Information you need to know from the UK budget 2021.
So seven 6 second statements on relevant budget details for smaller companies:
- CBILS ends 31 March replaced by Recovery Loan Scheme available to end of 2021. Upto 6 year duration for loans and 3 years for overdrafts and invoice finance. Government guarantee of 80 per cent. Opens on 6 April.
- Furlough and self-employed support extended until September.
- Restart grants for shops forced to close. £6,000 per premises for closed non-essential outlets. £18,000 for hospitality and leisure businesses.
- “Help to grow” scheme with 50% vouchers off digital productivity tools + 90% funded management programme. https://helptogrow.campaign.gov.uk/
- Green Bonds and UK Infrastructure Bank opening in spring helping green economy https://www.gov.uk/government/publications/policy-design-of-the-uk-infrastructure-bank
- Self-employed have a further grant. 80% trading profits February to April, max £7500. Fifth grant May to September (80% where 30% fall in sales otherwise 30%). People that filed tax returns for 2019-20 by 2 Mar are now eligible (extra £600k people).
- Corporation tax increases from 2023 to 25% where profits £250k. remain 19% where <£50000 profit. Taper corporation tax from £50k to £250k, there above the rate is 25% tax on profits.