WHAT DOES THE NEW BUDGET 2021 MEAN FOR YOU?

• Confirmation business rates to be retained and reformed
• A 50% business rates discount for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000
• Planned rise in fuel duty to be cancelled amid the highest pump prices in eight years
• Consultation on an online sales tax
• National Living Wage to increase next year by 6.6%, to £9.50 an hour
• Levelling Up Fund will mean £1.7bn invested in local areas across the UK
• Government backing projects in Aberdeen, Bury, Burnley, Lewes, Clwyd South, Stoke-on-Trent, Ashton under Lyne, Doncaster, South Leicester, Sunderland and West Leeds
• Tax relief for museums and galleries will be extended for two years, to March 2024
• Core science funding to rise to £5.9bn a year by 2024-25
• £7bn for transport projects in areas including Greater Manchester, the West Midlands and South Yorkshire
• Flights between airports in the UK nations will be subject to a new lower rate of Air Passenger Duty from April 2023
• Financial support for English airports to be extended for a further six months
• From April 2023, new ultra long haul band in Air Passenger Duty for flights of over 5,500 miles introduced
• Planned rise in the duty on spirits, wine, cider and beer cancelled
• Simplification of alcohol duties will see the number of rates drop from 15 to six
• Stronger red wines, fortified wines, and high-strength ciders will see a small increase in their rates
• Rates on many lower alcohol drinks including rose wine, fruit ciders, liqueurs, lower strength beers and wines to fall
• All sparkling wines to pay same duty as still wines of equivalent strength
• Lower duty on draught beer and cider from containers over 40 litres will cut the rate by 5%
• £24bn earmarked for housing, including £11.5bn for up to 180,000 affordable homes, with brownfield sites targeted for development
• 4% levy will be placed on property developers with profits over £25m to help create a £5bn fund to remove unsafe cladding

We will be back soon to provide an analysis of what each of these could mean for you and your business should any be relevant to you. 

In the meantime, for more information on our Accounting and Bookkeeping services in Manchester pop us an email on [email protected]