Trade Credit Reinsurance scheme – The Trade Credit Reinsurance scheme has successfully maintained the vast majority of trade credit insurance coverage across the market throughout the pandemic, across the whole of the UK. Up to £190 billion of cover on around half a million businesses has been provided under the scheme. The government will continue to review the impacts of the scheme to assess whether there is a case for further interventions beyond the scheduled end date of 30 June 2021, in order to minimise disruptions in insurance coverage Law Firm Accounting and Bookkeeping 101 as the economy recovers. No-interest loans scheme pilot – The government will provide up to £3.8 million of funding to deliver a pilot no-interest loans scheme. The scheme will help vulnerable consumers who would benefit from affordable short-term credit to meet unexpected costs as an alternative to relying on high-cost credit. Supporting apprenticeships across different employers[footnote 59] – The government will introduce a £7 million fund from July 2021 to help employers in England set up and expand portable apprenticeships.
Film and high-end TV will be eligible for a credit rate of 34% and animation and children’s TV will be eligible for a rate of 39%. Qualifying expenditure for the Video Games Expenditure Credit will be expenditure on goods and services that are used or consumed in the UK. Games that have not concluded development on 1 April 2025 may continue to claim EEA expenditure under the current video games tax relief until this relief sunsets in April 2027.
Debt
Job finding support service – The government is funding private sector capacity to introduce a job finding support service in Great Britain. This online, one-to-one service helps those who have been unemployed for less than three months increase their chances of finding employment. VAT on electronic publications – At Budget 2020, the government announced it would legislate to apply a permanent zero rate of VAT to supplies of electronic publications from 1 December 2020 to support literacy and reading in all its forms. Following the outbreak https://1investing.in/choosing-the-best-accountant-for-your-law-firm/ of COVID-19 and to help reduce the cost of access to electronic publications when many people have been confined to their homes and schools closed, the government legislated to bring forward the implementation date to 1 May 2020. The government has provided comprehensive economic support to protect businesses from the impacts of the pandemic helping them to plan for subsequent months. The government is also helping people and industries in Scotland, Wales and Northern Ireland through freezes to the rates of duty on fuel and alcohol.
Business rates repayments – The government will legislate to ensure that the business rates relief repayments that have been made by certain businesses are deductible for corporation tax and income tax purposes. This will ensure that these businesses are no worse off from a tax perspective than if they had paid the business rates in the first place. This will apply for repayments made to the devolved administrations as well as to those made in relation to England. In response to the unprecedented economic shock created by COVID-19, the government quickly provided one of the most comprehensive and generous packages of economic support and adapted the help offered as the situation evolved. This has provided timely, targeted and temporary support to individuals, families and businesses across the UK.
Impact on households: distributional analysis to accompany Spring Budget 2023
The government will ensure digital resources such as apps for management of mental health and MSK conditions are readily available, so that more people can easily and quickly access the support that is right for them. This represents a step change in the government’s ambition on digital resources for mental health and MSK, putting the NHS at the forefront in its use of innovative technologies. At Autumn Statement 2022, the Chancellor announced that the Department for Work and Pensions (DWP) would thoroughly review workforce participation. The government’s plan to reduce debt as a proportion of GDP is particularly important in the context of elevated risks. The government’s approach to managing fiscal risks is at the forefront of international best practice. The actual costs in a budget report are the total expenditure that the company or project spent over the course of time reflected in the report.
- Women’s Euros – The government will provide £1.2 million to mitigate the financial effects of COVID-19 on the UEFA Women’s Euro football competition and deliver a successful tournament in England in 2022, supporting the sport to grow and thrive.
- This will continue multi-agency support to vulnerable children in alternative provision schools, to improve engagement with education (including attendance, behaviour and wellbeing) and reduce their vulnerability to serious violence.
- As well as investing in leading UK-based venture capital funds, the government will expand the NSSIF programme to make direct investments, alongside private sector co-investors, into companies with advanced technologies that can contribute to the UK’s longer term national and economic security.
- Carbon pricing after the transition period – The UK will continue to apply an ambitious carbon price from 1 January 2021 to support progress towards reaching net zero.
It might not be as jazzy as the more retail spending commitments, but reducing debt was a hallmark of the coalition government – and Hunt is keen to stick at it. Hunt says growth is one of the PM’s five priorities, but defends his commitment to returning inflation to the 2% target and says it now looks poised to diminish to 2.9% by the end of the year. That compares with November forecasts of 1.3% for 2024, 2.6% for 2025 and 2.7% for the year after – so the OBR is expecting stronger growth in the next two years, but a slower recovery thereafter. Since the autumn statement, the OBR, along with many other forecasters, has become slightly less gloomy about the prospects for 2023. He also announces extra help for those with prepayment meters, saying he will “bring their charges in line with comparable direct debit charges”.
Impact on households: distributional analysis to accompany Autumn Budget and Spending Review 2021
This is the total period budget (up the current period) minus the total actual value (up to the current period). Use the Budget vs Actuals Excel report to compare your nominal account budget figures against your actual and committed expenditure, and view figures for selected periods or an annual budget. And these reports are an opportunity to reflect on how money was deployed over each set period. So if you forecast that your business will generate $10 million in monthly recurring revenue (MRR) this quarter, this revenue may fuel your project budgets for the same period.
