The Budget: What does it mean for you?

As Chancellor of the Exchequer Rishi Sunak read out the latest budget on Wednesday 27 October 2021, students from Birmingham City Business School gathered to pick apart how the newly announced tax changes impacted on their fellow students.

Led by Senior Teaching Fellow Mark Hunt, a team of five students watched the Chancellor address parliament live, before receiving the detailed budget when it was released to the public. Within just a few hours, the team had produced a PDF report covering all the changes that had been announced.

Below, you'll find the report, which summaries all you need to know about tax changes announced during the Budget in simple, digestible language.

Tax Clinic Budget Summary - October 2021

Topics covered included the new Health and Social Care Levy, breakdowns of the newly announced Residential Property Developer Tax (RPDT), part of a five step plan to end unsafe cladding on high rise buildings, changes to alcohol duty and Universal Credit, as well as highlighting the relatively surprising lack of tax changes aimed at tackling climate change.

“The students demonstrated a great attitude to absorb the details from the Budget speech and immediately produce an informative report within such a short space of time. Tax advisers up and down the country would have been preparing similar reports and would have struggled to produce a report so quickly”.

The report was one of the first outputs of the Student Tax Clinic, which is being established by the Business Advice Centre as a way for students to get tax advice from fellow students, either for personal matters or for their small businesses. Not only will it be of benefit to the students receiving the advice, but it is also a way for Accounting and Finance students to get first-hand experience of providing tax advice.

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