"Bold" budget business package extends support
March 3, 2021
The Chancellor has announced a £65bn "bold" and wide range of business support including an extension to the business rates holiday in today's budget.
Rishi Sunak said that the business rates holiday will be extended through to the end of June.
He confirmed the new Restart Grant in will go live in April, "to help businesses reopen and get going again". Non-essential retail businesses will receive grants of up to £6,000 per premises.
The furlough scheme and support for the self-emplyed will be extended until September. From July, employers will have to make a 10% contribution and 20% from August.
The minimum wage will increase to £8.91 an hour from April.
On VAT, he also confirms the 5% reduced rate of VAT will be extended for six months to 30 September followed by interim rate of 12.5% for another six months. The standard rate will not return until April next year. And the VAT registration threshold will remain at £85,000 until 2024.
The planned increase in fuel tax later this year has been scrapped.
The measures will "protect the jobs and livelihoods of the British people and lay out the foundations of our economy for the future," said Mr Sunak.
Rishi Sunak says in 2023 he will raise corporation tax to 25%. He adds that the UK will still have lowest corporation tax in the G7. He also says he is creating a Small Profits Rate to ensure only businesses with profits of over £250,000 will be taxed at the 25% rate.
On income tax, the threshold for paying the basic rate will rise to £12,570 next year. For higher-rate payers, the threshold will be £50,270. Both rates will stay the same until 2026.
The Chancelloe says the UK economy is forecast to return to pre-Covid levels by middle of 2022. Annual growth set to rebound by 4% this year, followed by 7.3% growth in 2022.
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