Sunak set out Budget to protect businesses

Chancellor Rishi Sunak set out a Budget to protect businesses through the pandemic, fix the public finances and begin building the future economy.

The Chancellor once again pledged to do 'whatever it takes' during the COVID-19 pandemic and confirmed that the furlough scheme would be extended until September 2021 to support jobs through the crisis.

Mr Sunak also confirmed that the Self-Employment Income Support Scheme (SEISS) has also been extended, with two further grants this year. Claimable by the self-employed, including the newly self-employed from 6 April 2019, provided they have filed their 2019/20 tax return for by midnight on 2 March 2021,

The stamp duty nil rate band on residential properties in England up to £500,000 will continue until the end of June. It will taper to £250,000 until the end of September, and then return to the usual level of £125,000 from 1 October 2021.

To support businesses as they re-open following lockdown, £5 billion will be made available in restart grants. Non-essential retail businesses re-opening first will be eligible for up to £6,000 but the leisure and hospitality sectors, which have been worse affected and will re-open later, will be eligible for up to £18,000.

However, the rate of corporation tax will increase to 25% in April 2023 for companies with profits over £250,000, whilst retaining a Small Profits Rate of 19% for companies with profits of £50,000 or less.

The Chancellor also introduced a super-deduction for companies investing in qualifying new plant and machinery. Under this measure a company will be allowed to claim 130% on most new plant and machinery investments that ordinarily qualify for 18% main rate writing down allowances.

He also confirmed the location of the eight Freeports in England. Freeports are special economic zones with favourable tariffs and lower taxes to make it easier and cheaper to do business.

Internet link: GOV.UK speeches

About us

We were established over 80 years ago

We continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike...

Bere Mill Cows image by Henry Lawford, licensed under CC 2.0 license.

© 2024 Montpelier Professional (Galloway) Limited . All rights reserved. We use cookies on this website, you can find more information about cookies here. powered by totalSOLUTION

Newton Stewart Office : Montpelier Professional (Galloway) Limited , 1 Dashwood Square, Newton Stewart, Dumfries & Galloway DG8 6EQ
Leswalt Office : Montpelier Professional (Galloway) Limited , Challoch Inn, Leswalt, Dumfries & Galloway DG9 0LJ

VAT No 151 179 030. Registered in England and Wales No. 06025692. Registered Office: Sanderson House, Station Road, Horsforth, Leeds LS18 5NT. Montpelier Chartered Accountants is a trading name of Montpelier Professional (Galloway) Limited.

Professional Indemnity Insurers: Arch Insurance, 5th Floor, Plantation Place South, 60 Great Tower Street, London, EC3R 5AZ