The UK government announced at the Budget 2021 the following subject matters and will legislate them in Finance Bill 2021.
Corporation tax
The corporation tax rate remains at 19% from 1 April 2022 and the rate will increase to 25% from 1 April 2023.
Coronavirus Job Support Scheme
The Coronavirus Job support Scheme is extended to 30 September 2021 across the UK.
Self Employment Income Support Scheme
The self-employment income support scheme is extended to 30 September 2021. People who have filed their self-assessment return in 2019/2020 may be able to claim for the first time.
One-off cash grants of £18,000
A new restart grants for hospitality, accommodation, leisure, personal care and gym businesses in England. If your business falls into these sectors you may entitle to the one-off cash grants of £18,000.
VAT cut for some businesses
VAT to 5% for hospitality, accommodation and attractions is extended to 30 September 2021 thereafter the rate will increase to 12.5% till 31 March 2022.
Statutory Sick Pay (SSP)
If your business have paid staff for self isolating or sick during this pandemic, you can claim the statutory sick pay up to two weeks from the UK government.
Property tax – stamp duty
The stamp duty land tax temporary relief is extended to 30 June 2021. First-time buyers continue to enjoy the tax-free amount of up to £500,000 on a property purchase cost.
The Budget 2021 have been very helpful to help UK businesses to bounce back from this pandemic.
