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Kirk Rice Blog

2020 Budget – Download Your Free Budget Summary NowWritten on March 12, 2020 by Kirk Rice LLP

2020 Budget – Download Your Free Budget Summary Now

The newly appointed Chancellor, Rishi Sunak, announced a spirited 2020 Budget with a repeated emphasis on ‘getting things done’, echoing the recent election campaign.

His initial focus for the 2020 budget was on the short-term measures needed to deal with the challenges the UK faces as a result of the coronavirus pandemic. These amounted to a £12bn fiscal stimulus, with more available if required. There was help for both businesses and individuals.

For the coming year, statutory sick pay will be available to more people and so will some other social security benefits. Business Rates will be reduced or even eliminated for some smaller businesses – at least in the short term. Other immediate support initiatives for smaller businesses include greater access to bank lending, as well as enhancements to the HMRC ‘Time to Pay’ service.

The Chancellor is due to announce another Budget in the Autumn and so there were several consultations about possible future tax changes, including new proposals on the treatment of fund management companies, pension tax administration, and aspects of research and development tax credits.

Don't miss out - Use your tax reliefs before 5 April 2020

With the end of the tax year just a few weeks away, we set out below some tax reliefs that you might wish to utilise so as to benefit from the tax savings that may arise before it is too late.

Some of the other highlights were:

  • The changes to the taper of the pension annual allowances will mean that many fewer higher-paid people – especially important for the NHS – will be hit by a reduced annual allowance.
  • The reduction of entrepreneurs’ relief to £1 million of gain was well trailed, and for a time abolition seemed a possibility. But the more than doubling of the annual limit for Junior ISAs to £9,000 was a pleasant surprise.
  • Smaller businesses will welcome the increase in the NIC employment allowance to £4,000.
  • Publishers should be very pleased by the decision to make electronic publications zero-rated for VAT.
  • From April 2021, only electric and other zero-emission cars will qualify for first year allowances and cars with emissions over 50 g/km will qualify for writing down allowances of just 6% a year.

DOWNLOAD NOW

 2020 BUDGET SUMMARY

 2019/2020 TAX TABLES

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We trust that you find the 2020 Spring Budget Summary useful; if you have any questions about its contents or how any aspects of your tax and financial planning may be affected by the Budget, please get in touch by emailing info@kirkrice.co.uk so that we can put you in touch with the right specialist.

Please note: answers are given for general guidance only and specific advice should be taken before acting on any of the suggestions made. Tax treatment is based on individual circumstances and may be subject to change in the future. Information is based on our current understanding of taxation legislation and regulations. Any levels and bases or, and reliefs from taxation, are subject to change. The Financial Conduct Authority does not regulate tax planning.

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