On Wednesday 11 March 2020 Chancellor Rishi Sunak presented his first Budget. In his speech, he stated that 'we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future.' A clear reference to Brexit. He added: 'It is a Budget of a government that gets things done.'
We'd like to give you a short summary of the tax measures which may affect you, your family and your business, but if you have any questions pertaining to your personal situation, as always, please contact us for advice.
Main Budget tax proposals:
A reduction in the Entrepreneurs' Relief lifetime limit
An increase in the Employment Allowance
An increase in the rate of Structures and Buildings Allowance
An increase in the Research and Development Expenditure Credit
Other measures include:
An increase and extension of business rates discounts
Extended access to Statutory Sick Pay due to Coronavirus
Previously announce measures include:
The increase to the National Insurance Thresholds
The introduction of off-payroll working for the private sector
Changes to the Principal Residence Relief
Some Budget proposals may be subject to amendment in the 2020 Autumn Budget and subsequent Finance Act. You should contact us before taking any action as a result of the contents of this summary.
Click here to get the full details of the Budget, as prepared by the ACCA.