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Furlough and SEISS
- The furlough and self-employment income support schemes have been extended until the end of September.
- Furloughed employees will receive 80pc of their salary, but businesses will be asked to contribute to their wages from the end of July.
- The newly self-employed in the 2019-20 financial year will now be eligible for SEISS.
- Apprenticeships’ cash incentive increased by £1,000 to £3,000 per head.
- Corporation tax will rise from 19% to 25% in April 2023.
- Small firms with profits under £50,000 will still pay the current 19% rate, with a taper relief up to profits of £250,000.
- A new “super deduction” of 130% tax relief on business investment will cut taxes by 25p for every pound invested.
- Income tax thresholds will be frozen for five years after the planned increases in April this year. This includes the Personal Allowance and the Higher Rate threshold.
- Inheritance tax thresholds, Capital Gains Tax Annual Exemption, and the pensions lifetime allowance will also be frozen for the same period.
- A new mortgage guarantee scheme will help those with small deposits get on the housing ladder with 95% mortgages.
- The stamp duty holiday for properties under £500,000 is extended by three months to the end of June.
- The holiday for properties worth less than £250,000 will apply until the end of September.
Loans, Grants, Business Rates, and VAT
- A new “Recovery loan scheme” will replace the Bounce Back and CIBILS coronavirus business interruption loan schemes.
- Loans between £25,000 and £10m will be available with an 80% Government guarantee.
- A £5bn Restart Grants scheme will provide firms up to £18,000 – aimed at retail, hospitality, accommodation, leisure, and personal care firms.
- Non-essential retailers will be able to access £6,000 per business.
- Business rates relief for the hardest-hit sectors, such as retail and hospitality, has been extended for three months in full.
- Business rates will be discounted by two-thirds for the remaining nine months of the fiscal year.
- The 5% VAT rate for hospitality, accommodation, and attractions will be extended until the end of September.
- The rate will then be 12.5% until March 2022.