July 2020 Mini Budget Update

It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than four months after his maiden Budget speech back in March, but here we are.

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2020 Budget Report

We are pleased to enclose out 2020 budget for your attention. Some of the more interesting/concerning points are:
 
· The lifetime limit on qualifying disposals eligible for the 10% tax rate is reduced from £10m to £1m for disposals made on or after 11 March 2020.
· Cash grants for businesses with a rateable value of less than £15,000
· A temporary loan scheme for SMEs
· A 30-day window for paying capital gains tax on property sales kicks in from 6 April – you will need to prepare your calculations before you sell any property.
· Corporation tax to stay at 19%
· Firms with rateable values of less than £51,000 in the retail, leisure and hospitality sectors won’t have to pay business rates from April 2020 for a full year
· A 6.2% increase in National living wages to £8.72 from 6 April 2020
· Principal private residence relief to fall to 9 months in the final period (originally the last 3 years)
· Reverse charge VAT in the construction industry confirmed to start the 1 October 2020
· A significant increase in the pensions taper relief
· Class 1 & Class 4 National Insurance threshold will rise to £9500 from April 2020
· Employment Allowance will rise to £4,000pa from April 2020
 
Enjoy your read and please contact us to discuss any points – clearly there is a lot of new information here and it will take a few weeks for the Government to filter down how everything will work.

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Travel and subsistence

Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events.
The system of benefits and taxation surrounding this essential economic activity is classed as ‘travel and subsistence’ in the eyes of the taxman. (more…)

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