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