Spring Budget 2021

Last week, the Chancellor presented the Budget to Parliament. This informs Parliament of the Government’s spending plans over the coming months and usually results in a Finance Act to implement any changes.

Our resident accountant, Steve Lescott, has produced this handy summary of the Budget, splitting into different areas, such as businesses and individuals.

Some key points:

  • No changes to rates for income tax, national insurance and VAT.
  • But, thresholds for income tax to be frozen.
  • Corporation tax to increase to 25% in April 2023, except for businesses with profits under £50,000.

Steve says “Tax rises were inevitable, given the costs of supporting people and the economy during the Covid-19 pandemic. However, the Chancellor has spread the additional burden across the economy rather than just hitting one area. We welcome the exemption to the corporation tax increase for small companies.

An advantage of a networking group, such as Southend Peers, is the quick advice offered by Steve to Peers members. We were briefed quickly about the impact on our businesses and as an individual and of course can chat to Steve at meetings if we need anything clarified.

Steve operates from his office in Wickford and has clients from the professions, the service and IT sectors, the construction industry, manufacturers and the charity sectors. If you want to have a chat with Steve about how he can help your business you can contact him here.

Or, why not attend a Peers meeting and meet him each week?

Become a member today!

In order to allow a competition-free and referral specific environment, each member of Southend Peers represents one industry category at any given time throughout their membership. Our membership represent areas such as financial advice, proofreading, insurance, printing, dog grooming, cleaning and many more.

If you are interested in joining Southend Peers, why not come along and find out more? Please contact us to book in – it's free to visit!