The new Chancellor of the Exchequer, Rishi Sunak has today announced the latest UK Budget. We offer key insights into issues and valuable technical knowledge to help your business plan ahead.
Watch first reactions and download our 10 key points summary
Download your Free Budget 2020 Summary Report & Tax Card
Get your FREE copies our Budget 2020 Summary Report & Tax Card, these essential guides will outline the Budget’s main points and key tax deadlines.
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Budget 2020: main points
Loans to help small and medium-sized businesses
Business rates abolished for retail, leisure or hospitality business with a rateable value below £51,000
Help for self-employed or those in gig economy through £500m welfare boost and new £500m hardship fund
Government to meet cost of providing statutory sick pay for up to 14 days for workers in firms with up to 250 employees.
Corporation Tax remains at 19%
Research and development investment rising to £22bn annually
Reducing the lifetime limit for Entrepreneurs' Relief from £10m to £1m.
Business rates discount for pubs at £5,000 for 2021
National Insurance threshold to rise from £8,632 to £9,500.
Plastics packaging tax will charge manufacturers £200 per tonne on packaging made of less than 30% of recycled plastic.
VAT on digital publications including books, newspapers, magazines and academic journals abolished from December.
Fuel, beer, wine and spirit duties all frozen
No VAT on tampon products from January 2021
Extending the Affordable Homes Programme to provide £12.2bn to help build affordable homes across the UK
£1bn building safety fund to remove unsafe cladding from buildings above 18 metres tall following Grenfell fire.
£1.5bn over five years to improve the further education college buildings.
Funding for up to 19 Maths schools on top of existing spending boost for education.
£500m to support the rollout of rapid charging hubs for electric vehicles and £1bn investment for green transport solutions
£120m to help with flood clean-up and £5.2bn over six years for flood defences
Red diesel tax relief to be abolished in two years
Levy on electricity frozen from April 2022 in favour of rise on gas.
£6bn in new funding for the NHS
Extra funding to secure money from tax evaders aimed at securing £4.4bn of extra revenue for the health service.
£5bn to get superfast broadband into rural areas and £510m for shared rural mobile phone network.
£27bn strategic investment in motorways
£2.5bn pothole fund.
New economic campus in northern England will include 750 staff from the Treasury and other departments - moving 22,000 civil servants outside central London eventually.
£640m extra for the Scottish Government, £360m for the Welsh Government, and £210m for the Northern Ireland Executive.
Budget 2020 Seminars Near You
After the big day we will be running FREE seminars across our offices, offering key advice and analysis of the Budget. These events will provide vital details about how you and your business will be affected also give you a chance to pose questions to our Tax Partners.
Find below the nearest seminar to you:
Can’t wait to know how the Budget will affect your business?
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Our team keep up to date with the latest tax issues and regulations and we can help you navigate any tax issue that may be affecting your business. So why not get in touch today, before Budget Day, to discuss how we can help you execute your plans.