After the announcement of a further £5bn in Government support taking the total spend to over £400bn, the Chancellor looked to companies to shoulder the tax increases to begin paying it back.
Today’s announcements on personal tax mean that once the personal allowance increase already announced for 2021 takes place we will see the personal allowance (£12,570 from the 6 April 2021) frozen until 6 April 2026.
This Budget might be marked down in history as a “Budget for jabs and jobs”, given that the emphasis was on launching a number of high-profile initiatives to try to get the country back to work and preserve jobs, with the short-term cost of the continued employment and business support schemes being a central plank of the announcements.
With hospitality businesses largely closed until 12 April and restrictions thereafter, the Chancellor has announced a range of support for hospitality businesses that will provide welcome relief and some certainty for the future.
With restrictions set to ease over the coming weeks and months, many businesses will be looking at getting back on track, but until they realistically can, they’ll still need financial support to weather the end of the storm.
Andrew Robinson explores the benefits for farming businesses embarking on the digital transition and explains how to get the most out of your existing system.