4th March 2021
UPDATE – BUDGET
A number of documents have been published over the course of the past 24 hours that provide some additional details on the decisions announced in yesterday’s budget. I have also had a number of questions for members which I answer below in case they are of interest to other members.
- A number of members asked about the increase in gaming duty. This is a specific duty on casino table games and not MGD.
- The retail, leisure and hospitality rates relief does apply, as now to, FECs and AGCs (in England). There is a cap of £2 million for the nine months of the reduced two-thirds rate. The reference to being closed in yesterday’s update is part of the eligibility criteria and refers to businesses that were required to be closed on 5th January 2021 – which FECs and AGCs were.
- The restart grants are as now available to businesses irrespective of RV. So if you are over £51k you get them.
- Division 2 and 4 members should note that a further £425 million has gone to local authorities for discretionary grant funding. This was a previous announcement but my advice again is keep badgering your local authority. The grants are meant for you.
- The super-deduction applies to ‘eligible plant and machinery’. Subject to further detail being published, this covers machine purchases.
- Details of the fourth grants for the self-employed have been published https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension?utm_source=UKH+CV19+-+update+email&utm_campaign=35e8ddea58-EMAIL_CAMPAIGN_8_7_2020_12_58_COPY_01&utm_medium=email&utm_term=0_5608eb3d21-35e8ddea58-57365138
- A fifth and final and reduced grant for the self-employed will be available from late July.
- One thing I didn’t pick up yesterday which will be of value is the ability to pay any deferred VAT in instalments rather than in one lump sum.
- Here is some more detail on the recovery loans announced yesterday https://www.gov.uk/guidance/recovery-loan-scheme?utm_source=UKH+CV19+-+update+email&utm_campaign=35e8ddea58-EMAIL_CAMPAIGN_8_7_2020_12_58_COPY_01&utm_medium=email&utm_term=0_5608eb3d21-35e8ddea58-57365138
- Another item I think worth highlighting is the three year extension to loss carry back announced yesterday, given the impact of the pandemic on Income and Expenditure accounts. Details can be found here: https://www.gov.uk/government/publications/extended-loss-carry-back-for-businesses
- The Welsh Government announced another £30 million for retail leisure and hospitality business. The Welsh budget in on12th March.
A few updates back I sent round a note from Daniel Watney, our property advisers, explaining why it is important to appeal your rateable value as there is a possibility that there could be a rates reduction for buildings that are not being used because of the pandemic. If you didn’t get that note please get in touch.
Next Thursday at 10.30am we will be discussing the Gambling Review and the following Thursday at the same time we are holding a webinar on re-opening.
MILES FOR SMILES
Don’t forget to sponsor our bacta Smilers, who need some added sponsorship to keep turning the legs, peddles or whatever to raise money for the Bacta Charitable Trust. Just visit our just giving page. https://www.justgiving.com/crowdfunding/bactamilesforsmiles