The Budget 2020
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 do not hesitate to 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.
Please see below a link to our Budget 2020 summary in full.
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.