The Chancellor, Rishi Sunak, presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’.
Some of the highlights for business include:
- Furlough scheme to be extended to end of September 2021
- New re-start grant – to help non-essential retail to re-open
- Hospitality & tourism – VAT rate to stay at 5% until 30th September
- Apprentice hiring grant – this will be doubled to £3k for a new apprentice hire of any age
- Corporation tax will rise in April 2023 from 19% to 25% for companies making profits over £50k per year.
- Loans – BBL and CBILs finish in April and will be replaced by a new recovery loan scheme
- Self-employed support will continue to the end of September 2021
To get the full update from Stopford’s take a look here