Budget 2020 Highlights – F9 Consulting

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……………….

 

 

 

 

Request a call-back

We love to hear from new clients, if you would like us to call you back, pop in your details, one of our qualified professionals will be in touch.

    Have your say, leave a comment…

    Your email address will not be published. Required fields are marked *

    City of London

    Second Floor,
    10 Trinity Square,
    London EC3N 4AJ
    Phone: 0207 100 1080

    Canary Wharf

    29th & 37th Floors
    One Canada Square,
    Canary Wharf, London E14 5AA
    Phone: 0207 099 1080

    Essex

    First Floor
    81-85 High Street,
    Brentwood, Essex CM14 4RR
    Phone: 01277 223 278

    Manchester

    Chancery Place
    50 Brown St
    Manchester M2 2JT
    Phone: 0161 820 1080

    Opening Times

    Monday – Saturday
    8:00 AM – 6:00 PM
    Sunday
    Closed