Budget 2021
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3rd March 2021.
In his speech he stated his Budget ‘meets the moment with a three-part plan to protect the jobs and livelihoods of the British people’.
Main Budget proposals Tax measures include:
a super-deduction for companies investing in new plant and machinery
a time extension of the temporary increase to the SDLT nil rate band for residential property in England and Northern Ireland
an extension to the temporary 5% reduced rate of VAT for certain supplies
a temporary increase in the carry-back period for business losses
an increased rate of corporation tax from 2023.
Other measures include:
a new mortgage guarantee scheme
extension to the Job Retention Scheme
a Self-Employment Income Support Scheme fourth and fifth grant
an extension to the business rates holiday in England.
Previously announced measures include:
a cap on the amount of R&D tax credit paid to a loss-making small or medium-sized enterprise
new rules apply to off-payroll working payments made for services provided on or after 6 April 2021.
Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. However, it also looks beyond the headlines and offers details on the less-publicised changes that are most likely to have an impact upon your business and your personal finances.
Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
Some Budget proposals may be subject to amendment in the 2021 Finance Act. You should contact us before taking any action as a result of the contents of this summary.
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch.
The Rawcliffe & Co team is available via phone or email Monday to Thursday 9-5pm and 9 – 4:30pm on Fridays.
Tel: 01253 798812
Email: info@rawcliffeco.com