Is corporation tax going to increase?
Yes, it’s going to increase to 25% in 2023. However, this is only applicable to companies with profits above 250k. This will therefore only impact 10% of companies.
Do I need to pay business rates again?
Business rates relief for the hospitality and retail sector has been extended until the end of June. It will then be a 66% discount for a further 6 months for closed businesses.
I own a restaurant, what’s happening to VAT?
Reduced VAT for tourism and hospitality businesses will remain at 5% until the 30th of September 2021.
When has the furlough scheme been extended to?
The Job Retention Scheme (furlough) has been extended until the 30th September.
Will employers now have to contribute towards furlough claims?
Yes but not straight away. Employers will be expected to pay 10% of hours not worked in July. Further increasing to 20% for August and September.
Has the self-employed Grant also been extended?
Two further self employment grants have been confirmed, with the same rules applying for February – April. However the final grant, in order to receive the full 80%, turnover must have fallen by 30%.
I need a business loan is CBIL’s finishing?
Yes that is correct. However a new recovery loan is launching on the 6th of April and will allow businesses to apply for finance between 1k and 10m until 31st of December.