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Budget, Events

The budget: What suppliers need to know

Chancellor Rishi Sunak unveiled the budget yesterday, setting out the government's tax and spending plans for the year ahead.

Here's what you need to know if you run your own business.

Furlough Extension

The furlough scheme has been extended to September 2021, with wages guaranteed at 80% until the scheme ends. The government will ask businesses to contribute 10% to wages in July and 20% in August and September, so it's worth preparing in advance to cover these costs.

SEISS

The self-employment income support scheme has been extended until September, with grants covering 80% of average trading profits up to £7,500.

VAT

The government will extend the reduced 5% VAT rate until the end of September. It will then rise to 12.5% for a further six months before returning to the standard rate from April 2022.

Hospitality business rates

Rates have been frozen for three months and will be cut by 2/3rds for a further six months after that. Check if your business is eligible for business rates relief here.

Contactless payment

The limit has been increased from £45 to £100, something you should bear in mind if you sell products to the public.