Spotlight On: Budget 2021
Budget 2021 - Wednesday 3 March 2021
The Chancellor of the Exchequer, Rishi Sunak, has announced the latest UK Budget.
The Spring Budget set out the next set of financial measures for individuals and businesses as the UK transitions through the next phase of this pandemic and hopefully onto the road of recovery.
Budget 2021: Key Points
- Furlough to be extended until the end of September. With the Government to continue paying 80% of employees' wages for hours they cannot work.
- No changes to rates of income tax, national insurance or VAT
- Personal income tax allowance to be frozen at £12,570 from 2022 to 2026
- Higher rate income tax threshold to be frozen at £50,270 from 2022 to 2026
- Corporation tax on company profits to rise from 19% to 25% in April 2023
- A “super deduction” in tax for companies for the next 2 years that invest in plant and machinery
- A new COVID recovery loan scheme launched offering 80% guarantees by the government. To replace the Bounce-back and other coronavirus loans for businesses
- £400m to help arts venues in England, including museums and galleries, re-open
- £300m recovery package for professional sport and £25m for grassroots football
- Incentive grants for apprenticeships to rise to £3,000 and £126 for traineeships
- Reduced rate of 5% VAT for the hospitality and tourism sectors has been extended to the end of September
- Business rates holiday for firms in England will continue from April until June
- £5bn in re-opening grants for non-essential businesses of up to £6,000 per premises.
- Eight new freeports with special economic zones and different custom rules
Hear expert Budget commentary and analysis
To help you navigate these unsure times we will be publishing a collection of special insights, webinars and commentary from our experts across MHA that will cover all the key points and next steps.
These key insights can be found on our MHA Budget 2021 Hub
Download our FREE Tax Card and Budget Summary Guides
If you want to receive one of these special FREE guides to help with your plans, please click on the links below:
You can also catch our latest Budget updates as they are published by following us on LinkedIn,Twitter, Instagram and YouTube
Budget 2021 Webinar
After the announcement we will be releasing a special commentary video looking at the national picture for businesses in the UK in collaboration with our experts from across our MHA network. Visit out MHA Budget 2021 hub to view this exclusive commentary.
Watch our special Budget review webinar using the link below:
Can’t wait to know how the Budget will affect your business?
We offer a complete range of tax services covering both tax compliance and tax advisory. Our teams help entrepreneurs, individuals, businesses and professional firms in all areas of tax legislation.
Our team keep up to date with the latest tax issues and regulations and we can help you navigate any tax issue that may be affecting your business. So why not get in touch today, before Budget Day, to discuss how we can help you execute your plans.
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