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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