The Spring Budget sets out the latest financial measures for individuals and businesses as the UK transitions through the next phase of the pandemic and onto the road to recovery.
This Budget involves a three part plan:
Read below for our latest insights, opinion and advice following the Chancellor of the Exchequer, Rishi Sunak’s, Spring 2021 Budget.
There are small increases in the personal allowance and basic rate thresholds for the new tax year to 5 April 2022, but after this they remain frozen until 5 April 2026. This results in an annual tax saving of £14 for a basic rate taxpayer, £68 if you pay higher rate tax.
The chancellor announced several measures to help the hospitality and leisure sector. These include an extension to the temporary reduced VAT rate, a reduced VAT rate from October 2021 to March 2022 and an extension to the business rates holiday.