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

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