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Budget Changes to Boost Growth
- Income tax rates were not increased
- VAT rate for hospitality is staying at 5% until 30 Sept 2021
- The Super-Deduction tax break allows businesses to claim 130% of what they spend on eligible new equipment against their taxable profits
- The Kickstart scheme aims to provide funding for 6-month job placements for 16 to 24-year-olds who are on Universal Credit
- National Living Wage and National Minimum Wage increases came into effect on 1 April 2021