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Autumn Budget 2021 Summary

Autumn Budget 2021 Summary

In our latest accounting and bookkeeping news article, we summarise the key points from the latest Autumn 2021 budget and the impacts it will have for businesses. Read on below to find out more about what the changes mean for you and your business.

Summarising The 2021 Autumn Budget

On 27th October 2021, Rishi Sunak revealed the Autumn 2021 budget. Given the economic impact which we’ve seen during the pandemic, this budget didn’t entail the typical announcements we’ve come to expect and there were some significant updates which will directly impact businesses of all shapes and sizes in a variety of industries.

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What Are The Key Points for Businesses?

Below we’ve listed what we believe are the key takeaways for businesses and what impact this will have on your company.

A 50% discount on business rates for the retail, leisure, and hospitality sectors, up to £110,000. These industries have been particularly impacted by COVID and this will be a welcome relief to business owners in these sectors.

Fuel Duty has been frozen until 2023. With fuel prices currently soaring and the issues with supply of fuel recently, this will be great news for any businesses who operate vehicles as part of their day to day operations.

There has also been an increase in national minimum wage, which if you employ, will be vital information you need to prepare for. New national minimum wage rates are as follows:

  • Apprentices – £4.81 per hour
  • 16 to 17 year olds – £4.81 per hour
  • 18 to 20 year olds – £6.83 per hour
  • 21 to 22 year olds – £9.18 per hour
  • National Living Wages – £9.50 per hour

Although there have been other changes, such as to Universal Credits, we have listed the main changes that will affect businesses.

If you’d like to keep up to date with announcements and issues relating to tax and accounting then please follow us on Facebook, that’s where we’ll generally give our thoughts on issues such as Furlough and other changes to government legislation as well as other business accounting topics first.

Would you like Further Advice about the Budget or General Accounting & Bookkeeping Issues?

If you have any concerns about the recent budget announcements, we’d be happy to help. We are experienced and qualified chartered accountants, who are able to help with a range of accountancy requirements. We specialise in accounting for small businesses, accounting for self employed, accounting for sole traders, accounting for ltd companies and more as well as offering bookkeeping services too. Get in touch with us on info@swiftbks.co.uk or call us on 01237 478246 and we’d be happy to discuss your needs.

We serve the whole of the UK (excluding Northern Ireland), however, our key local services areas are Bideford, Barnstaple, Torrington, South Molton and the surrounding areas.