March 2020 Newsletter | Cylchlythyr Misol Mawrth 2020
Budget Special
Attached to this month's newsletter are the slides to our presentation on the afternoon of the Budget speech.
Key headlines are as follows:
The Bank of England interest base rate was lowered on the morning of the Budget speech from 0.75% to 0.25%. This is positive news for borrowers, but awful news for savers.
Coronavirus support for employers who pay Statutory Sick Pay (SSP) to their employees. Small businesses can obtain a refund from the Government for the first 2 weeks of SSP paid if they have less than 250 employees. Support for the self-employed is negligible at £70 per week.
Business rate relief for restaurants, cafés and those in the hospitality sector.
The annual threshold for the pension taper will rise from £110,000 to £200,000 taking out most doctors, senior NHS staff and other managers from the unexpected high tax bills which have occurred in recent years.
The level of entrepreneurs’ relief is being capped at £1m instead of £10m. Most small business owners who sell their business will not be affected.
Income tax rates, National Insurance rates, VAT rates, fuel duty, alcohol duty all remain unchanged.
Ask Huw & Aled
Q: Due to the Coronavirus outbreak, my sales income is severely lower, and I have a large tax bill coming up. What can I do?
A: It was announced in the Budget that HMRC have set up a new tax helpline for businesses affected by Coronavirus. They will come to an instalment agreement with small businesses and individuals and will also be lenient with penalties and interest. Their telephone number is: 0800 0159 559.
