An outline of the key headline points from the 2021 budget.

– No changes to rates on income tax, national insurance or VAT (see below for hospitality sectors).

– Furlough scheme to continue to September 2021, no change until July 2021, then employers will be expected to contribute 10% towards the furlough payments for July and 20% towards the furlough payments for August and September 2021.

– The 4th Self Employment Income Support Scheme grant will cover February, March and April and will be claimable from April.

– There will also be a 5th Self Employment Support Scheme grant covering May through to September 2021. The criteria for this will be for those businesses with a drop in turnover of more than 30% they will receive the full 80% of average profits, for those businesses with a drop of less than 30% they will receive 30% of average profits.

– A significant change for these two grants is that self-employed people whose first year fell in the 2019-20 Tax Year and who filed a Tax Return by midnight last night can also claim the 4th and 5th SEISS grant.

– For the hospitality sector, VAT will remain at 5% until September 2021, then it will increase to 12.5% between October 2021 and March 2022, then from April 2022 it will return to its normal rate of 20%.

– Business rates holidays for retail and hospitality sectors to continue. Full relief will be available until June 2022 and then 2/3rds relief from July for the rest of the year.

– Restart grants for hospitality and leisure businesses to be made available £18,000.

– Restart grants will be available both to non-essential businesses of up to £6,000 per premises.

– Minimum wage to increase to £8.91 an hour from April 2021.

– Grants for apprentices to increase to £3,000.

– Corporation Tax to rise to 25% in April 2023 with a small company rate of 19% for smaller businesses with profits up to £50,000, this means approximately 1.5 million businesses will remain at the 19% rate come April 2023.

– ‘Super deduction’ for businesses looking to reinvest in plant and machinery. For the next two years when companies invest they will be able to reduce their taxable profits by 130% of the cost.

– Recovery loan scheme will see businesses be able to access loans of between £25,000 and £10million with 80% Government backing.

– Inheritance Tax allowance, annual exemption for capital gains tax and pension lifetime allowance frozen.

– Alcohol duties frozen.

– Government to guarantee mortgages in attempt to help first-time buyers.

– Stamp duty holiday on purchases up to £500,000 will remain until the end of June 2021, then for purchases up to £250,000 to the end of September 2021 with full rates coming back in on 1st October 2021.