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