship incentive in
England to September 2021,
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and an increase of payment to
£3,000.
£7 million for a new “flexi-job”
apprenticeship
programme
in England, that will enable
apprentices to work with a
number of employers in one
sector.
Additional £126 million for
40,000 more traineeships in
England, funding high quality
work placements and training
for 16-24 year olds in 2021/22
academic year.
Small
and
medium-sized
employers in the UK will
continue to be able to reclaim
up to two weeks of eligible
Statutory Sick Pay (SSP)
costs per employee from the
Government.
To further support the cashflow
of businesses, the government is
extending the loss carry back
rules worth up to £760,000 per
company.
The rate of Corporation Tax
will increase to 25%, which will
