UK CHANCELLOR EXTENDS COVID-19 SUPPORT

In his eagerly awaited Spring Budget, UK Chancellor Rishi Sunak outlined continuing measures to support jobs and businesses as the economy continues to suffer due to the COVID-19 pandemic.

During his statement on Wednesday, Mr Sunak gave updates on the Recovery Loan Scheme, Furlough Scheme, Restart Grants, Business Rates, Statutory Sick Pay and the Self-Employment Income Support Scheme (SEISS)

Continued Support

According to a report issued by accountancy firm AS Advisors, the UK Government confirmed that the fourth SEISS grant will be worth 80% of three months’ average trading profits, paid out in a single instalment and capped at £7,500 in total.

It will cover the period from February to April 2021 and can be claimed from late April. Self-employed individuals must have filed a 2019/20 tax return through self-assessment by midnight on 2 March 2021 to be eligible for the fourth grant.

Final Grant

A “fifth and final” SEISS grant will cover May to September 2021, the AS Advisors’ summary states.

It adds that those whose turnover has fallen by 30% or more will receive the full grant worth 80%, capped at £7,500. Those whose turnover has fallen by less than 30% will receive a 30% grant, capped at £2,850. The final grant can be claimed from late July.

Further Measures

The AS Advisors’ report also examines the other COVID measures announced by Mr Sunak, as well as changes to Corporation Tax, VAT and personal tax.

The report says the intention of the Spring Budget was ‘setting out the road to recovery’ after the huge economic impact of the pandemic.

Free Report

The AS Advisors 2021 Spring Budget Report is available to download now, for free.

Download the report

If you would like more information about AS Advisors, visit the website.

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