2021 budget, The government announced yesterday the introduction of “Super Deduction”. Businesses will be able to claim 130% tax relief for all eligible plant and machinery purchases.
The furlough scheme has been extended until the end of September 2021. Employees will continue to receive 80% of their pay for hours not worked up to a maximum of ?2,500 per month. Employers will be expected to pay 10% towards the scheme in July rising to 20% from August.
The Self-Employed Income Support Scheme (SEISS) has also been extended. A fourth grant covering February to April will be available to claim from April with a fifth grant following for May to July which will be available to claim from July. Eligible claimants can apply for a grant covering 80% of their monthly profits up to a maximum of ?2,500 per month.
As with previous grants, your business must have been negatively impacted financially by COVID-19. The fourth grant will take into account your 2019/20 Self Assessment tax return meaning if you weren’t eligible to apply last time, you may be now – as long as your tax return was submitted by 2 March 2021.
If you’d like further details on the 2021 budget or have any other accountancy queries, please give us a call on 01473 561035 or email us at [email protected].