So the budget is due on 3rd March 2021. What’s this budget 2021 made up of, and what significant announcements you must expect this year? Surely, you’ll need help with dissecting the key announcements. What are these and how will they impact your business, in the long run, this is the real question here.
What’s the Budget 2021 Made Up Of?
HM Treasury has put forth an intention to lay a tax policy for spring, command papers before the house on 23rd March 2021. This means you’ll receive further information regarding:
- Impact on fiscal information, and what legislations will be made in the finance bill. These changes will be made in the budget in the most normal possible way.
- There might be a case of announcing any consultations separately from the budget. All these consultations might not surface on the budget day.
- You might observe a number of consultations on the command paper itself. Most of these will be published on the same day. So in case, if you’re looking for any of these, you can find it on the command paper itself. It’s important to note that all these consultations are really very important as per the government’s policy. You can consider it as an integral part of the government’s 10-year tax administration strategy.
- It’s important to note that alongside these documents announced in the budget, the ones published in the finance bill will also be published on this day.
Here’s an Overview
You surely don’t want to get into all the boring details. So let’s just summarize it all for you once and for all. It’s important to understand that most part of the budget 2021 focuses on the economic fallout of the coronavirus crisis. The government borrowed around £284.7billion from April to November to fund schemes like furlough and bounce back loans for businesses. Universal credit boost, tax hikes, extended furlough scheme, support for the self-employed, and stamp duty extension are some of the common highlights of what makes up the budget of 2021.