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ACCA's Guide To... Budget 2020 and Guide To... Tax Rates and Allowances 2020 summarise the key information you need from Budget 2020.
Further guides from ACCA include: Guide To... Business Rates and Guide To... Stamp Duty Land Tax summarise the key information you need from Budget 2020.
Significant cut to lifetime limit – but not quite abolition.
Tapered annual allowance threshold to be raised by £90,000.
Steps in the right direction to take some weight off the shoulders of SMEs.
Extra costs of paying Covid-19-related SSP can be recovered.
HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (Covid-19).
Previous changes to IR35 administration to be implemented without any further modification.
Welcome boost for smaller retailers.
More staff and funding for tax compliance and investigations teams.
Expected cut to an already low rate did not happen.
New National Insurance threshold to save the average employee £100 a year.
Changes reflecting the UK’s future as an independent trading nation.
Consultation announced on data and cloud computing expenditure qualifying for R&D tax credits.
Small businesses facing late payment issues no longer have to suffer in silence.
Important changes for companies that acquire intangible fixed assets from related parties from 1 July 2020.
Small businesses set to benefit from funding opportunities.
Employees contracted to work from home can claim £6pw without records.
Main change sees an increase of 1% for structures and buildings allowance.
Digital publications will be zero-rated, with the agricultural flat rate scheme entry and exit rules also amended.
New 2% rate will come into effect on 1 April 2021.
Online giants targeted by new tax.
Make sure you’re aware of new CGT requirements and finance cost restrictions for residential properties.
HMRC moves up creditor hierarchy.
Opportunity to comment on HMRC’s revised draft Charter.
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