13 March 2020
We have pleasure in attaching our summary of the Chancellor's 2020 Budget.
Our summary of the Chancellor’s 2020 Budget is now available on our website at https://www.accountedforltd.co.uk/articles.Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus. Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. Measures for businesses include a capital gains tax reduction in the Entrepreneurs’ Relief lifetime limit from £10 million to £1 million, together with changes to Statutory Sick Pay for employees advised to self-isolate because of the coronavirus. Individuals will benefit from a rise in the national insurance contribution (NIC) threshold from £8,632 to £9,500, alongside the abolishment of the 5% VAT rate charged on sanitary products. Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
As you are no doubt aware given the news surrounding the current virus situation we thought best to acknowledge there is a possibility that the government may ask businesses/schools/individuals to make changes.
Please rest assured while we understand this has the potential to have an impact on a lot of people/businesses we have online systems in place and will do everything we can to maintain business as usual.
Please also note:
HMRC may be happy to defer tax payments Banks may be more favourable on providing/increasing loans/overdrafts/repayment holidays - even if you don't need it now it may make sense to plan ahead Really important to use a budget and cashflow forecast - This is something we do as a standard service please contact us if you would like help planning for eventualities your business may face
If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s Budget speech, please do get in touch.We look forward to hearing from you.Yours sincerely,Lee & LeanneAccounted For