{"id":20774,"date":"2021-03-04T09:48:14","date_gmt":"2021-03-04T09:48:14","guid":{"rendered":"https:\/\/smh.group\/?p=20774"},"modified":"2021-05-06T10:34:30","modified_gmt":"2021-05-06T10:34:30","slug":"budget-2021-key-points","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/budget-2021-key-points\/","title":{"rendered":"Budget 2021 \u2013 Key points"},"content":{"rendered":"\n<p>To the casual observer, the first Budget of 2021 appeared to have been fully revealed before the Chancellor even reached the despatch box. The relentless flow of pre-Budget rumours, kite-flying and red herrings makes it is all the more important to forget what was said before 12.30 on 3 March and concentrate on what Rishi Sunak did deliver in his speech.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The real \u2013 as opposed to rumoured \u2013 announcements included:<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The main rate of corporation tax will be increased to 25% from April 2023 for companies with profits of at least \u00a3250,000. At the same time, a small profits rate of 19% will be introduced for companies with profits below \u00a350,000.<\/li><li>For two years from April 2021, companies investing in qualifying new plant and machinery assets will benefit from a 130% first-year capital allowance.<\/li><li>The coronavirus job retention scheme (CJRS) will be extended in full until the end of June 2021 and then phased out over the following three months.<\/li><li>The self-employed income support scheme will also be extended at its current level with a fourth grant covering the period February to April. A fifth grant will cover following three months, but this will be at a lower level for those who have seen less than a 30% drop in turnover. Eligibility for the SEISS will be extended to include those who became self-employed in 2019\/20.<\/li><li>The personal allowance and higher rate threshold will rise to \u00a312,570 and \u00a350,270 for 2021\/22 and will then be frozen for the next four years.<\/li><li>The capital gains tax annual exemption, the inheritance tax rate nil rate band and the lifetime allowance will all be frozen at their current levels until April 2026.<\/li><li>The business rates holiday for retail, hospitality and leisure businesses will be extended for three months and then reduced to a 66% relief until the end of March 2022.<\/li><li>The temporary 5% VAT rate for hospitality, hotel and holiday accommodation and admission to certain attractions will be extended to the end of September 2021 and then replaced by a 12.5% rate until 31 March 2022.<\/li><li>The exemption from stamp duty land tax on the first \u00a3500,000 of residential property value will be extended to 30 June and then replaced by a \u00a3250,000 exemption until 30 September 2021.<\/li><li>A new residential mortgage guarantee scheme will run from April 2021 to December 2022, aimed at increasing availability of 91%-95% loan-to-value mortgages. The maximum property value will be \u00a3600,000 and mortgages must be arranged on a repayment basis.<\/li><li>Fuel duty was frozen again this year, alongside alcohol duties which are frozen for the second year running.<\/li><\/ul>\n\n\n\n<p>We have put together a comprehensive budget summary and all the latest tax announcements, which can be downloaded here:<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Budget-Summary-2021-SMH.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">Budget Summary 2021<\/span><\/a><\/strong><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2021\/03\/Tax-Tables-2021-22-SMH.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"text-decoration: underline;\">Tax Tables 2021\/22<\/span><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>To the casual observer, the first Budget of 2021 appeared to have been fully revealed before the Chancellor even reached the despatch box. The relentless flow of pre-Budget rumours, kite-flying and red herrings makes it is all the more important to forget what was said before 12.30 on 3 March and concentrate on what Rishi Sunak did deliver in his speech.<\/p>\n","protected":false},"author":4,"featured_media":20188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,16],"tags":[180,736,740,290,645,69,294,737,527,373,739,190,21,249,376,507,187,184,492],"class_list":["post-20774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-financial-services","tag-budget","tag-budget-2021","tag-budget-summary","tag-business-rates","tag-capital-allowances","tag-capital-gains-tax","tag-cgt","tag-chancellor","tag-cjrs","tag-corporation-tax","tag-fuel-duty","tag-government","tag-income-tax","tag-mortgages","tag-personal-allowance","tag-seiss","tag-self-employed","tag-stamp-duty","tag-tax-tables"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget 2021 \u2013 Key points - SMH Group Accounting &amp; Business Advisory<\/title>\n<meta name=\"description\" content=\"To the casual observer, the first Budget of 2021 appeared to have been fully revealed before the Chancellor even reached the despatch box. 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