A Date For The Diary – 3rd March – Budget 2021

Posted by on Feb 8, 2021 in News Alerts, Newsletters | No Comments

A date for the diary.  On Wednesday 3rd March, Chancellor of the Exchequer, Rishi Sunak will be delivering Budget 2021.  At its core will be measures to support the recovery from COVID-19.

HM Treasury are trailing “The Budget will set out the next phase of the plan to tackle the virus and protect jobs…”.  In addition, the eligibility criteria for the fourth tranche of the Self-Employment Income Support Scheme grant will be announced.

It is no exaggeration to say that this will be the most important Budget in recent times.  There are key dates around the corner:

  • The VAT deferred from Q2 2020 is due to be paid by 31st March;
  • Measures put in place to protect businesses from insolvency will expire on 31st March;
  • The ban on tenant evictions is due to end on 31st March;
  • Coronavirus Business Interruption Loan Scheme and Bounce Back Loan Scheme close on 31st March;
  • The 2021-22 year for Business Rates starts on 1st April;
  • The National Minimum Wage increases from 6th April;
  • The new IR35 off-payroll rules being on 6th April;
  • The first Coronavirus Business Interruption Loan Scheme repayments are due in April; and
  • The Furlough Scheme is due to end on 30th April.

Will there be much-needed support for those that have fallen through the cracks of the Self-Employment Income Support Scheme?  Will the Furlough Scheme be extended into the summer?  When does the VAT deferral instalment payment scheme go live? Are 2020-21 Business Rates to be scrapped for the retail, hospitality and leisure sectors?  Will there be further extensions to existing policies?  Is this the time for tax increases?

All these questions and more will be answered on Wednesday 3rd March. 

As in previous years, CooperFaure will be providing a live Twitter feed as Rishi Sunak speaks in the House of Commons followed by a digest of the key announcements and a detailed review.  Make date to join us on Wednesday 3rd March for Budget 2021.