Rishi Sunak, the Chancellor has today read out the budget in Parliament.
The key points that members will be interested in are:
• The fourth SEISS grant, which covers February, March and April, will now be worth 80% of trading profits for three months, capped at £7,500. The applications for this will open in April, the date to be announced.
• More than 600,000 newly self-employed people who have previously been excluded, can now apply. Previously you must have filed a tax return for 2018/19 to apply, now those who’ve filed a 2019/20 (by midnight yesterday) return may also be eligible.
• A fifth self-employed grant will be available, covering May to September. The value of this grant will be determined by a turnover test. People whose turnover has fallen by 30% or more will continue to receive the full grant worth 80% of three months’ average trading profits, capped at £7,500. People 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.
• The furlough scheme is extended until the end of September
• The Universal Credit top-up of £20-per-week will continue for a further six months.
• Fuel duty has also been frozen.
The GOV.UK link.
More details here.
!Please note! I quoted the wrong date in the earlier newsflash about the training webinars. They will be taking place on Wednesday 10 March and Thursday 11 March.