'Our vision is to become your partner and understand your business, your finances, your business problems and your aspirations'.


As the 2020 Budget was revealed yesterday, here are some important snippets from what was decided... 

- Call for evidence on pension tax administration: those earning around or below the level of the personal allowance and saving into a pension may benefit from a top-up on their pension savings equivalent to the basic rate of tax, even if they pay no tax. This depends on how your pension scheme administers tax relief.

- Lifetime allowance for pensions: the maximum amount someone can accrue in a registered pension scheme in a tax-efficient manner over their lifetime is increasing in line with CPI for 2020-21 rising to £1,073,100.

- Starting rate for savings tax band: the band of savings income subject to 0% starting tax rate will remain at its current level of £5,000 for 2020-21.

- Individual Savings Account (ISA) annual subscription limit: the adult ISA annual subscription limit for 2020-21 will remain unchanged at £20,000.

- Junior ISA and Child Trust Fund annual subscription limit: the annual subscription limit for Junior ISAs and Child Trust Funds will be increased from £4368 to £9000.

Property Tax
- Non-UK resident Stamp Duty Land Tax (SDLT) surcharge: the government will introduce a 2% SDLT surcharge on non-UK residents purchasing residential property in England and Northern Ireland from 1st April 2021.

- Annual tax on Stamp Duty Land Tax (SDLT) – to make the taxation of housing co-operatives fairer, the government will introduce a relief for qualifying housing co-operatives from the ATED and the 15% flat rates of SDLT on purchases of dwellings over £500,000. The SDLT relief will take effect from Autumn Budget 2020.

VAT on E-Publications
The government will introduce legislation to apply a zero rate of VAT to e-publications from 1st December 2020.

Entrepreneurs Relief
Will not be abolished, it will instead be reduced from £10million to £1million. It will continue to support most entrepreneurs and increase tax incentives for businesses investing in structures and buildings.

National Insurance Threshold
The NI threshold will rise from £8632 to £9500 saving a typical employee £104 annually. This also applies to self-employed, saving them around £78 in 20-21.

National Minimum Wage
To reach two-thirds of median earnings and be extended to workers aged 21 and over by 2024, meaning the national minimum wage is expected to be over £10.50 in 2024.

Employment Allowance
The employment allowance is increasing from £3,000 to £4,000 from April 2020. This will benefit over 500,000 businesses by reducing costs of employment, and an average gain of £850 per year.

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Clarke Nicklin House, Brooks Drive, Cheadle Royal Business Park, Cheadle, Cheshire, SK8 3TD. Registered Number OC309225.
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