Great news in today’s budget that the SEISS scheme has now been extended to September 2021.

A 5th grant has been added to the scheme and the facility to submit claims will be open from July 2021.  There is a requirement that your turnover has been impacted, reductions in excess of 30% will receive an 80% grant, reductions less than this will qualify for a 30% grant.

The newly self-employed will qualify for the extended scheme providing that a 2019 / 20 tax return was submitted by 2nd March 2021.

The furlough scheme is being extended to September 2021 and employees will continue to receive 80% of their wages throughout this period.

With effect from July 2021 employers will need to contribute 10% of the cost with the government contributing the remaining 70%.  For August and September 2021 the employer’s contribution will be 20% and the government will contribute 60%.

Personal income tax thresholds will remain frozen at the 2021 / 21 levels of £12,570 for the tax free personal allowance and £50,270 for the higher rate (40%) threshold until April 2026.

The rate of corporation tax will increase to 25% with effect from April 2023.