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Budget Headlines for March 2021
05-Mar-2021
- Budget Headlines for March 2021 -
The Furlough scheme will be extended until the end of September, however employees will be expected to contribute 10% of wages in July and 20% of wages in August and September.
SEISS has also been extended. The fourth grant will pay up to 80 of average trading profits up to £7.5k in total. There will also be a 5th grant covering the period from May to September which will be subject to a turnover test.
The VAT cut for the hospitality sector will remain at 5% until September.
Personal Allowances will be frozen at £12,570 from April 2021 to 2026 and the higher rate tax band will also be frozen at £50,270 for the same period. There will be no changes to income tax and national insurance rates.
The Corporation Tax Rate will rise from 19% to 25% from April 2023 , however the rate will remain at 19% for those companies with less than £50k profit. A marginal rate will apply for those with profits between £50k and £250k.
Capital Expenditure between 1st April 2021 and 31 March 2023 may qualify for 130% super deduction.
Deferred VAT for amounts due between March and June 2021 can be paid in instalments from March 2021 onwards by joining the VAT deferral new payment scheme.
Stamp Duty Land Tax holiday has been extended until the end of June. If you are selling property and there is likely to be a capital gain, please remember that you have only 30 days to file a report.
If you would like more details or assistance on any of the above please contact us on 01983 523361
