After missing out on a Budget in 2019, yesterday saw the return of the red briefcase. Or was it green? It seemed to change colour live on TV if you take a look here.

As expected, coronavirus had an impact on the Budget, including some help for businesses affected. There was also the confirmation of some known changes, including IR35. And a compromise on the proposed cuts to Entrepreneurs Relief. 

So, what were the key points for business owners?

As a business owner, the good bits included:

  • 100% discount on business rates for retail and hospitality venues with rateable values less than £51,000
  • Employment Allowance (ie “free” Employers National Insurance for small businesses) increased to £4,000 per annum
  • The Government to pay Statutory Sick Pay for 14 days of isolation due to coronavirus
  • Coronavirus business interruption loan scheme
  • Cost of a beer stays the same!

But the bad bits include:

  • Entrepreneurs Relief lifetime limit reduced to £1m…..although this is better than the suggestion pre-Budget that it would be scrapped altogether
  • Reforms to self-employment in the private sector confirmed

There’s a lot to take in, so you can download our our handy summary below.

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Any questions?

If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant:

• You can ring us on 0151 380 8080
• You can email us at growth@jondaviesaccountants.co.uk