Budget 2021: What does it mean for small business?

Budget 2021: What does it mean for small business?

We’ve pulled together the headlines that affect the self-employed, sole traders and small business from this week’s Budget.

“Spend now, pay later: Sunak flags major tax rises as Covid bill soars! Highest tax levels for 50 years!”

There have been few Budgets like this. Rishi Sunak's second as Chancellor of the Exchequer is also his second to respond to the COVID-19 pandemic. But a year on, it needed a strong emphasis on recovery. The headlines have centred on the bills to come.

While the 2020 Budget was designed to respond to the 'delaying' the pandemic’s rise, we’re still experiencing the impact of successive lockdowns. Against the backdrop of a hugely successful vaccine rollout in the UK, the Budget had to clarify existing measures and highlight what comes next.

The chancellor commenced his Budget by spelling out the extraordinary impact of the last 12 months, from the increasing economic hit to the ongoing threat to jobs and livelihoods across the UK.  In doing “whatever it takes”, how is the Chancellor supporting small business owners and the self-employed in the UK?

Extensions for the self-employed

Business Recovery

Other headlines

How has this budget affected you? Let us know.

For finance press and expert response, including ours, see the Daily Express, Business Money Matters, THIIS, Marketing / Startup Donut, and smallbusiness.co.uk

Full details on the support packages and every aspect of Budget 2021 can be found in HM Treasury’s full policy paper.

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