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Albert Goodman tax manager responds to Budget 2021

Albert Goodman, Tax Manager, Andrew Law (pictured), gives his response to today’s Budget:

“The Chancellor had previously said that he would do whatever it takes to support business and livelihoods throughout the pandemic and today he announced that support would continue. The furlough scheme will carry on until September, with businesses asked to make small contributions from July onwards.

“Also announced were “restart grants” of between £6 and £18 thousand pounds for those businesses that have been forced to close during the latest lockdown, which will be very welcome news indeed to the pubs, hairdressers and tourism businesses of Somerset. Estate agents and those hoping to move home will also be pleased to hear that the Stamp Duty holiday was extended until the end of June. The “rabbit out of the hat” was a 130% tax break for those businesses that choose to invest in new equipment.

“Of course, all of this will have to be paid for, and Rishi Sunak set out a number of measures to help do this, including freezing the personal tax allowance from 2022, and raising corporation tax for the most profitable businesses to 25% . For now though The Chancellor seemed happy to continue to spend and invest public funds in order to restart the economy.”

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