Budget 2020

Budget 2020

The biggest points to affect a small business in yesterdays budget were :

  • A Tax cut for 31 million people by increasing the National Insurance threshold from £8,632 to £9,500
  • Emergency base rate interest rates cut from 0.75% to 0.25%
  • Business rates for small firms in leisure and retail with a rateable value of less than £51,000 will be scrapped
  • Statutory Sick Pay (SSP) will be available to all employees advised to self isolate due to the Corona virus. Employers with less than 250 staff will get refunded for two weeks of this pay
  • Corporation tax to remain at 19% and VAT at 20%
  • The lifetime limit for entrepreneur relief will be cut to £1 million from £10 million
  • Beer,wine, spirits and fuel duty all frozen

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