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.