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Budget 2021 hub 

The key announcements for businesses, employers and individuals.
Budget 2021: Crowe reactions
Our partners give their reactions on the Budget measures delivered by the Chancellor in his three part plan: to protect jobs, keep business afloat and help families.

The Budget in 90 seconds 

 
Simon Crookston
Partner Corporate Tax
Stuart Weekes
Partner Corporate Tax
 Rob Gunn
Partner Corporate Tax

 

 Tom Elliott
Partner, Head of London Private Clients
 Caroline Fleet
Partner, Corporate Tax
Nick Latimer
Partner, Private Clients

Crowe Cast: Budget special

In the special episode of Crowe Casts our Partners, Jane Mackay (Head of Tax) Laurence Field (Corporate and International Tax Partner), Rebecca Durrant (National Head of Private Clients) and Robert Marchant (National Head of Corporate VAT), discuss the impact the Chancellor's statement is likely to have on business and individuals.

 

What has the Budget delivered

Company taxes

New powers to address threats to the tax regime were announced in the recent Budget.
How will companies be affected by the changes announced by the Chancellor?
Chancellor announces a number of significant changes to the capital allowances system.
Business rate holiday extension and support package for non-essential retail businesses.
UK government seeks a review of the R&D tax credit schemes to retain world-class innovation ecosystem.
From 1 June 2021, companies will have to rely on the tax treaties between the relevant countries to benefit from any reduced rates of withholding tax.
Impact of the new Freeports on capital and buildings allowances.
Budget outlook for property sees short term and medium term stimulation, but long term view still needed.
New powers to address threats to the tax regime were announced in the recent Budget.
How will companies be affected by the changes announced by the Chancellor?
Chancellor announces a number of significant changes to the capital allowances system.
Business rate holiday extension and support package for non-essential retail businesses.
UK government seeks a review of the R&D tax credit schemes to retain world-class innovation ecosystem.
From 1 June 2021, companies will have to rely on the tax treaties between the relevant countries to benefit from any reduced rates of withholding tax.
Impact of the new Freeports on capital and buildings allowances.
Budget outlook for property sees short term and medium term stimulation, but long term view still needed.

Individual taxes

The Chancellor announced a number of measures including an extension to the SEISS which will support business owners during the pandemic.
The delay in major tax changes from today’s Budget means individuals have more time to plan their tax affairs.
The rise in the corporation tax to 25% will not apply to the 70% of family trading companies whose profits do not exceed £50,000.
The 2% surcharge in respect of purchases of residential property by ‘non-residents’ is going to go ahead from April 2021.
The ATED charge, which applies to companies which own properties that are worth more than £500,000, is due to increase in line with inflation.
The SDLT nil band is being phased out in stages after the holiday ends on 30 June 2021.
The Chancellor announced a number of measures including an extension to the SEISS which will support business owners during the pandemic.
The delay in major tax changes from today’s Budget means individuals have more time to plan their tax affairs.
The rise in the corporation tax to 25% will not apply to the 70% of family trading companies whose profits do not exceed £50,000.
The 2% surcharge in respect of purchases of residential property by ‘non-residents’ is going to go ahead from April 2021.
The ATED charge, which applies to companies which own properties that are worth more than £500,000, is due to increase in line with inflation.
The SDLT nil band is being phased out in stages after the holiday ends on 30 June 2021.

Employer taxes

The Chancellor announced in the 2021 Budget that the Furlough Scheme will be extended until 30 September 2021.
Chancellor announces that Enterprise Management Incentive (EMI) is to undergo review.
The Chancellor announced in the 2021 Budget that the Furlough Scheme will be extended until 30 September 2021.
Chancellor announces that Enterprise Management Incentive (EMI) is to undergo review.

VAT and customs duty

VAT rate changes announced for the hospitality and tourism sector and new details on the VAT payment deferral scheme.
Announcement of eight new Freeports aimed at developing the UK’s international trading arrangements.
Important announcements were made regarding the VAT registration threshold and Making Tax Digital.
VAT rate changes announced for the hospitality and tourism sector and new details on the VAT payment deferral scheme.
Announcement of eight new Freeports aimed at developing the UK’s international trading arrangements.
Important announcements were made regarding the VAT registration threshold and Making Tax Digital.

Non Profit

A Budget with very little direct support to alleviate any of the pressures.

COVID-19 Funding Support Flowcharts