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Budget 2021: Crunching the Numbers for Traders

By Lee Sharpe, April 2021

Lee Sharpe considers what the personal tax freeze and the Corporation Tax hike mean, for people who are considering incorporating their trading businesses (or not).


The Chancellor delivered a Budget he described as “unpopular but honest” on 3 March 2021. In broad terms that might be considered a fair assessment, although it will not have taken long for veteran advisers to realise that, far from a novel approach, there was much that basically reversed a good deal of what his recent predecessors had been trying to do since the 2010 Emergency Budget (which, if one recalls, set out to deal with the last “once-in-a-generation” global financial crisis).

This article will concentrate on one of the key announcements in the Budget, being the (re)introduction of a higher main rate of Corporation Tax of 25%, for profits deemed to arise from 1 April 2023. This has been

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