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What does the UK Budget announcements mean for you and your business?

Rishi Sunak has set out the UK Government’s plans for recovery. The Chancellor has promised to do “whatever it takes” to help the UK’s pandemic-damaged economy. HB Accountants are here to help you #BeInformed and our budget summary gives to you overview of the key announcements arising for the Chancellor’s speech.

Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.

If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch on 01992 444466 or email HB Accountants

Click the link below to download our #BeInformed Budget Report

Key points we think you should be considering right now resulting from Rishi’s latest budget;

  • The new ‘super deduction’ for most plant and machinery purchases comes into play from 1st April 2021, so it may be worth holding off purchasing any assets that would usually qualify for capital allowances at 18% until after this date
  • Tax Losses generated during accounting periods ended between 1st April 2020 and 31st March 2022 for companies and for tax years 2020/21 and 2021/22 for unincorporated businesses (i.e. self employed individuals) will be available to be carried back for three years, the losses will be taken against later years first. We will be reviewing our client’s losses and will be in touch in this regard
  • If you are self-employed ensure you apply for the self-employment grants if required – note important dates in your diary, we will be in touch as soon as the portal for applying for grants opens
  • Keep in mind that furlough scheme has been extended to September HOWEVER employers will need to start contributing to the cost of employee’s wages from July onwards
  • Minimum wage has increased to £8.91 per hour from April, ensure that your payroll teams are aware of this

We have been working hard to continue to keep you updated as the Government releases new information and are doing everything we can to support our clients during this uncertain period, please do not hesitate to contact us here if you have any concerns or queries and why not check our our COVID19 Business Hub for the very latest updates.

Visit our COVID19 Business Hub for more information

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The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any errors or omission or for any person acting on or refraining from acting on the information provided in the above

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