Budget Guide 2021
With the UK having been adversely affected by the coronavirus (COVID-19) pandemic, Chancellor Rishi Sunak presented the much anticipated 2021 Budget against a backdrop of ongoing economic hardship.
Jonathan Ford & Co Limited Budget Guide 2021
Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech.
- Extension of the Furlough Scheme and Self-Employed income support
- Extension of the current stamp duty holiday to the end of June
- A new mortgage scheme to help buyers with a 5% deposit to be launched
- Income tax thresholds have been frozen after a rise this April
- The pensions lifetime allowance and the thresholds for capital gains tax and inheritance tax will also be frozen.
- Corporation tax on company profits above £250,000 to rise from 19% to 25% in April 2023
- The 5% reduced rate of VAT for the tourism and hospitality sector will be extended for six months
- A Recovery Loan Scheme will provide lenders with a guarantee of 80% on eligible loans between £25,000 and £10 million.
- A new Restart Grant will launch in April to help businesses.
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.
