Hello   March 2020
Briefly speaking
Budget 2020: What it means for you

View and download our key Guides To Budget 2020.

We have a host of webinars and support available to help you and your practice understand Budget 2020.

Enter the Accounting Excellence Awards 2020

The Accounting Excellence Awards are back to showcase the best of the accounting and finance profession.

TECHNICAL AND INSIGHT
About this newsletter:

This Budget special is designed to be sharable. 

There are no restrictions on using the content below and you can share it with staff and clients (you can even use it in your own communications).

Download and share two key guides to Budget 2020

ACCA's Guide To... Budget 2020 and Guide To... Tax Rates and Allowances 2020 summarise the key information you need from Budget 2020.

Business rates and SDLT - summary guides

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.

CGT: reduction in Entrepreneurs’ Relief lifetime limit

Significant cut to lifetime limit – but not quite abolition.

Pension reforms at a glance

Tapered annual allowance threshold to be raised by £90,000.

Employment allowance to increase by £1000

Steps in the right direction to take some weight off the shoulders of SMEs.

Covid-19: Immediate support for SMEs

Extra costs of paying Covid-19-related SSP can be recovered.

Covid-19: Time to pay arrangement for outstanding tax liabilities

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).

No delay to IR35 changes

Previous changes to IR35 administration to be implemented without any further modification.

Retail rates relief to double

Welcome boost for smaller retailers.

HMRC in £4.5bn compliance crackdown

More staff and funding for tax compliance and investigations teams.

Corporation tax rate unchanged

Expected cut to an already low rate did not happen.

National Insurance cut from next month

New National Insurance threshold to save the average employee £100 a year.

Brexit - changes that may affect your business

Changes reflecting the UK’s future as an independent trading nation.

R&D expenditure credit increased to 13%

Consultation announced on data and cloud computing expenditure qualifying for R&D tax credits.

Prompt payment – good news for small businesses

Small businesses facing late payment issues no longer have to suffer in silence.

Corporation tax and intangible fixed assets

Important changes for companies that acquire intangible fixed assets from related parties from 1 July 2020.

Loan finance and grant support enhanced

Small businesses set to benefit from funding opportunities.

Flat-rate deduction for homeworking increases

Employees contracted to work from home can claim £6pw without records.

No further changes to capital allowances

Main change sees an increase of 1% for structures and buildings allowance.

Rounding up changes to VAT

Digital publications will be zero-rated, with the agricultural flat rate scheme entry and exit rules also amended.

Non-UK resident SDLT surcharge will support rough sleepers

New 2% rate will come into effect on 1 April 2021.

Digital services tax on revenues over £25m from UK users

Online giants targeted by new tax.

All change for landlords

Make sure you’re aware of new CGT requirements and finance cost restrictions for residential properties.

Changes to protect tax in insolvency

HMRC moves up creditor hierarchy.

HMRC Charter – have your say

Opportunity to comment on HMRC’s revised draft Charter.



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