Last week the Chancellor announced the UK's 2021 Budget. We have put together a short blog to keep you updated with COVID-19 financial relief available.

Employed

For people in employment, the main relief available is furlough. The furlough scheme is extended to September 2021, although the decision as to whether employees stay on furlough is the employers to make. The rules are changing slightly: from July onwards, employers will now have to contribute more towards their employee's pay.

Self Employed

For those self-employed, the Self-Employed Income Support Scheme (SEISS) has been extended for another two payments (one in April and another in July), although unlike the three prior grants, these will now take your 2020 tax returns into account when determining what you are entitled to. If you submitted your 2020 tax return with Maximoor, you benefit from all year round support, so we will be happy to walk you through the claiming process.

Business Loan Schemes

Also available to those who are self-employed is the new loan scheme. Although not many details have been released, it is not guaranteed at 100% like the previous Bounce Back loans were, instead it is guaranteed at 80%. This suggests that applicants may be subject to more stringent checks.

For those operating under the CIS scheme, Bounce Back Loans proved difficult to obtain due to the fact many subcontractors did not hold a business bank account and operated through accounts in their personal name. This requirement is likely to remain.

Other Relief

• The stamp duty holiday remains in place for 3 more months in full and a futher 3 more months after that at a reduced level.

• The £20 weekly uplift in Universal Credit remains in place for a further six months.

• Working Tax Credit claimants will get a £500 one-off payment (this also includes Child Tax Credit claimants whose incomes are too high to receive Working Tax Credits).
  
  
  

Maximoor Year-Round Support

If you submitted your 2021 Tax Return with us, you will benefit from year-round support, dealing with HMRC-related enquiries. If you have any questions on how to best maximise your donations contact us here.