Bullet Points for March 2021 Budget

– Furlough scheme to be extended from 30 April to 30 September
– Extra grant support for self employed
– Universal credit extra £ 20 per week extended to 30 September
– Universal credit £ 500 one off payment available
– National Living wage to be £ 8.91 from April ( was £ 8.72 )
– New apprentice incentives for companies up to £ 3 K per placement
– New business re-start grants for hospitality businesses opening after April ( up to £18K )
– Extra £ 700 million added to the Arts & Culture recovery fund
– New business recovery loans available with government guarantee
– Business rates holiday extended to 30 June – then a 67 % discount for the rest of 2021
– Hospitality VAT rate of 5 % extended to 30 September and then 12 % for the rest of 2021
– Housing stamp duty window holiday ( up to £ 500 K ) extended to 30 June
– 5 % deposit mortgage guarantee scheme for first time buyers from April
– No rises on tax / NI / VAT
– Freezing personal tax allowances until April 2026
– Basic tax band threshold £ 12,520 / higher band threshold £ 50,270
– New HMRC task force to police Covid fraud
– Corporation tax to rise from 19 to 25 % in April 2023
– This will not apply to small businesses who’s profit is below £ 50 K ( 19 % applies )
– Incentives for business investment for capital plant & machinery – up to 130 % investment costs can be offset from corporation tax
– No increases in duty on alcohol drinks or fuel
– Creation of a U.K. infrastructure bank for the Green Agenda
– New £ £ 1.6 billion to be invested in medical research
– New Visa reforms ( of the new points based system ) for migrants with ‘ high skills ‘
– New £ 1 billion fund for 45 ‘ New Town ‘ deals
– Eight ‘ Free Ports ‘ investment funding

Author: fiona bewers
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