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Budget 2020 Highlights

by Daniel Ruthven on March 11, 2020 No comments

Budget 2020

Hot off the Press! Overall this is a positive budget for SME’s, with specific targeted help to combat the potential impact of the Coronavirus.

We have detailed below highlights of the 2020 Budget, find out how these changes will impact you and your business, if you have any questions or require assistance contact us today, we have Chartered Accountants and Tax Advisers on hand to take your call.

Statutory Sick Pay

Companies must legally pay SSP from Day 1 under emergency legislation to assist with absences relating to Coronavirus, this cost will fall squarely on businesses and is £94.25pw.

Available for all who self isolate, certified by call to x111. Self Employed People will also be able to claim from support and benefit allowances.

SSP refunded to SME’s with <250 Employees – up to 14 days SSP refunded per employee.

Emergency Interest Rate Cut

Bank of England have cut base rate from 0.75% to it’s lowest level ever at 0.25%. With SME

HMRC Taxation Payments

Defer tax payments – 2000 HMRC staff manning phone lines, generous terms.

SME Government Backed Loan

Coronavirus loan scheme 1.2m SME from banks (80% coverage to banks) Working capital.

Business Rates

Abolish Business Rate for Retail, Leisure, Hospitality and cultural venues (nightclubs etc).

Any business claiming Rates Small Business Relief will be awarded a £3,000 cash grant.

Pubs get a rates discount of £5,000

NIC Threshold Raised

NIC Threshold raised from £8,632 to £9,500 – save each employee over £100

Employers Allowance

Raised from £3,000 to £4,000

Entrepreneurs Relief

Reduction of lifetime limit from £10m to £1m. No total abolishment, yet!

R&D Increased

Government provides £22bn per year

Corporation Tax

Remains at 19%

Technical detail will follow……………….

 

 

 

 

Daniel RuthvenBudget 2020 Highlights

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