How the 2021 Budget affects your business.
Whether you are self-employed or running a company, there is something in here that will help answer your questions.
Listen to find out more!
I know it can be hard to understand what this means for your business, so we have put together a quick guide on what you need to know about the budget and how it will affect you.
This week on I Hate Numbers, I’m looking at his Budget and the Self-Employed Grant and what it means for your business. I'll also be talking about the Furlough Scheme and changes to that, as well as new Kickstart Grants.
I will cover tax rates and allowances for companies, self-employed people, and the Super Investment Scheme too – so there will be something in this episode of I Hate Numbers for everyone!
Let me help you understand How the 2021 Budget affects your business now and going forward. Listen to this jargon-free podcast to understand the budget headlines!
What is the backstory to the 2021 Budget?
Firstly, it was no shock to know that COVID-19 would feature prominently. Secondly some eye-watering numbers. Those numbers in billions for the Self-Employed Grants, Furlough, Universal Credit, and other Grants. Lastly, the state of the UK economy now and in the future.
Above all, does it matter? Absolutely! You and your business need to understand the landscape, when you plan, and move forward. Cash flow is vital to keep your wheels turning.
The 2021 Budget includes a lot of changes to taxes, and financial support programs, that will affect your business.
Listen to find out more!
What are the 2021 Budget highlights and how they affect your business
- Income tax rates have not changed, certainly not at this stage.
- Corporation tax rates set to rise in the future, but not for all companies.
- Tax allowances are effectively frozen for the next few years. This means tax rises for you over the next few years.
- Super Investment allowances introduced for capital investment. It is only for companies, and not on everything you buy for your business.
- Self Employed Grant. Details on the fourth, the same rules as Grant number Three. We got an overview of the fifth and final grant. My prediction for the changes turned out to be correct. An extra 600,000 people now become eligible to claim the Self-Employed Grant. Thanks for listening Rishi.
- Furlough Grants. Changes announced for May 2021 onward. These changes affect how much you claim, who you can claim for and how much it will cost your business.
It was tough gig for Rishi and whether he deserves rotten tomatoes or a well done is a debate for another day – between me and you, rotten tomatoes seems to be the common reaction.
In the words of Laura Kuenssberg “Business will, in time, pay billions more. More than a million people will have to start paying income tax, and a million extra will pay at a higher level”
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