Financial District

BUDGET 3RD MARCH 2021

More details can be found on www.gov.uk

Extension to the Furlough scheme till 30th September 2021

Extension of the Self-employment scheme till 30th September 2021

Restarter grant which is a one off cash grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses in England

Recovery Loan Scheme for all business to help them through the recovery

Extension to the VAT cut to 5% for 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

Business rates relief.

Corporation Tax will increase to 25%, in 2023. Businesses with profits of £50,000 or less, will continue to be taxed at 19% and a taper above £50,000 will be introduced so that only businesses with profits greater than £250,000 will be taxed at the full 25% rate.

Beginning April 2021, the new super-deduction will cut companies’ tax bill by 25p for every pound they invest in new equipment

All budget information was sauced from HMRC website: https://www.gov.uk/government/news/budget-2021-what-you-need-to-know