Spring Budget 2021

Please see listed below a clear summary of the key points announced by our chancellor Rishi Sunak:

Support

Furlough scheme extended until 30th September 2021

- No change from current scheme until July where employers will be asked to contribute (10% July, 20% August and September)

Self employment income scheme grants extended until 30th September 2021

- 4th and 5th grant eligibility will be based on 2019/20 return

National living wage will be increased to £8.91 per hour

Restart grants will be made available in April to help businesses reopen and get going

- Non essential retail businesses will receive up to £6,000 per premises - Hospitality and leisure businesses will receive up to £18,000

A recovery loan scheme backed by a government guarantee will be announced

Business rates holiday of 100% will continue until 30th June 2021

The 5% temporarily reduced rate of VAT for the tourism and hospitality sector will be extended until the end of September 2021

Stamp duty nil rate band will now continue at £500,000 until the end of June 2021

- The band will then decrease to £250,000