The CIPP’s Budget summary for 2021 has landed
04 March 2021
The CIPP has produced its Budget summary for 2021, which includes all the key elements for payroll professionals to be aware of for the upcoming tax year, and beyond.
Read on to explore how the Government will continue to support both businesses and individuals through the prolonged economic turbulence posed by coronavirus, as extensions to the Coronavirus Job Retention Scheme (CJRS) and Self-Employment Income Support Scheme (SEISS) were confirmed.
The Budget summary also explores the measures that will be implemented to incentivise employers to take on younger staff, and similarly, encourage younger people to get into work.
The summary includes information relating to all the usual information you would expect to see within a Budget update, including confirmation of tax rates and thresholds, the National Living Wage (NLW) and National Minimum Wage (NMW) rates, information relating to pensions taxation, and company cars, vans and fuel. Additionally, there is discussion of National Insurance (NI) limits and thresholds, and a reminder of new employer National Insurance Contributions (NICs) reliefs that businesses should be aware of.
The Budget summary is your one-stop shop for everything payroll related, and we thoroughly encourage you to read it in full.
We look forward to seeing what else is announced on the newly dubbed “Tax Day”, which takes place on 23 March 2021.
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information. Download the CIPP's Payroll: Need to know - your guide to payroll legislation and reporting for the most up to date data.