Budget to be held in March 2021
13 November 2020
Speaking at the Public Accounts Committee, Tim Scholar, the Permanent Secretary at HM Treasury, confirmed that a Budget would be delivered in March 2021.
He stated that, by March, things will have changed significantly, and along with the Budget will come a new economic forecast, with the Chancellor setting out the economic strategy to support the country as it moves out of the pandemic.
Details laid out in the Budget ordinarily include the National Minimum Wage (NMW) and National Living Wage (NLW) rates, alongside the thresholds for the following tax year in relation to tax and National Insurance (NI) thresholds. Holding the Budget in March 2021, when the new tax year commences on 6 April 2021, leaves payroll professionals and software developers with very limited time to prepare for, and implement any of the changes that could potentially be announced. The rates and thresholds could potentially be disclosed outside of the Budget announcement to allow for the amendments to be implemented successfully, but nothing official in terms of those timelines has been released.
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