Bookkeeping Bites – The Hot-Stepper-Budget-2021-Chancellor!

🎶🎶 Here comes the 🔥Hot Stepper 🔥Chancellor
He’s the furlough 💣gangster 💣 Chancellor,
A Fiscal Fire Power, Chancellor,
With 💰loans and grants 💰🎶🎶
Sorry, I couldn’t resist, but the #Budget2021 was all a bit 💥POW💥POW💥POW💥 yesterday, wasn’t it?
So, what is OUTand what is IN ?

🤓 Any further rises to your PERSONAL ALLOWANCE (the amount of wonga you earn before you start to pay Big G any dosh) past the 2021/22 tax year…..

💥 It will stick at £12,570 until April 2026 folks…..

🤓 The 19% corporation tax rate for businesses chucking out GREATER than £50k profit……. It is going up for these businesses! Tapered from 19% to 25%, until £250k profit reached

 IN … Tonnes of stuff, hold onto your 👖👙amigos 👙👖 you are about to 🚀fly 🚀

🤓 Furlough EXTENDED to 30th September 2021…

💥 With Big G paying 80% of wages until 30.06.21
💥 70% for July
💥 60% for August and September
💥 Yep, you guessed it, EMPLOYERS need to pay the extra from July onwards to make pay up to at least the 80%…

🤓 4th AND 5th Self Employed Income Support Scheme (SEISS) grant confirmed……..

💥 These will NOW INCLUDE those who have traded in 2019/20 👍👏 WOOOOHOOOO 👏👍
💥 The 5th grant WILL look at your turnover
💥 With a much smaller amount available to those who have less than a 30% reduction in their turnover…. 

🤓 Business rates holiday EXTENDED to 30.06.2021 with remainder of year discounted from 01.07.21….
💥 Watch out peeps, this is for retail, hospitality and leisure properties only…
🤓 A new RECOVERY LOAN SCHEME.. If you wanna borrow up to £10 million 💷💷 spondoolies 💷💷this is the grab for you
🤓 £18k RESTART GRANTS for the hospitality, accommodation, leisure, personal care and gym businesses
🤓 5% VAT rate reduction EXTENSION for hospitality, accommodation and attractions until 30.09.21…
💥 Then to 12.5% until 31.03.22….
🤓 Stamp duty holiday EXTENDED to 30.06.21 – still time to buy that 🏡🏕dream pad 🏕🏡without paying Big G any stamp duty (well, for properties up to £500k)
And, yep, quite a bit more…. It was quite exhausting!!!
🤓 If you fancy reading a nice overview round up, check out our friends at On The Spot and their budget blog here
🤓Or if you want a full round up (and a sound night’s sleep) check out Big G’s full list of ins and outs here:
😍😍Over and out peeps😍😍 I am going for a lay down 😂😂😂