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
How the Thames Valley and Solent regions align with the government’s...
The government’s 2025 industrial strategy (IS-8) sets out a clear ambition to drive productivity, innovation, and globally competitive growth across eight priority sectors. The Thames Valley and Solent, spanning Berkshire, Oxfordshire and Hampshire, is already delivering strongly against these goals, underpinned by an innovation-led, IP-rich, and service-focused economy.
New tax year, new pressures – but planning opportunities remain
As the new tax year begins, business owners are facing one of the most challenging operating environments in recent years. Rising costs, tax changes and global and economic challenges are placing sustained pressure on margins, cash flow and long-term planning. Increases to the National Minimum and Living Wage, higher fuel and transport costs, elevated borrowing rates and […]
James Cowper Kreston Join B4 as Platinum Members
B4 is delighted to announce that James Cowper Kreston, one of Oxfordshire and the Thames Valley’s leading firms of accountants and business advisers, has joined the B4 network as a Platinum Member.
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