Budget response from Wellers Accountants
£18 billion increase in general public spending, but tax measures were relatively few.
The pension annual allowance thresholds will each be increased by £90,000 from 2020/21, removing taper as an issue for most people with incomes under £200,000.
· The capital gains tax entrepreneurs’ relief lifetime limit has been cut from £10 million to £1 million with immediate effect.
· The annual investment limit for junior ISAs and child trust funds will be increased to £9,000 from 2020/21.
· The national insurance contributions employment allowance will increase from £3,000 to £4,000 from April 2020.
· From April 2021, only zero emission vehicles will get 100% first year allowances. Cars with emissions up to 50g/km will have an 18% a year writing down allowance; for higher emitters the allowance will be 6% a year.
· E-publications (e-books, e-newspapers, e-magazines and academic e-journals) will be VAT zero-rated from 1 December 2020.
You can find more information in our blog post covering this as well:
https://www.wellersaccountants.co.uk/blog/the-2020-budget-rishi-sunak-opens-the-spending-taps
More in Accountants
Why having an audit can boost your business
Many directors will wince at the prospect of an audit, seeing it as a necessary evil to meet statutory obligations.
FRC Proposes Major Overhaul of Auditing Standards
In a bold move, the Financial Reporting Council (FRC) has unveiled proposed changes to auditing standards that could have a major impact on the financial world, according to chartered accountants and business advisors Whitley Stimpson.
Whitley Stimpson shines as finalist for top national award
Service Charge Accountancy specialist Jonathan Walton of Whitley Stimpson has been recognised for his outstanding work in the field by being shortlisted for a prestigious property industry award.
From this author
Budget 2024 review: A bitter pill for SMEs?
Tom Biggs, Partner at Wellers, the Oxford-based small business accountants, discusses the latest Budget and the impact it will have on SMEs.
Understanding HMRC tax investigations: A guide for business owners
Simon Smith, Managing Partner at Wellers, discusses what business owners need to know about tax investigations, including whether you could be a target.
Evolution and Growth for Oxfordshire’s Wellers
Simon Smith takes the helm as Managing Partner