Here are key highlights from the 2021 Budget announcement by the Chancellor

Income Tax thresholds freeze after April.
The tax-free personal allowance will rise from £12,500 to £12,570 in April 2021 and remain frozen until April 2026.
The higher-rate tax threshold will rise from £50,000 to £50,270 from April 2021 and remain frozen until April 2026.
The additional-rate tax threshold will remain the same until April 2026.
The National Living Wage will increase from £8.72 to £8.91 from April.
The Universal Credit uplift of £20 a week will continue for a further six months.
Working Tax Credit claimants will receive equivalent support for the next six months which will be done with a one-off payment of £500.
Coronavirus Job Retention Scheme – Furlough
The furlough scheme has been extended until the end of September and employees will continue to receive 80% of their wages for hours not worked. As businesses reopen, employers will be asked to contribute 10% in July and 20% in August and September.

Self-Employment Income Support Scheme – SEISS
Support for the self-employed will continue until September. The fourth grant will provide three months of support at 80% of average trading profits up to £7,500 in total. This will cover period February to April. For the fifth and final grant, people will continue to receive grants worth three months of average profits. This is from May onwards and the system will open for claims in July.
People whose turnover has fallen by 30% or more will continue to receive the full 80% grant.
People whose turnover has fallen by less than 30% will receive a 30% grant.
For the newly self-employed who did not qualify when the scheme was launched, provided they filed their 2019-20 tax return by midnight 2nd March 2021 can now claim the fourth and fifth grants.
Restart Grant
The new Restart Grant which begins in April, is aimed at businesses that have had to close due to lockdown restrictions. This is to help them reopen and get going again.
Hospitality and leisure businesses, including personal care and gyms can receive up to £18,000 depending on their rateable value. Almost 700,000 small business owners including those running shops, pubs, clubs, hotels restaurants, gyms and hair salons are set to benefit from the scheme.
Non-essential retail businesses will get up to £6,000 per premises through the scheme to help them reopen.

Recovery Loan Scheme – Business Loans
The new recovery loan scheme launches on 6 April until 31 December. Businesses of any size can apply for loans from £25,000 up to £10 million. The government will provide a guarantee to lenders of 80%.

Corporation Tax to increase – Temporary “Super Deduction”
The rate of corporation tax paid on company profits, will increase to 25% from April 2023. Small businesses with profits of £50,000 or less will continue to pay at the current rate of 19%. The chancellor will introduce a taper above £50,000 so that only businesses with profits of £250,000 and greater will be taxed at the full 25% rate.
Between 1 April 2021 and 31 March 2023, when companies invest in qualifying assets, they will be able to reduce their taxable profits by 130% of the costs.
For the next 2 years, companies will be able to carry back losses of up to £2m for three years. This is an additional tax refund of up to £760,000.
VAT for Hospitality and Tourism Sector
5% reduced rate to be extended until the end of September.
12.5% from October 2021 to March 2022
20% from April 2022.
Stamp duty holiday on properties up to £500,000 has been extended until 30 June 2021. From 1 Jul, the point at which you start paying stamp duty will reduce to £250,000 until 30 September.

The threshold will then return to the usual level of £125,000 from 1 October 2021.

The inheritance tax threshold, pensions lifetime allowance, annual exempt allowance from capital gains tax and VAT exemption threshold will all be maintained at the current levels until April 2026.