At Budget 2021, the Chancellor announced:
- new help for businesses and individuals affected by the coronavirus (COVID-19) pandemic, such as restart grants, a recovery loan scheme and a temporary extension to carry back trading losses;
- the extension of several existing measures, including the extension of the Coronavirus Job Retention Scheme (CJRS) (or furlough) and the Self-Employment Income Support Scheme (SEISS) until September 2021 and the extension of the 5% VAT rate on hospitality, accommodation and attractions until the end of September, followed by a 12% rate until 31 March 2022; and
- measures to start paying for the COVID-19 pandemic, including increasing the corproation tax rate from April 2023 and freezing the personal allowance and basic rate band from April 2022 to April 2026.
There is also administrative help such as the increased use of time to pay (TTP) arrangements, the acceptance that COVID-19 is a reasonable excuse, no late filing penalties for people who filed their 2019-20 tax returns online by 28 February 2021 and no late payment penalties for people who paid their 2019-20 tax liaiblity (or set up a TTP arrangement) by 1 April 2021.
The Accountancy Daily Coronavirus News Hub includes breaking news stories and analysis, plus subscriber-only premium content and Q&As on dealing with COVID-19. It includes advice from experts at Accountancy Daily, Croner-i, Croner Taxwise and BrightHR.
The UK Government has a Business Support section providing details of support available for businesses and the self-employed and how to keep businesses and employees safe.
The Scottish Government's main Coronavirus page has links to sections for 'Businesses, workplaces and self-employed people'.
The Northern Ireland Assembly has a section for Financial help and practical support.
Meg Wilson CTA is a tax writer at Croner-i