Autumn Budget 2021 Key announcements for businesses

Budget 2021

Autumn Budget 2021 – In March the Chancellor announced an increase to corporation tax rates from April 2023 to 25% for taxable profits above £250,000. Currently we have one unified tax rate of 19% and this will remain for business with taxable profits of up £50,000 with a tapering relief provision in place between the £50,000 up to £250,000 when … Read More

Autumn Budget 2021 – individuals, employment taxes & duties

employment taxation

Today’s Budget was rather light on changes to individual and employment taxation, which was expected given recent ‘spoilers’. From April 22 the National Living Wage will increase by 6.6% to £9.50 per hour for people aged 23 and over.  This means an increase of over £1,000 p.a. for an employee working full time. Personal income tax thresholds are frozen until … Read More

Budget 2021 – Key announcements for businesses

business

CORPORATION TAX As widely predicted the Chancellor announced an increase to corporation tax rates from April 2023 to 25% for taxable profits above £250,000, which is slightly higher than the 23% rumors pre-Budget. Currently we have one unified tax rate of 19% and this will remain for business with taxable profits of up £50,000 with a tapering relief provisions in … Read More

Budget 2021 – Personal tax & further support measures

Personal tax

Employment Coronavirus Job Retention Scheme (CJRS) – The Chancellor has announced an extension to the furlough scheme until the end of September 2021.  There will be no change for employees who will continue to receive 80% of their current salary for hours not worked.  Employers will continue to cover National Insurance contributions and pensions but from July will be asked … Read More