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Budget 2021 Key Points for Butchers

Budget 2021 Key Points for Butchers

There was plenty announced in this weeks Budget, here are a few of the key points for Butchers to keep an eye on as more information and details are released.

  • An extension of the Coronavirus Job Support Scheme to September 2021 across the UK.
  • An extension of the UK-wide Self Employment Income Support scheme to September 2021, with 600,000 more people who filed a tax return in 2019-20 now able to claim for the first time.
  • 750,000 eligible businesses in the retail, hospitality and leisure sectors in England will benefit from business rates relief.
  • Extension of the apprenticeship hiring incentive in England to September 2021 and an increase of payment to £3,000.
  • £7 million for a new “flexi-job” apprenticeship programme in England, that will enable apprentices to work with a number of employers in one sector.
  • More than doubling the legal limit for single contactless payments, from £45 to £100
  • Small and medium-sized employers in the UK will continue to be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs per employee from the Government.
  • To balance the need to raise revenue with the objective of having an internationally competitive tax system, the rate of Corporation Tax will increase to 25%, which will remain the lowest rate in the G7. In order to support the recovery, the increase will not take effect until 2023. Businesses with profits of £50,000 or less, around 70% of actively trading companies, will continue to be taxed at 19% and a taper above £50,000 will be introduced so that only businesses with profits greater than £250,000 will be taxed at the full 25% rate.

https://www.gov.uk/government/news/budget-2021-what-you-need-to-know

Written by : Eleanor O'Brien

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