Budget 2021

Budget 2021

Budget 2021 Main points –

Furlough scheme extended to 30/09/21 at 80% of pay until 30/06/21 and then 70% until 31/07/21 and then 60% for the remaining 2 months

SEISS grant announced for Feb-April again at 80% of profits and then from May the grant will lower if your profits are not reduced by more than 30% of usual. This is available to all the self employed who have submitted a 2020 tax return

Business rates holiday for retail and hospitality is extended to 30/06/21 and then a 2/3rds discount until 31/03/22

VAT reduction remains at 5% for hospitality until 30/09/21 and then at 12.5% until 31/03/22

Universal £20 uplift continues for another 6 months

Personal tax thresholds frozen until 2026

Corporation tax will increase 6% to 25% for limited companies with profits greater than £250,000 from April 2023. Companies with profits less than £50,000 will remain at 19% and the % will taper inbetween

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