Coronavirus Support

When the budget was announced earlier this year, there were some key updates to the COVID-19 support available for both individuals and businesses. We have highlighted some of the key updates for you.

VAT

The lower VAT rate for hospitality businesses has been maintained at 5% rate until September 2021. there will be an Interim 12.5% rate that will then apply for the following six months.

Business Rates

Business rates holiday for businesses in England will continue until June 2021, with a 66% discount until March 2022.

Furlough

Furlough to be extended until the end of September 2021. The Government will continue to pay 80% of employees' wages for hours that they are unable to work. However, employers will need to contribute 10% in July 2021 and 20% in August and September 2021.

Other Business Grants

The government have budgeted for £5bn in Restart grants for shops and other businesses in England forced to close.

Eligible businesses will be able to apply for £6,000 per premises for non-essential outlets due to re-open in April and £18,000 for gyms, personal care providers and other hospitality and leisure businesses.

Support for the self-employed also extended until September 2021, with around 600,000 more self-employed people eligible for help as access to grants is widened.

Stamp Duty Holiday

Stamp duty holiday on house purchases in England and Northern Ireland extended, with no tax levied on the following:

• The first £500,000 of property purchases until 30 June 2021.

• The first £250,000 of residential purchases until 30 September 2021.