Publications
THE BUDGET - 3rd MARCH 2021
With the Chancellor, Rishi Sunak, announcing that the government will publish the next Budget on Wednesday 3 March 2021, we at Leea Tax Accounting, want to give you an understanding of the Budget and outline what this means for you and your business.
What is the budget?
Each year the Chancellor makes the budget statement to the House of Commons outlining the state of the economy and the next phase of the government’s plans to tackle the current Coronavirus pandemic. Expenditures and revenues are included within the budget for the year and details are provided on the government’s management of public finances to support the economy and invest in the future including how they aim to protect jobs and their investments in roads, railways, hospitals, schools, colleges, the police force and more.
What can it mean for your business?
Within the budget includes information on how the government are protecting jobs and the furlough/employment support schemes they have in place. It also includes further information on the support they have available for public services, individuals and businesses that are affected by COVID-19. Details of loans, grants and business rate reliefs are included within the budget, which can be a great help to businesses and helping them get through this difficult time.
How can we help you and your business?
Once the Budget is released and we have more information, we will pick out the key points and provide further details on how it may affect you and your business and how we can help, whether it be looking into what grants, rates and support is available for you and helping you to apply for these or applying on your behalf. Our aim is to work to help you and your business survive and thrive and with that, we will help you to get all the funding and support that is available to you, check what you may be eligible for and if you can make any claims for employees.
If you are currently struggling and would like any further help, advice, support or guidance in regards to what you can do to help your business at the moment and the grants available to you, please contact us using the below details. We are here to help you grow your business and take away any stress and burdens, allowing you to focus on your business whilst we work behind the scenes managing your accounts, paperwork and so much more.
THE BUDGET - 3rd MARCH 2021
Today saw the Chancellor, Rishi Sunak, deliver his budget and next plans to get through the coronavirus pandemic, protecting jobs and income as much as possible with the total amount of Covid support being spent between this year and next year being £352 billion. If you didn’t watch The Budget today or would like a recap, we highlight the main points below.
Furlough
It was confirmed that the extension of the furlough scheme will take place until September whereby employees will be able to continue receiving 80% off their wages from the government. In July, employers will be asked to contribute 10% and then 20% in August and September to allow the scheme to be gradually phased out.
Self-Employment
The self-employment support scheme will also continue until September, where the self-employed will be able to receive a fourth grant covering February – April and a fifth and final grant covering from May – onwards. This will help a further 600,000 self-employed people within the UK.
Housing
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The stamp duty holiday will be extended
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A mortgage guarantee has been introduced to help first-time buyers to have access to 95% mortgages be able to pay a deposit on their first home with only 5% deposit.
Universal Credit
The £20 a week increase has been extended for six months.
Business Support
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The Bounce Back Loan and Coronavirus Business Interruption Loan Scheme are soon to be coming to an end, however, the Treasury is launching a new loan scheme that will run until the end of the year where loans can be between £25,000-£10m.
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There will be a £5bn kickstart fund to help hospitality and high street businesses after the lockdown
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Hospitality and leisure businesses will not pay any business rates for three months and the nine months thereafter, these rates will be discounted by two-thirds.
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The 5% reduced rate of VAT will also be extended until the end of September and thereafter it will be gradually increased before returning to a standard rate by April 2022.
Duties
Alcohol and fuel duties will be frozen
The future
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In April 2023 the rate of corporation tax will increase for businesses by 25% but businesses will only be affected if they are making profits – businesses that are not making profits will not be affected by this.
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The government confirmed they will not raise national insurance, income tax or VAT but they will freeze personal tax thresholds.
Other
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A £19million package will be introduced for domestic violence programs, reducing the risk of reoffending and also piloting a network of respite rooms to provide specialist support for vulnerable, homeless women.
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£10million will also be spent on supporting veterans with mental health needs
To read the Budget in full, visit: https://www.gov.uk/government/publications/budget-2021-documents
If you would like any further information or advice on the update or need our help applying for any loans or schemes that may aid yourself or your business at this time, please feel free to contact us by calling 07468 533 462 .
CAN AN EMPLOYEE BE FORCED TO HAVE THE COVID-19 VACCINE?
The administration of the Covid-19 vaccine is well underway but a huge question that many employers are asking is – can they, as an employer, require their employees to have the Covid-19 vaccine?
The answer…
The quick answer to this is no and that the Government has said the vaccine is not a legal requirement. In order for employees to receive the vaccine, they would have to provide their informed and voluntary consent and without this, a vaccine would not be provided to the employee. For employers to force their employees to have the vaccine, would also pose a human rights concern and could cause criminal implications. It is the employee’s right to choose if they would like to have the vaccine and this cannot be forced upon them by the employer.
How should an employer deal with an employee who has said they do not want the vaccine?
An employer should not try to dismiss an employee for refusing to be vaccinated, as this could lead the employer to face claims for unfair dismissal and/or discrimination.
ACAS (https://www.acas.org.uk/) is a great place to look for advice on this matter and has previously recommended that instead of employers forcing employees to be vaccinated, they should have a conversation with their employees as to why they do not want the vaccine to further understand this. The employee may have their own personal reasons for why they do not want to have the vaccine – whether this is for health concerns, religion or fear or mistrust.
This in itself can be a sensitive subject, of which the employer should ensure to communicate with the employee very carefully on.