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UK BUDGET 2020 SUMMARY – BUSINESSES

  • Firms eligible for small business rates relief will get £3,000 cash grant
  • Corporation tax staying at 19%
  •  VAT on digital publications, including newspapers, books and academic journals to be scrapped from December
    Plastic packaging tax to come into force from April 2022
  • 5% VAT on women’s sanitary products, known as the tampon tax, to be scrapped from January 2021
  • Increase in RDEC credit (R&D for large businesses) from 12% to 13%
  •  Increase structures & buildings allowance from 2% to 3%
  • Increase in employment allowance from £3,000 to £4,000
  • Bank of England cuts base rate to 0.25%

For more information on recent changes in Business Tax Planning,  kindly contact us on
020 3983 9505 or you can email us on info@goodhams.co.ukabc

UK BUDGET 2020 SUMMARY – INDIVIDUALS

• The tax threshold for National Insurance Contributions will rise from £8,632 to £9,500
• The personal allowance will remain at £12,500
• Entrepreneurs’ Relief will be retained, but lifetime allowance will be reduced from £10m to £1m
• Stamp duty surcharge for foreign buyers of UK properties to be levied at 2% from April 2021
• The two tapered annual allowance thresholds for pensions will both be raised by £90,000, meaning the pension allowance will only begin to be tapered down for people with an adjusted net income over £240,000

For more information on recent changes in Individual threshold & relative taxes,  kindly contact us on
020 3983 9505 or you can email us on info@goodhams.co.ukabc