WHAT DO YOU THINK WILL BE ANNOUNCED IN THE BUDGET NEXT WEEK?
One of the most eagerly anticipated budgets for years is nearly upon us.
There have been various conflicting rumours circulating. Some speculate that the Chancellor will lay out plans of how to balance the country’s books following the pandemic, including tax rises. Others speculate that the focus will be on supporting the country & businesses through the continuing pandemic.
The pandemic’s second wave is causing untold damage to the UK and in light of the roadmap out of lockdown announced by the PM this week, we expect that COVID-19 support is likely to be front and centre. .
Below is a summary of the probable announcements
Below is a summary of the probable announcements
• The furlough scheme is likely to be extended until the summer
• Stamp Duty Holiday Extension to be extended until 30 June 2021
• If Reports from the banking industry are true, then we expect there will be announcement that the Government backed loan schemes will be extended for a further 3 months.
• No tax rises YET (probably)
Although there may be a stay of execution for taxpayers, what is certain is that the pandemic support measures are going to need to be repaid somehow & we expect there will be some announcement in the budget in relation to a plan on how this will be achieved.
The fact that a review of the Capital Gains Tax (CGT) was ordered combined with the widespread rumours of changes to CGT means it is likely to only be a matter of time before changes are brought in.
Find out more
These proposed changes are likely to hit business owners hard, if you are a business owner and you are worried about any of these potential changes then feel free to get in touch with us!! 0161 667 4911 | enquiries@redstoneas.com
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