News Update on the 2021 Budget – via LinkedIn
Rishi Sunak revealed a number of planned taxation changes for the months and years ahead that will impact businesses and individuals:
A rise in corporation tax to 25% from 2023 for businesses with profits over £250,000. A lower rate of 19% will apply to small businesses.
VAT, National Insurance and income tax will remain at current levels, though the income tax personal allowance will be frozen rather than rise with inflation.
Businesses that invest in new machinery will be able to claim 130% of the cost as a tax cut for the next two years.
The stamp duty holiday will be extended until the end of June, meaning property purchases up to £500,000 will not incur the tax. From June until the end of September, the threshold will drop to £250,000, before returning to its original level of £125,000.
Fuel and alcohol duties were frozen, with planned increases scrapped.
What do you think of the chancellor’s plans? How will the measures affect your business?
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