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HomeNewsBusiness What can businesses take from Budget 2021 Published: 03/03/2021 Share
In the Budget 2021, the Chancellor made a number of announcements to help businesses survive the challenging months ahead and to prepare the UK economy as it starts to unlock during the Summer.
The Chancellor stated that he would continue to do “whatever it takes” to support jobs and businesses. The Government has spent £280bn so far on Coronavirus support schemes but the damage to the UK economy remains acute. Since March 700,000 jobs have been lost and the economy has shrunk by 10% the largest fall in 300 years.
The recovery though is now expected to be faster than previous estimates in November 2020 and according to the Office for Budget Responsibility the economy should return to pre Covid-19 levels by the middle of next year, six months earlier than previous forecasts.
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The government’s support scheme for the self-employed – the Coronavirus Self-Employed Income Support Scheme (SEISS) offers taxable grants for many sole traders and partnerships.
The scope of SEISS was extended announced in the March 2021 Budget to help the newly self-employed and the existing scheme has been extended to a fourth and fifth round
The fourth SEISS grant is available to individuals who began self-employment in the 2019/20 tax year, which began on 6th April 2019, as well as those who have previously claimed.
Individuals who are eligible will be able to claim the fourth round of SEISS at 80% of average trading profits capped at £7,500 for three months. The fourth grant will be available in April.