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10.03.21

The Budget 2021 – Practical Points

For a comprehensive review of the fiscal measures in the budget please see – http://www.chariothouse.co.uk/newsletters/budget-summary-2020-21/

 

DON’T buy any equipment until 1st April!!!

  • 130% of any expenditure on plant and machinery, computers etc can be offset against taxable profits as a super capital allowance.
  • Expenditure needs to be between 1st April 2021 to 31st March 2023.

 

DO buy a property before 30th June

Stamp duty holiday extended:

  • Current Nil rate band up to £500,000 on house purchases will continue until 30th June 2021.
  • Nil rate band will then be up to £250,000 until 30th September 2021.
  • Only then will it revert to the previous £125,000.

 

APPLY for a Discretionary Grant from your council

  • £425m is to be given to local councils to give to business affected by COVID.
  • This is on top of previous discretionary grants.
  • Funds are limited so apply early.
  • For Brighton and Hove see – https://www.brighton-hove.gov.uk/coronavirus-covid-19/businesses-and-employers

 

EMPLOY an Apprentice

  • Increase in employer incentive to take on an apprentice to £3,000.

 

Government Backed Loans

  • Bounce back and CBILS loans end on 31st March 2021 – there are still lenders offering these.
  • Replaced on 6th April 2021 by Restart Loan – features:
  • Loans and overdrafts of between £25,000 and £10m will be available.
  • Asset/invoice finance from £1,000 to £10m is also part of the scheme.
  • Finance of up to £250,000 will be unsecured.
  • You’ll be able to apply even if you have a bounce back loan.
  • Up to 6 years for loans and asset finance, and up to 3 years for overdrafts and invoice finance.
  • Funds to be used for any ‘legitimate business purpose’.

 

Jobs Retention Scheme – Furlough

  • Will continue until 30 September 2021.
  • From 1st May 2021 employees who started after 1st November 2020 but before 1st March 2021 can be furloughed.

 

Self Employed Income Support Scheme (SEISS)

  • If you were newly self employed in 2019/20 and filed a tax return you now qualify.
  • HMRC should be in touch with you beforehand if you qualify.
  • 4th tranche i.e. between Feb and Apr claims to be made in April.

 

National Minimum Wage

From April 1st NMW Increases to £8.91 ph.

 

National Living Wage

From April 1st NLW Increases to £9.50 ph (£10.85 – London).

 

Business Rates Related Grants

  • Administered by councils likely to be distributed in April:
  • Non-essential retail businesses will receive grants of up to £6,000 per premise.
  • Hospitality and leisure properties with a rateable value of £15,000 or less, will receive a one-off grant of £8,000.
  • Hospitality and leisure properties with a rateable value over £15,000 and less than £51,000, will receive a one-off grant of £12,000.
  • Hospitality and leisure properties with a rateable value of £51,000 or above, will receive a one-off grant of £18,000.

 

Business Rates Holidays

  • 100% holiday for Retail/Hospitality/Leisure businesses continues to 30th June 2021.
  • 67% holiday from July to March 2022.
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