Chancellor Rishi Sunak delivered his first Budget in the House of Commons, announcing the government’s tax and spending plans for the year ahead.
Read our straightforward Summary Report to keep you up-to-date with all the key points announced: Evans Partners Spring Budget 2020
Our short video covers the key headlines – just 1 minute 14 seconds . Watch it here – Spring Budget 2020 Video
There are several useful measures to support businesses:
- Companies with a rateable value of less than £51,000 will be eligible for a tax holiday.
- Self-employed workers who are not eligible will be able to claim contributory Employment Support Allowance
- Firms with fewer than 250 staff will be refunded for sick pay payments for two weeks
- Small firms will be able to access “business interruption” loans of up to £1.2m
- Entrepreneurs’ Relief will be retained, but lifetime allowance will be reduced from £10m to £1m
- Firms eligible for small business rates relief will get £3,000 cash grant
From a personal taxation perspective:
- The tax threshold for National Insurance Contributions will rise from £8,632 to £9,500
- This will take 500,00 employees out of the tax altogether
- Those earning more than £9,500 will be, on average, £85 a year better off.
If you have any questions about any elements of the Budget which affect you, please get in touch with our Client Service Team: 0117 9675215
