How did you rate the Budget?

The Autumn Budget 2021 has arrived.

Didn't find your answer?

The Chancellor has officially announced the Autumn Budget 2021.

With Rishi's speech done and dusted, are you pleased or disappointed with the outcome? What new announcement will impact your clients the most?

Is there anything you would have liked to have seen that wasn't mentioned in the speech?

Let us know in the comments below.

 

Replies (26)

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By Moonbeam
27th Oct 2021 13:55

It seemed to be smoke and mirrors to me. Announcing millions/billions is to be spent on something or other leaves me cold until I've read a few analysts reports later, when I discover what they've promised is equivalent to confetti only.

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paddle steamer
By DJKL
27th Oct 2021 14:12

Draught beer duty slightly unfair to small clubs which cannot use kegs (40 litre) due to low throughput and use instead smaller containers for their draught beer.

Could not understand logic re domestic flight duties, as most fuel used at take off and getting to cruising altitude surely short hauls are worse per mile for global warming and ought to be so taxed, longhauls, by mile travelled anyway, are greener.

Not sold on the economy is great, budget revised, all this spare money message- lets see where we have got to by next April.

Rachel Reeves was okay with her response.

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By User deleted
27th Oct 2021 14:55

I wonder if the domestic flight tax reform reflects the increasing trend for politicians to take planes or helicopters within the UK.

Yes, I am cynical. I wasn't born that way - I got there by observing what goes on in the world

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By [email protected]
27th Oct 2021 15:03

probably more to do with Insulate Britain highway blockages :-(

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paddle steamer
By DJKL
27th Oct 2021 14:20

60 days re CGT reporting looks sensible rather than 30

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By Mister E
27th Oct 2021 14:28

Just spotted that myself, good news.
Although no doubt some will call 2 weeks before the 60 day deadline rather than 2 weeks before the 30... :D

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By SteveHa
27th Oct 2021 14:50

Budget? All I heard was an hour and 10 minutes of meaningless waffle.

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By Paul Crowley
27th Oct 2021 16:21

+1

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By [email protected]
27th Oct 2021 15:01

A typical smoke and mirror budget but I guess we will only tell how good it is, in 6+ months time when things have settled down.

Whilst I welcome the 50% business rates cut on retail, leisure and hospitality, it's still not solving the problem in regard to the online companies; it's just kicking the can further down the road. Desperately need a route and branch change to business rates, based upon the ability to pay rather than property value.

Good news on the extension of the £1m AIA allowance from December 2021 to March 2023 - would have liked to see the "super deduction" extended too, might get that in the next budget.

Great he has tackled the alcohol duties, but I guess MP's are more into this aspect than Business Rates, mores the pity.

The increase in NMW to £9.50 will probably just about cover the increase in NI and Council Tax coming our way next April, so revenue neutral in that respect, just leaves the huge increases in energy costs and the failure to reduce the VAT from 5% to Zero will ensure this budget, will be looked upon as another lost opportunity.

There are a number of areas that could have been looked at but political dogma I guess decided that was not going to happen. I suspect this was more a Johnson Budget than a Sunak Budget.

On the borrowing front it looks like a big "war chest" is being prepared in election year for a big reduction in taxes, as a sweetener to the voting public; that appears to be how voters are now treated.

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Ivor Windybottom
By Ivor Windybottom
27th Oct 2021 15:00

A new VAT exemption for imported dentures seemed worth a mention!

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Replying to Ivor Windybottom:
paddle steamer
By DJKL
27th Oct 2021 15:05

So it wasn't a toothless budget after all.

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Ivor Windybottom
By Ivor Windybottom
27th Oct 2021 15:04

Seriously though, the big thing was extending the 30-day CGT reporting and payment to 60 days.

That's sensible!

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Replying to Ivor Windybottom:
By ireallyshouldknowthisbut
27th Oct 2021 15:13

That is about it too. I have been through all the HMRC documents and there was very little in there for ordinary folk.

This however looked like it had a big sticker on it saying "TAX AVOIDANCE SCHME FOR THE WEALTHY HERE"

https://www.gov.uk/government/publications/new-tax-regime-for-asset-hold...

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Replying to ireallyshouldknowthisbut:
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By Paul Crowley
27th Oct 2021 16:23

No worries
HMRC will dispute all reliefs claiming it was not the intension of Parliament

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By Adam12345
27th Oct 2021 15:22

3o day CGT returns now become 60 day CGT returns.

Basis period reform - dig out those overlap profits from many moons ago…

MTD for Income Tax is delayed until 6th April 2024.

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By Adam12345
27th Oct 2021 15:32

3p of a pint of beer from tonight. I wonder if i will pay £4.97 for my beer on Saturday night now?

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By ireallyshouldknowthisbut
27th Oct 2021 17:36

@adam, good luck with that.

They might do a "buy 166 and your 167th pint free" offer mind.

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VAT
By Jason Croke
27th Oct 2021 16:06

Beer duty reforms are certainly long over due, but he had a chance to reform fuel duty - as more people move towards EV cars and working from home and high congestion charge/emission zones, fuel duty is going to become more contentious as the years go by.

The amount of pre-budget leaks, which presumably are deliberate, means the traditional Budget where the Chancellor would reveal their tax rates, cuts, increases is gone, no surprises, as already in the public domain....now the budget is a 1hour speech saying how wonderful the Chancellor/Government are are, more a party political broadcast, than setting a vision of what the future holds.

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By Richard Grant
27th Oct 2021 16:53

Looks like a spending frenzy. The worry is the "pledge" to only borrow to invest and the rest coming out of tax, a not so subtle hint at big tax hikes to come.

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By Open all hours
27th Oct 2021 18:46

It would be good if it was the last budget to be trailed throughout the week leading up to the speech. Speaker was right to say that Parliament should be respected.
Don’t expect any change though, even The Queens Christmas Speech is leaked these days.

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Replying to Open all hours:
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By spilly
27th Oct 2021 21:30

But only the positive items were leaked, any nasties were left until today.

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By Winnie Wiggleroom
28th Oct 2021 06:53

I lost concentration when I heard "the rest of the world has all gone to pot, but on this side of the house we are all doing great and so are all our friends" at least I think thats what he said.

Seriously though I might be wrong but I think when he announced a freeze in fuel duty he said that represents a big saving for motorists. Erm, hold on, we are not going to increase taxes after all so that means you will save money? Thats a cracker!

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By SteveHa
28th Oct 2021 08:49

The one thing that I found telling, and typical of a right wing Government, is the open admission that the UC taper is a "tax" (Rishi's words, not mine) on the lowest paid workers, and so Rishi, in his wisdom, reduces it to 55%.

Meanwhile, the very highest earners in society continue to enjoy a tax rate of 45%.

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By petestar1969
28th Oct 2021 10:04

Reduced duty on sparkling wine - Cheers Rishi!!

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By Duggimon
28th Oct 2021 12:33

I was off sick yesterday and didn't watch the budget, just catching up now, am I missing anything or is it safe to say other than the sensible extension to CGT reporting, nothing happened of note?

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By SteveHa
28th Oct 2021 12:57

Rishi the teatotaller had some post budget photos taken holding a pint of beer. Does that count?

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