Budget 2021

Health and Social Care Levy 2021

The way had been paved over recent months for a health and social care levy following on from the impact that the pandemic continues to wield on the NHS and our social care system.

It was therefore not entirely surprising that the Prime Minister announced the levy on 7 September to pay for reforms with three changes to be introduced from 6 April 2022. 

Read our latest insight to find out the details.

UK Budget - March 2021

Chancellor Rishi Sunak has delivered his Budget, saying he will do whatever it takes to support the UK's long-term economic recovery. Our team of experts have analysed the announcement and produced a helpful overview of the key areas announced, including what these mean for you and your business.

Use the navigation menu to view the changes announced. We've broken it down so that you can see the updates that will apply to you as an individual, a business, an employer or if you are self-employed.

The Government is determined to 'build back better' and for the UK, post Brexit, to become a world leader in green energy and innovation, whilst attracting talent and investment and making those who can afford to, pay more tax. 

Today’s announcements covered three main elements to the Government’s recovery plan:

  1. Confirmation that the Government will do what it takes to support businesses and individuals through to the end of this crisis: furlough scheme extended to 30 September 2021 and help for self employed enhanced. Ability to carry back up to £2m trading losses for 3 years. Personal tax reliefs and bands frozen. The 5% VAT rate for hospitality, accommodation and attractions extended. 
  2. Once the country begins to safely reopen businesses, steps will be taken to fix the public finances: HMRC will boost staff numbers to focus on tax avoidance and evaders. Corporation tax increases from 2023 for those making bigger profits. Personal tax reliefs and bands frozen.
  3. Building our future economy: A "super deduction" of 130% for companies spending on new qualifying plant to encourage investment; freeports; major green energy initiatives including a new bank; more money for Scotland and city deals for Ayrshire, Argyll & Bute and Falkirk.

Budget for Businesses

Budget for Employers

Budget for Individuals

Budget for the Self-Employed

Budget for Green Energy

Tax Day: 23 March 2021

Tax Rates and Allowances 2021/22

Scottish Budget - January 2021

Scottish Finance Secretary, Kate Forbes, delivered a Scottish Budget announcement with a focus on building "a fairer, stronger and greener country."

Understandably the focus was on rebuilding the economy and continuing to support Scotland’s recovery through the COVID-19 pandemic and Ms Forbes laid out the Government’s tax and spending plans for the year ahead, including key announcements:

  • No change in income tax rates
  • Confirmation that the Land and Buildings Transaction Tax (LBTT) holiday will be lifted on 1 April 2021, but limited relief continuing for first time buyers
  • The 100% non-domestic rates relief for property in retail, hospitality, leisure and aviation will continue for at least the first three months of the financial year. 

Read our full overview of the Scottish Budget here.

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