Many businesses will be faced with a cashflow gap as they start up again following lockdown. Some will need to begin their business’ cashflow cycle from scratch. With the prospect of money coming in from their customers a long way off, businesses may find themselves struggling to pay suppliers.
Despite the global pandemic, economic difficulties and personal struggles that we are all facing, I can’t help but feel a little more positive now that Spring has finally arrived.
With the rise of one-click checkout, fulfilment centres and social media trends, we now rarely hear about supply and demand. Which, for someone old enough to have studied economics in the 1980s, is rather strange. Back then, it was the fundamental basic truth that underpinned prices.
In the Budget it was confirmed that the fourth Self-Employment Income Support Scheme (“SEISS”) grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. The fourth grant will take into account the latest 2019/20 tax returns and will be open to those who became self-employed in tax year 2019/20. The rest of the eligibility criteria remain unchanged from the previous rounds of the SEISS grant.
Following a bidding process, the Budget announced the location of 8 English Freeport tax sites to begin operating from late 2021, one of which is Plymouth. Businesses in these tax sites will be able to benefit from a number of tax reliefs from the date that the Freeport tax site has been designated:
The VAT reduction was originally introduced for the hospitality and leisure industry to support businesses severely affected by the coronavirus pandemic and social distancing measures. The extension of the reduced rate will be a welcome measure to help the sector to bounce back and recover during the period during which it has been unable to trade, particularly as many businesses in this industry will be the last of those who are able to re-open fully under the Government’s roadmap to ease lockdown restrictions.
The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Budget for 2021 on 3rd March. During this announcement it was confirmed the Job Retention Scheme (JRS) will be further extended to 30th September 2021.
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