
Seymour Taylor – Autumn Budget 2021
With the Speaker of the House of Commons by tradition not presiding over the Budget, the Chancellor might have hoped he would escape a rebuke over the number of important announcements disclosed to the media in advance.
That was not to be, with the Chancellor instead receiving a ticking-off from Dame Eleanor Laing, the Chairman of Ways and Means, who takes charge on Budget day.
Before Rishi Sunak rose to the despatch box, we already knew the public sector pay freeze would end. The Treasury had also confirmed there would be £5.7 billion for public transport in city regions, £5.9 billion to tackle waiting lists in the NHS, an increase in the National Living Wage to £9.50 an hour, £1.8 billion for housing on brownfield sites, as well as further cash for education.
The question, then, was what the Chancellor was saving for the Budget and whether this would include any significant tax changes.
The 2021 Spring Budget marked a post-pandemic turning point in the Government’s approach to tax and spending. Already this year, the Government has announced several significant tax rises. Corporation Tax is rising in 2023 and next year will see Dividend Tax and National Insurance Contributions rise by 1.25 percentage points.
Any taboo around tax rises had been blown apart. But, at the same time, the cost of living has risen rapidly, putting pressure on households and businesses.
The question, then, was how the Chancellor would balance the cost of the spending plans already set out and the need to recognise the pressure on households and businesses against his desire to repair the public finances following the pandemic.
Would taxes rise and, if so, who would be the winners and losers?
More in Accountants

‘Act now’ to avoid being hit by death duties
Soaring house prices and inflation are causing a growing number of people to be left with a large tax bill when a family member dies.

Ben Fleetwood’s EV Market April Update: Tax, Benefits & the Company...
Really? Do I really need to know this????? It’s a bit early for the old tax and company car story isn’t it? Yes, perhaps it is but as B4’s Electric Vehicle expert will tell you, you need to know this if you’re thinking of purchasing a new vehicle and making a choice between electric and petrol could make a huge difference… and even enable you to choose a nicer car, providing it’s electric.

Overview of Digital Services Tax (DST)
The UK’s Digital Services Tax (DST) came into operation on 1 April 2020. This tax is designed to ensure that the major social media, search engine and online retailers are subject to a 2% tax on revenues generated from the participation of UK users of their services.
Trending

B4 Sustainability Ecosystem: The Sustainable Business Handbook
One of the country’s leading experts on responsible business will be talking about how SMEs can address the issues around climate change while improving their businesses at a free lecture in the Unipart Conference Centre on 11th July at 6pm

Wellbeing at Work and Functional Resilience
Melissa Noton, co-Leader of B4’s Wellbeing Group, will be talking to the Head of Oxford Health’s Wellbeing department, Roz O’Neil, about staff pressures, their accumulative nature and the need to support a level of functional resilience, organisational agility and leadership.

CEO FOCUS: Gary Headland, Activate Learning
In the first of a series of regular interviews from CEO’s in and outside of the B4 community, we meet new Activate Learning CEO, Gary Headland.
From this author

Free Webinar – Tax in 2022 – What you need to...
Much is changing in the world of taxation in the next few years, from the freezing of personal tax allowances to changes to how VAT is recorded and reported. To keep you up to date on these changes and help you reduce your tax bill with careful year-end planning, our Associate Director, Liza Rowles, will […]

Changes to Capital Gains Tax payment for UK property sales
Although these new rules have been in for nearly 2 years they are often overlooked. From the 6 April 2020 the deadlines for paying Capital Gains Tax after selling a residential property in the UK changed. If you’re a UK resident and sell a residential property in the UK initially you had 30 days to […]

Strategic guidance vital to SMEs and how accountants can help
Small and medium-sized enterprises (SMEs) are the lifeblood of the country, accounting for 99.9 per cent of all businesses across the UK. At the start of 2021, there were estimated to be 5.6 million UK private sector businesses. But they acknowledge, according to a survey, that their operations would struggle to function efficiently without the […]