Latest measures to support businesses and the self employed
Nadeem Ansari FCIM FIDM
![Nadeem Ansari FCIM FIDM]()
Nadeem Ansari FCIM FIDM
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Further measures to support businesses and the self employed were announced by the Chancellor in recent budgets.
Key highlights include:
- Extending the Coronavirus Job Support Scheme to September 2021
- Extending the Self Employment Income Support scheme to September 2021, with 600,000 more people who filed a tax return in 2019-20 now able to claim for the first time
- ￡5 billion for new Restart Grants – a one off cash grant of up to ￡18,000 for hospitality, accommodation, leisure, personal care and gym businesses in England
- A new UK-wide Recovery Loan Scheme to make available loans between ￡25,001 and ￡10 million, and asset and invoice finance between ￡1,000 and ￡10 million
- Extension of the Film & TV Production Restart scheme in the UK
- Extension to the VAT cut to 5% for hospitality, accommodation and attractions across the UK until the end of September, followed by a 12.5% rate for a further six months until 31 March 2022
- 750,000 eligible businesses in the retail, hospitality and leisure sectors in England will benefit from business rates relief.
- Extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to ￡3,000
- ￡7 million for a new “flexi-job” apprenticeship programme in England, that will enable apprentices to work with a number of employers in one sector
- Additional ￡126 million for 40,000 more traineeships in England, funding high quality work placements and training for 16-24 year olds in 2021/22 academic year
- Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government
- Extending the loss carry back rules worth up to ￡760,000 per companys and the self employed were announced by the Chancellor in the budgets.
Looking towards recovery the Chancellor also announced:
- Beginning April 2021, the new super-deduction will cut companies’ tax bill by 25p for every pound they invest in new equipment. This is worth around ￡25 billion to UK companies over the two-year period the super-deduction will be in full effect
- The ￡375 million UK-wide ‘Future Fund: Breakthrough’ will invest in highly innovative companies such as those working in life sciences, quantum computing, or clean tech, that are aiming to raise at least ￡20 million of funding
- A new Help to Grow scheme to offer up to 130,000 companies across the UK a digital and management boost