Chancellor Rishi Sunak has delivered his first Budget yesterday, announcing the government's tax and spending plans for the year ahead.
We’ve summarised some of the key points announced, focusing on changes that will affect you and your business.
Businesses and Coronavirus
· SSP for those advised to self-isolate, even if they have not presented with symptoms
· Self-employed who are not eligible can claim contributory Employment Support Allowance
· Firms with less than 250 staff will be refunded for sick pay payments for two weeks
· Small firms will be able to access "business interruption" loans of up to £1.2m
Tax, wages and pensions
· The tax threshold for National Insurance Contributions will rise from £8,632 to £9,500
· The threshold change will take 500,000 employees out of the tax altogether
· 5% VAT on women's sanitary products, known as the ‘tampon tax’ to be scrapped
· Tax paid on the pensions of high earners, including NHS consultants, to be recalculated
· Plastic packaging tax to come into force from April 2022
· No other new announcements on income tax, national insurance or VAT
Business and technology
· Business rates scrapped for shops and cafes
· Business rate discounts for pubs to rise from £1,000 to £5,000 this year
· System of High Street business rates to be reviewed later this year
· Firms eligible for small business rates relief will get £3,000 cash grant
· Entrepreneurs' Relief will be retained, but lifetime allowance will reduce from £10m to £1m
· £5bn to be spent on getting gigabit-capable broadband into the hardest-to-reach places
· An extra £900m for research into nuclear fusion, space and electric vehicles
· VAT to be scrapped on digital publications, including newspapers, e-books and academic journals
Travel and transport
· More than £600bn to be spent on roads, rail, broadband and housing by the middle of 2025
· £27bn for motorways and other arterial roads, including new tunnel for the A303
· £2.5bn will be available to fix potholes and resurface roads in England over five years
· Fuel duty to be frozen for the 10th consecutive year
Sources: BBC News
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