Budget 2020 Summary

by Director of Tax, Debbie Franklin

By Debbie Franklin, Director of Tax and property tax specialist

Measures related to coronavirus:

  • SSP to be available for all asked to self-isolate even without symptoms. Firms with less than 250 staff to be able to reclaim back SSP paid for the first 14 days of each claim
  • Business rates will be suspended for a year for businesses in the retail, leisure and hospitality sector with a rateable value of less than £51,000.
  • £3000 cash grant to smallest businesses
  • Loans of up to £1.2m to support small and medium sized businesses to help during coronavirus

Other measures:

  • National Living Wage projected to be over £10.50 by 2024
  • NIC threshold for employees and self-employed to increase to £9,500 from 6 April 2020
  • Entrepreneurs Relief reformed to reduce lifetime limit from £10m to £1m
  • Employee Allowance to rise to £4000 for eligible businesses from 6 Aril 2020
  • Stamp Duty surcharge for non-UK residents introduced at 2%
  • Fuel duty to remain frozen until at least April 2021
  • All alcohol duty frozen for a year
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