{"id":7174,"date":"2021-03-03T14:19:09","date_gmt":"2021-03-03T14:19:09","guid":{"rendered":"https:\/\/thebusinessculture.co.uk\/hey\/?p=7174"},"modified":"2021-03-04T12:36:41","modified_gmt":"2021-03-04T12:36:41","slug":"the-budget-and-what-you-need-to-know","status":"publish","type":"know-how","link":"https:\/\/thebusinessculture.co.uk\/hey\/know-how\/the-budget-and-what-you-need-to-know\/","title":{"rendered":"The Budget and What You Need to Know"},"content":{"rendered":"
Did today\u2019s Budget contain a bit too much information to digest in one go? We\u2019ve rounded up all of the key points below. <\/span><\/div>\n
<\/span><\/div>\n
E<\/span>c<\/span>o<\/span>n<\/span>o<\/span>m<\/span>i<\/span>c<\/span> o<\/span>v<\/span>e<\/span>r<\/span>v<\/span>i<\/span>e<\/span>w<\/span> <\/span><\/strong><\/div>\n
    \n
  • The UK economy is forecast to return to pre-Covid levels by the middle of 2022. <\/span><\/li>\n
  • Annual growth is set to rebound by 4% this year, followed by a 7.3% growth in 2022. <\/span><\/li>\n
  • Unemployment is expected to peak at 6.5% next year, which is much lower than the 11.9% previously predicted. <\/span><\/li>\n
  • The new UK Infrastructure Bank, based in Leeds, will be set up with an initial capitalisation of \u00a312bn. <\/span><\/li>\n
  • A new set of UK schemes called Help to Grow will include projects to support people in receiving management training, as well as oversee the training of small business in digital skills. <\/span><\/li>\n
  • \u00a31.6bn is being invested to support the vaccine roll-out programme. <\/span><\/li>\n
  • New freeports will make it easier and cheaper to do business. The eight regions selected to be freeports are the Humber, East Midlands Airport, Felixstowe and Harwich, Liverpool City Region, Plymouth, Solent, Thames, and Teesside. <\/span><\/li>\n<\/ul>\n
    <\/span><\/div>\n
    I<\/span>n<\/span>c<\/span>o<\/span>m<\/span>e<\/span> t<\/span>a<\/span>x<\/span> <\/span><\/strong><\/div>\n
      \n
    • The basic personal allowance threshold will rise to \u00a312,570 next year. <\/span><\/li>\n
    • For higher-rate payers, the threshold will be \u00a350,270. <\/span><\/li>\n
    • Both rates will be frozen until 2026. <\/span><\/li>\n<\/ul>\n
      <\/span><\/div>\n
      C<\/span>o<\/span>r<\/span>p<\/span>o<\/span>r<\/span>a<\/span>t<\/span>i<\/span>o<\/span>n<\/span> t<\/span>a<\/span>x<\/span> <\/span><\/strong><\/div>\n
        \n
      • Corporation tax on company profits will increase to 25% in April 2023 for companies with profits over \u00a3250,000. <\/span><\/li>\n
      • The new Small Profits Rate means that businesses w<\/span>i<\/span>t<\/span>h<\/span> p<\/span>r<\/span>o<\/span>f<\/span>i<\/span>t<\/span>s<\/span> o<\/span>f<\/span> \u00a3<\/span>5<\/span>0<\/span>,<\/span>0<\/span>0<\/span>0<\/span> o<\/span>r<\/span> l<\/span>e<\/span>s<\/span>s<\/span> will still only pay 19% corporation tax. <\/span><\/li>\n<\/ul>\n
        <\/span><\/div>\n
        F<\/span>u<\/span>r<\/span>l<\/span>o<\/span>u<\/span>g<\/span>h<\/span> s<\/span>c<\/span>h<\/span>e<\/span>m<\/span>e<\/span> <\/span><\/strong><\/div>\n
          \n
        • The furlough scheme is being extended until the end of September 2021. <\/span><\/li>\n
        • There\u2019s no change to the terms for employees, as they will continue to receive 80% of their salary for hours not worked. <\/span><\/li>\n
        • As businesses reopen, they\u2019ll be asked to make a 10% contribution to furlough after July and 20% in August and September. <\/span><\/li>\n<\/ul>\n
          <\/span><\/div>\n
          B<\/span>u<\/span>s<\/span>i<\/span>n<\/span>e<\/span>s<\/span>s<\/span> r<\/span>a<\/span>t<\/span>e<\/span>s<\/span> h<\/span>o<\/span>l<\/span>i<\/span>d<\/span>a<\/span>y<\/span> <\/span><\/strong><\/div>\n
            \n
          • The business rates holiday will be extended through to the end of June. <\/span><\/li>\n<\/ul>\n
            <\/span><\/div>\n
            V<\/span>A<\/span>T<\/span> <\/span><\/strong><\/div>\n
              \n
            • The reduced VAT rate of 5% will be extended for six months to 30th September, followed by an interim rate of 12.5% for a further six months. <\/span><\/li>\n
            • The standard rate will not return until April 2022. <\/span><\/li>\n
            • The VAT registration threshold will remain at \u00a385,000 until 2024. <\/span><\/li>\n<\/ul>\n
              <\/span><\/div>\n
              S<\/span>u<\/span>p<\/span>p<\/span>o<\/span>r<\/span>t<\/span> f<\/span>o<\/span>r<\/span> t<\/span>h<\/span>e<\/span> s<\/span>e<\/span>l<\/span>f<\/span>-<\/span>e<\/span>m<\/span>p<\/span>l<\/span>o<\/span>y<\/span>e<\/span>d<\/span> <\/span><\/strong><\/div>\n
                \n
              • The SEISS grant will continue until September, with the fourth grant covering February to April and an additional fifth grant from May onwards. <\/span><\/li>\n
              • Access to SEISS has been improved. Now that the tax return deadline has passed, providing that a self-employed person has already submitted a self-assessment tax return, they can now apply for the SEISS grant. <\/span><\/li>\n<\/ul>\n
                <\/span><\/div>\n
                R<\/span>e<\/span>t<\/span>a<\/span>i<\/span>l<\/span>,<\/span> h<\/span>o<\/span>s<\/span>p<\/span>i<\/span>t<\/span>a<\/span>l<\/span>i<\/span>t<\/span>y<\/span> a<\/span>n<\/span>d<\/span> l<\/span>e<\/span>i<\/span>s<\/span>u<\/span>r<\/span>e<\/span> <\/span><\/strong><\/div>\n
                  \n
                • A new Restart Grant will launch in April to help businesses reopen and get going again. <\/span><\/li>\n
                • Non-essential retail businesses will receive grants of up to \u00a36,000 per premises. <\/span><\/li>\n
                • Hospitality and leisure businesses will get grants of up to \u00a318,000 per premises. <\/span><\/li>\n
                • A new \u00a3150m fund will allow communities to take ownership of pubs, theatres, shops and sports clubs that are at risk of closure. <\/span><\/li>\n
                • The planned increase on alcohol duties has been cancelled. <\/span><\/li>\n<\/ul>\n
                  <\/span><\/div>\n
                  S<\/span>p<\/span>o<\/span>r<\/span>t<\/span> a<\/span>n<\/span>d<\/span> C<\/span>u<\/span>l<\/span>t<\/span>u<\/span>r<\/span>e<\/span> <\/span><\/strong><\/div>\n
                    \n
                  • Sporting, cultural and arts organisations will receive \u00a3700m to help them reopen. <\/span><\/li>\n
                  • The government promises to back the joint UK and Ireland bid to host the 2030 World Cup. <\/span><\/li>\n<\/ul>\n
                    <\/span><\/div>\n
                    F<\/span>u<\/span>e<\/span>l<\/span> d<\/span>u<\/span>t<\/span>y<\/span> <\/span><\/strong><\/div>\n
                      \n
                    • The planned increase on fuel duty has also been cancelled. <\/span><\/li>\n<\/ul>\n
                      <\/span><\/div>\n
                      U<\/span>n<\/span>i<\/span>v<\/span>e<\/span>r<\/span>s<\/span>a<\/span>l<\/span> C<\/span>r<\/span>e<\/span>d<\/span>i<\/span>t<\/span> <\/span><\/strong><\/div>\n
                        \n
                      • The existing \u00a320 a week uplift to Universal Credit will continue for another six months until September 2021. <\/span><\/li>\n<\/ul>\n
                        <\/span><\/div>\n
                        N<\/span>a<\/span>t<\/span>i<\/span>o<\/span>n<\/span>a<\/span>l<\/span> L<\/span>i<\/span>v<\/span>i<\/span>n<\/span>g<\/span> W<\/span>a<\/span>g<\/span>e<\/span> <\/span><\/strong><\/div>\n
                          \n
                        • The National Living Wage will rise to \u00a38.91 from April 2021. <\/span><\/li>\n<\/ul>\n
                          <\/span><\/div>\n
                          A<\/span>p<\/span>p<\/span>r<\/span>e<\/span>n<\/span>t<\/span>i<\/span>c<\/span>e<\/span>s<\/span>h<\/span>i<\/span>p<\/span> i<\/span>n<\/span>c<\/span>e<\/span>n<\/span>t<\/span>i<\/span>v<\/span>e<\/span> <\/span><\/strong><\/div>\n
                            \n
                          • The incentive given to businesses for taking on new apprentices has doubled to \u00a33,000. This applies to all new apprentice hires of any age, not just those aged 25 and over. <\/span><\/li>\n<\/ul>\n
                            <\/span><\/div>\n
                            S<\/span>t<\/span>a<\/span>m<\/span>p<\/span> d<\/span>u<\/span>t<\/span>y<\/span> <\/span><\/strong><\/div>\n
                              \n
                            • T<\/span>h<\/span>e<\/span> s<\/span>t<\/span>a<\/span>m<\/span>p<\/span> d<\/span>u<\/span>t<\/span>y<\/span> h<\/span>o<\/span>l<\/span>i<\/span>d<\/span>a<\/span>y<\/span> f<\/span>o<\/span>r<\/span> h<\/span>o<\/span>u<\/span>s<\/span>e<\/span> b<\/span>u<\/span>y<\/span>e<\/span>r<\/span>s<\/span> h<\/span>a<\/span>s<\/span> b<\/span>e<\/span>e<\/span>n<\/span> e<\/span>x<\/span>t<\/span>e<\/span>n<\/span>d<\/span>e<\/span>d<\/span> b<\/span>y<\/span> a<\/span>n<\/span> a<\/span>d<\/span>d<\/span>i<\/span>t<\/span>i<\/span>o<\/span>n<\/span>a<\/span>l<\/span> t<\/span>h<\/span>r<\/span>e<\/span>e<\/span> m<\/span>o<\/span>n<\/span>t<\/span>h<\/span>s<\/span>,<\/span> r<\/span>u<\/span>n<\/span>n<\/span>i<\/span>n<\/span>g<\/span> u<\/span>n<\/span>t<\/span>i<\/span>l<\/span> t<\/span>h<\/span>e<\/span> e<\/span>n<\/span>d<\/span> o<\/span>f<\/span> J<\/span>u<\/span>n<\/span>e<\/span> 2<\/span>0<\/span>2<\/span>1<\/span>.<\/span> <\/span>P<\/span>u<\/span>r<\/span>c<\/span>h<\/span>a<\/span>s<\/span>e<\/span>s<\/span> u<\/span>p<\/span> t<\/span>o<\/span> \u00a3<\/span>5<\/span>0<\/span>0<\/span>,<\/span>0<\/span>0<\/span>0<\/span> w<\/span>i<\/span>l<\/span>l<\/span> c<\/span>o<\/span>n<\/span>t<\/span>i<\/span>n<\/span>u<\/span>e<\/span> t<\/span>o<\/span> b<\/span>e<\/span> f<\/span>r<\/span>e<\/span>e<\/span> f<\/span>r<\/span>o<\/span>m<\/span> t<\/span>a<\/span>x<\/span>.<\/span> <\/span><\/li>\n
                            • H<\/span>o<\/span>m<\/span>e<\/span>s<\/span> b<\/span>o<\/span>u<\/span>g<\/span>h<\/span>t<\/span> u<\/span>p<\/span> t<\/span>o<\/span> a<\/span> v<\/span>a<\/span>l<\/span>u<\/span>e<\/span> o<\/span>f<\/span> \u00a3<\/span>2<\/span>5<\/span>0<\/span>,<\/span>0<\/span>0<\/span>0<\/span> w<\/span>i<\/span>l<\/span>l<\/span> b<\/span>e<\/span> f<\/span>r<\/span>e<\/span>e<\/span> f<\/span>r<\/span>o<\/span>m<\/span> t<\/span>a<\/span>x<\/span> u<\/span>n<\/span>t<\/span>i<\/span>l<\/span> t<\/span>h<\/span>e<\/span> e<\/span>n<\/span>d<\/span> o<\/span>f<\/span> S<\/span>e<\/span>p<\/span>t<\/span>e<\/span>m<\/span>b<\/span>e<\/span>r<\/span> 2<\/span>0<\/span>2<\/span>1<\/span>.<\/span> <\/span><\/li>\n
                            • F<\/span>i<\/span>r<\/span>s<\/span>t<\/span>-<\/span>t<\/span>i<\/span>m<\/span>e<\/span> b<\/span>u<\/span>y<\/span>e<\/span>r<\/span>s<\/span> c<\/span>a<\/span>n<\/span> a<\/span>c<\/span>c<\/span>e<\/span>s<\/span>s<\/span> a<\/span> g<\/span>o<\/span>v<\/span>e<\/span>r<\/span>n<\/span>m<\/span>e<\/span>n<\/span>t<\/span> g<\/span>u<\/span>a<\/span>r<\/span>a<\/span>n<\/span>t<\/span>e<\/span>e<\/span> o<\/span>n<\/span> m<\/span>o<\/span>r<\/span>t<\/span>g<\/span>a<\/span>g<\/span>e<\/span>s<\/span>,<\/span> s<\/span>e<\/span>e<\/span>i<\/span>n<\/span>g<\/span> a<\/span> r<\/span>e<\/span>t<\/span>u<\/span>r<\/span>n<\/span> o<\/span>f<\/span> 5<\/span>%<\/span> d<\/span>e<\/span>p<\/span>o<\/span>s<\/span>i<\/span>t<\/span>s<\/span>.<\/span> <\/span><\/li>\n<\/ul>\n
                              <\/span><\/div>\n
                              S<\/span>o<\/span>c<\/span>i<\/span>a<\/span>l<\/span> s<\/span>u<\/span>p<\/span>p<\/span>o<\/span>r<\/span>t<\/span> <\/span><\/strong><\/div>\n
                                \n
                              • A further \u00a319m will be invested into the Domestic Violence Programme to reduce the risk of reoffending and providing support for vulnerable women. <\/span><\/li>\n
                              • An additional \u00a310m will be made available to veterans with mental health needs. <\/span><\/li>\n
                              • There will be a lifetime commitment to victims of the thalidomide scandal, starting with a \u00a340m down payment.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                                Did today\u2019s Budget contain a bit too much information to digest in one go? We\u2019ve rounded up all of the key points below. Economic overview The UK economy is forecast to","protected":false},"author":12312793,"featured_media":7173,"template":"","know_how_category":[],"class_list":["post-7174","know-how","type-know-how","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/7174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how"}],"about":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/types\/know-how"}],"author":[{"embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/users\/12312793"}],"version-history":[{"count":4,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/7174\/revisions"}],"predecessor-version":[{"id":7178,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/7174\/revisions\/7178"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/media\/7173"}],"wp:attachment":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/media?parent=7174"}],"wp:term":[{"taxonomy":"know_how_category","embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know_how_category?post=7174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}