MT Week - How the 2021 Budget will affect you

It’s a deep dive this week - brace yourselves…

This week, the Chancellor Rishi Sunak unveiled his much anticipated budget, outlining government spending and tax policies for the coming year.

You can read the whole thing online here - though fair warning, it is 110 pages long.

Or perhaps more useful, an outline of what’s going into the Finance Bill from 11 March 2021.

You’ll have seen the highlights throughout the week so for this MT Week I’ll be diving into the policies that will affect consumers directly.

BTW, there’s a handy calculator from accountancy firm Blick Rothenberg that will help you work out roughly whether you’ll be better or worse off under the new budget.

Key points in the budget

Furlough scheme extended to 30 September 2021

Furloughed employees will continue to receive 80% of their salary, up to £2,500 - this is then taxed as normal.

Employers will only pay for employer National Insurance contributions and pension contributions until the end of June, with the bulk of the money…