Budget 2020: what you need to know

Posted: 12th Mar 2020 by Hunter Gee Holroyd Budget 2020, News, Pensions, Taxation

The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech he stated ‘we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future’. It is a Budget of a government that gets things done’.

Our summary focuses on the tax measures which may affect you, your family and your business.

To help you decipher what was said we have included our own comments. If you have any questions please contact us for advice.

Main Budget tax proposals

Our summary concentrates on the tax measures which include:

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 announced measures include:

the increase to the National Insurance thresholds
the introduction of off-payroll working for the private sector
changes to Principal Residence Relief.

Personal Tax – Income tax, savings and reliefs

Business Tax – Corporation tax, R & D, business rates and SSP

Employment Taxes – National Insurance, off-payroll working and the Employment Allowance

Capital Taxes – Capital gains tax and Entrepreneurs’ Relief changes

Other Matters – Various matters, including VAT and insolvency changes

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.