With the outbreak of Coronavirus currently the main focus for the UK government, it was no surprise that Rishi Sunak MP began his first Budget speech with the announcement of fiscal measures designed to underpin the economic response.
This gave an unlimited backing for the NHS and a £30bn package including extending Statutory Sick Pay (SSP) while reimbursing small businesses for the cost as well as making hardship funding, grants and loan facilities available to qualifying businesses.
In addition there will be reductions in business rates for many and additional help for those that might need extra time to pay their taxes. The Chancellor did fall short of rumoured postponements for off-payroll labour changes in the private sector and the new digital services tax as both will be as planned.
Alongside a raft of other spending commitments there were a number of tax changes, which you can read about in our detailed analysis. It is clear that tax increases outside those previously announced have been kept to a minimum and we can surely expect further measures to help fund these spending commitments when the Chancellor returns for his Autumn Budget.
In difficult times for the economy, there was some good news for companies seeking to invest and no major shocks from the Chancellor.
Detailed analysis of the main employment tax measures that were announced in the Budget 2020 including confirmation of IR35 in the private sector and temporary changes to SSP.
Entrepreneurs’ Relief and pensions tax relief are the two biggest changes to personal tax.
VAT changes that anticipate the end of the Brexit transition period, freezes to a number duties and confirmation of the plastic packaging tax.
Find out more about temporary business rates relief to mitigate the impact of Coronavirus, changes to SDLT for non-residents and on shares, and reliefs for some housing associations.
While the government announced measures to support businesses who struggle to pay their taxes as a result of Coronavirus crisis it is increasing its efforts to close the tax gap to collect more revenue.
What is the impact of Budget 2020 on different sectors and industries?
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Bloomberg - Business Tax Measures in the First U.K. 2020 Budget
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