This week’s MIA ‘drop-in’ session – Government Budget 2021

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We are pleased to announce a new support initiative from the MIA. Every Friday at 10am, we will be giving you the opportunity to join with other industry colleagues and discuss the issues affecting you and your business.

This week, we would like to get your feedback on the measures outlined by Chancellor Rishi Sunak in the budget announcement on Wednesday. 

Below is a summary of some of the items from the Budget update that are relevant to MIA Members:

Coronavirus support

  • Business rates holiday for firms in England to continue until June with 75% discount after that
  • Furlough to be extended until the end of September
  • Government to continue paying 80% of employees’ wages for hours they cannot work
  • Employers to be asked to contribute 10% in July and 20% in August and September
  • Support for the self-employed also to be extended until September
  • 600,000 more self-employed people will be eligible for help as access to grants is widened
  • Minimum wage to increase to £8.91 an hour from April

Taxation

  • Corporation tax on company profits to rise from 19% to 25% in April 2023
  • Rate to be kept at 19% for about 1.5 million smaller companies with profits of less than £50,000

Business, digital and science

  • Firms will be able “deduct” investment costs from tax bills, reducing taxable profits by 130%
  • Incentive grants for apprenticeships to rise to £3,000 and £126m for traineeships
  • £5bn in Restart grants for shops and other businesses forced to close
  • £6,000 per premises for non-essential outlets due to re-open in April
  • Contactless payment limit will rise to £100 later this year

If you would like to join the session taking place this Friday at 10am, please contact alice@mia.org.uk