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Coronavirus Update – Budget 2021 – 04/03/2021

Yesterday, the Chancellor presented his 2021 Budget which, to the relief of many, announced continuing  Coronavirus business support.

This includes:
 -The extension of CJRS ( furlough) to September 2021.

-Further grants under the Self-Employment Income Support Scheme ( SEISS) for the 3 months to April and 5 months to September 2021. Newly self-employed since April 2019 can now qualify.

Restart Grants for non-essential retail businesses, hospitality, accommodation, leisure, personal care and gym businesses.

-Extension of 100% business rates relief to 30th June 2021 for eligible retail, hospitality and leisure properties in England, reducing to 66% relief for the period July 2021 to March 2022.

-Extension of the 5% VAT rate to 30th September 2021 for businesses in the hospitality and tourism sectors, increasing to 12.5% for the subsequent 6 months to March 2022.

-The existing Coronavirus loan schemes to be replaced by the Recovery Loan Scheme in April 2021, which will be open to all businesses, including those who have already received loans under the existing schemes.  

For further information on the above, as well as all other tax and other Budget announcements together with our commentary, please see our Budget Summary, which can be found here Click here

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