Budget 2020: your summary of key highlights

By DTE Business Advisers

16 Mar 2020

budget-2020-summary-dte-business-advisers-bury.png

The newly appointed chancellor, Rishi Sunak, announced a spirited budget with a repeated emphasis on ‘getting things done’, echoing the recent election campaign.

His initial focus was on the short-term measures needed to deal with the challenges the UK faces as a result of the coronavirus pandemic. These amounted to a £12bn fiscal stimulus, with more available if required. There was help for both businesses and individuals.

What are the other key points of note in the Budget?

Statutory sick pay: For the coming year, statutory sick pay will be available to more people and so will some other social security benefits. Business Rates: Business Rates will be reduced or even eliminated for some smaller businesses – at least in the short term. Other immediate support initiatives for smaller businesses include greater access to bank lending, as well as enhancements to the HMRC ‘Time to Pay’ service. Pension annual allowances: The changes to the taper of the pension annual allowances will mean that many fewer higher paid people – especially important for the NHS – will be hit by a reduced annual allowance. Doctors, judges and a good many businesses will be pleased by the changes to the pension annual allowance. Entrepreneurs’ relief: Entrepreneurs’ relief was nearly a goner. But the Chancellor relented and just brought the lifetime limit down from £10 million to £1 million. Maybe that’s what the Treasury aimed to do all the time, but it softened the blow by trailing rumours of its abolition. The reduction of entrepreneurs’ relief to £1 million of gain was well trailed, and for a time abolition seemed a possibility. Company cars: From April 2021, only electric and other zero-emission cars will qualify for first year allowances and cars with emissions over 50 g/km will qualify for writing down allowances of just 6% a year. NIC employment allowance: The increase in the NIC employment allowance means that many small businesses will not have to pay the first £4,000 of their employer’s national insurance contributions. ISA: The increase in the Junior ISA limit up to £9,000 from April 2020 is great news for under 18s with prosperous and generous families and friends. 

To read the full summary of the Budget 2020, click here.

The chancellor is due to announce another budget in the Autumn and so there were several consultations about possible future tax changes, including new proposals on the treatment of fund management companies, pension tax administration, and aspects of research and development tax credits.

If you have any questions about the summary’s contents or how any aspects of your tax and financial planning may be affected by the Budget, please contact DTE Business Advisers to discuss them.

Latest news

1

Double-digit growth sees Inspired near £100m revenues Mark Dickinson Inspired Plc

Double-digit growth sees Inspired near £100m revenues

26 Mar 2024

2

Five-fold growth for Chorley safety products firm Hispec

Five-fold growth for Chorley safety products firm

26 Mar 2024

3

Fundraising success sees Stanley Women compete in Dallas Cup The Accrington Stanley Under 18s team which are currently in Dallas.jpg.jpg

Fundraising success sees Stanley Women compete in Dallas Cup

28 Mar 2024

4

Forward Thinking opens new franchise in South West 7386141d-8191-4a4c-b60c-0810e1692832.jpg.jpg

Forward Thinking opens new franchise in South West

28 Mar 2024

5

How the UK’s strategy to reduce net migration affects care work AdobeStock_89838327 (1).jpeg.jpg

How the UK’s strategy to reduce net migration affects care work

28 Mar 2024

Hwc 2024 Email Signature 980x120
Background image for hub sign up block

LBV Hub

Reach 50,000 members of the Lancashire business community

Post your news
Post your events
Post your offers
Company profile
Social reach
Magazine coverage
Sign-up
Events
Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
28 Mar 2024

Business Networking in Burnley - BNI Kudos

Prairie Sports Village, Windemere Avenue, Burnley, BB10 2FU

06:45 - 08:30

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
28 Mar 2024

Business Networking in Lancaster - BNI Castle

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

Business Networking in Preston - BNI Brunch
EVENT LISTING SIZING Brunch .png.png
LBV Hub Networking
29 Mar 2024

Business Networking in Preston - BNI Brunch

Samlesbury Preston Hotel, Preston New Road, Preston, PR5 0UL

09:30 - 11:00

Business Networking in Blackburn - BNI Infinity
EVENT LISTING BNI Infinity.png.png
LBV Hub Networking
29 Mar 2024

Business Networking in Blackburn - BNI Infinity

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:30 - 08:30

Business Networking in Blackburn - BNI Vista
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
02 Apr 2024

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:45 - 08:30

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
02 Apr 2024

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

Business Networking in Preston - BNI Diamond
EVENT LISTING BNI Diamond.png.png
LBV Hub Networking
03 Apr 2024

Business Networking in Preston - BNI Diamond

The Marriot Hotel, Garstang Road, Broughton, PR3 5JB

07:15 - 09:00

Business Networking in Lancaster - Eden Business Network
EVENT LISTING Eden Business Network.png.png
LBV Hub Networking
03 Apr 2024

Business Networking in Lancaster - Eden Business Network

The Borough, 3 Dalton Square, Lancaster, LA1 1PP

18:30 - 20:30

Business Networking in Accrington - BNI Zeus
EVENT LISTING SIZING Zeus.png.png
LBV Hub Networking
03 Apr 2024

Business Networking in Accrington - BNI Zeus

The Mill House, Corn Mill Yard, Accrington, BB5 5HX

06:45 - 08:30

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
04 Apr 2024

Business Networking in Lancaster - BNI Castle

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
04 Apr 2024

Business Networking in Burnley - BNI Kudos

Prairie Sports Village, Windemere Avenue, Burnley, BB10 2FU

06:45 - 08:30

Business Networking in Blackburn - BNI Infinity
EVENT LISTING BNI Infinity.png.png
LBV Hub Networking
05 Apr 2024

Business Networking in Blackburn - BNI Infinity

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:30 - 08:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more Lbv115 Online Graphic
Subscribe now

Weekly news bulletin