Member News

Budget 2021

Budget 2021

Main Budget proposals 

Tax measures include: 

  • super-deduction for companies investing in new plant and machinery 
  • a time extension of the temporary increase to the SDLT nil rate band for residential property in England and Northern Ireland 
  • an extension to the temporary 5% reduced rate of VAT for certain supplies
  • a temporary increase in the carry-back period for business losses 
  • an increased rate of corporation tax from 2023. 

Other measures include: 

  • a new mortgage guarantee scheme 
  • extension to the Job Retention Scheme 
  • a Self-Employment Income Support Scheme fourth and fifth grant 
  • an extension to the business rates holiday in England. 

Previously announced measures include: 

  • a cap on the amount of R&D tax credit paid to a loss-making small or medium-sized enterprise 
  • new rules apply to off-payroll working payments made for services provided on or after 6 April 2021. 

Some Budget proposals may be subject to amendment in the 2021 Finance Act. You should contact us before taking any action as a result of the contents of this summary.

Article by Lovewell Blake (Lowestoft)

Lovewell Blake is one of the largest independent firms of chartered accountants in East Anglia - a position which has developed through steady growth of our client portfolio and through merger with like-minded groups of professionals in key locations within the region.

As one of the largest firms of independent chartered accountants in East Anglia we have in-house expertise in a wide variety of services and industries to meet your needs. We have 25 partners and more than 200 staff working for the benefit of our clients.

Our tax consultancy team provides solutions to complex problems for many clients and also liaises closely with solicitors, land agents and other accountants on the more complicated aspects of compliance and mitigation.

Our corporate finance team has assisted in purchases and disposals of businesses throughout the region and our computer consultancy team has advised on many Sage accounting system applications to both clients and non-clients.

We also have separate departments dealing with business recovery and insolvency problems and grant applications. We are able to deal with the accounting, audit and tax requirements of all industries but we have particular expertise in those services to the following: agriculture, medical practices, regulated businesses, construction industry, licensed trade, charities, dentists and the legal profession.