Budget 2021 – our roundup of the announcement on 3rd March 2021:
In his second Budget and 14th fiscal announcement since succeeding Sajid Javid in February 2020, the Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while setting out a roadmap to wean the UK economy off this emergency support.
During his Budget 2021 announcements, Rishi Sunak resisted the urge to start raising the main taxes in a bid to rebuild the UK economy and tattered public finances. His hands, however, were somewhat tied by the Conservative election manifesto of 2019, which pledged not to raise the rates of income tax, National Insurance contributions or VAT until 2024.
That’s despite the financial fallout from COVID-19 over the last year being the fiscal equivalent of fighting a war, with more than £280 billion already committed towards protecting the UK economy since March 2020.
The Office for Budget Responsibility expects that figure to grow in the months ahead, especially with Sunak announcing a “fifth and final” taxable grant through the self-employed income support scheme and a further extension to the furlough scheme.
This year, as we’ve been working from home, we’ve taken a different approach to our Budget 2021 analysis. We’ve created a series of short videos which cover the main areas featuring our Partners and some of our Senior Managers.
VIDEO 1: Introduction from Nick Forsyth
VIDEO 2: Income Tax and National Insurance from Graham McNeill
VIDEO 3: Capital Gains Tax from Paul Short
VIDEO 4: VAT Part 1 (Budget Changes) from Nigel Whittle
VIDEO 5: VAT Part 2 (CIS and Brexit) from Nigel Whittle
VIDEO 6: Inheritance Tax and Estate Planning from Lucy Orrow
VIDEO 7: Business Tax Part 1 (Corporation Tax) from Craig Weavers and Nigel Whittle
VIDEO 8: Business Tax Part 2 (Capital Allowances) from Sean Wiegand and Graham NcNeill
VIDEO 9: COVID-19 Support from Lisa Greenwood
VIDEO 10: Bringing our economy out of lockdown from John Smith-Daye
VIDEO 11: What does our future look like? from Nick Forsyth
To understand how the announcements will affect your financial situation, our Budget 2021 report is also available to read on the website:
If you have any specific questions or concerns regarding the Budget 2021 announcements, please give us a call and we would be happy to discuss this with you.
Disclaimer: The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.