After the announcement of a further £5bn in Government support taking the total spend to over £400bn, the Chancellor looked to companies to shoulder the tax increases to begin paying it back.
Today’s announcements on personal tax mean that once the personal allowance increase already announced for 2021 takes place we will see the personal allowance (£12,570 from the 6 April 2021) frozen until 6 April 2026.
This Budget might be marked down in history as a “Budget for jabs and jobs”, given that the emphasis was on launching a number of high-profile initiatives to try to get the country back to work and preserve jobs, with the short-term cost of the continued employment and business support schemes being a central plank of the announcements.
The Self Employment Income Support Scheme (SEISS) has been extended beyond May with a fifth and final instalment. Learn more about eligibility for these fourth and fifth grants
A new Recovery Loan Scheme (RLS) has been announced which will start on the 6th April 2021, replacing the Bounce Back Loan Scheme (BBLS) and Coronavirus Business Interruption Loan Scheme (CBILS).
With hospitality businesses largely closed until 12 April and restrictions thereafter, the Chancellor has announced a range of support for hospitality businesses that will provide welcome relief and some certainty for the future.
As a Company Director, circumstances may arise where you find yourself in a position to offer a personal guarantee to support a line of credit. This may seem like a decision worth taking to enable your company to move forward and reach its true potential; however, this does not come without risk.