COVID Business Update - 22 March 2021
A number of COVID support announcements were made in the budget, in summary:
- There will be a 4th and 5th self-employed grant and being based now on 19/20 tax returns as well, self-employed people (not directors) who were not eligible before may be eligible and there are stricter criteria. Grants will be taxed in the tax year of receipt (regardless of trading accounts year-end).
- Furlough scheme is extended until 30th September 2021 and newer employees may be eligible. There are increasing employer contributions later in year.
- Changes to shielding advice for vulnerable employees.
- The bounce back loan scheme will be followed by a new loan/overdraft scheme in April.
- The reduced VAT rate for hospitality, holiday accommodation and attractions is extended with a tapering rate.
- New restart grans for those sectors that were forced to shut.
For further information on any of these points, visit our COVID-19 webpages.