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Don’t Stress about today's budget announcement . Here is the Summary.

In addition to the furlough scheme being extended until September, some of the key policies affecting taxation and businesses are as follows:


  • No changes to rates of income tax, national insurance or VAT

  • Personal income tax allowance to be frozen at £12,570 from April 2022 to 2026.

  • Higher rate income tax threshold to be frozen at £50,270 from 2022 to 2026

  • Corporation tax on company profits to rise from 19% to 25% in April 2023.

  • Rate to be kept at 19% for about 1.5 million smaller companies with profits of less than £50,000.

  • Stamp duty holiday on house purchases in England and Northern Ireland extended to 30 June.

  • No tax charged on sales of less than £500,000


  • Tax breaks for firms to "unlock" £20bn worth of business investment.

  • Firms will be able "deduct" investment costs from tax bills, reducing taxable profits by 130%.

  • Incentives for firms to take on apprentices to rise to £3,000 and £126m for traineeships

  • Lower VAT rate for hospitality firms to be maintained at 5% rate until September, Interim 12.5% rate will then apply for the following six months.

  • Business rates holiday for firms in England to continue until June with 75% discount after that £5bn in 'restart' grants for shops and other businesses in England forced to close.

  • £6,000 per premises for non-essential outlets due to re-open in April and £18,000 for gyms, personal care providers and other hospitality and leisure businesses.

  • New visa scheme to help start-ups and rapidly growing tech firms source talent from overseas.

  • Contactless payment limit will rise to £100 later this year.

Many thanks and stay safe.

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