The main Tax changes as of 6th (1st) April 2020 are as below;

• Entrepreneurs’ Relief lifetime limit decreased from £10million to £1million
• Corporation tax rate to remain at 19% instead of planned reduction to 17%
• An increase in the National Insurance Contributions Employment Allowance, from £3,000 to £4,000 (subject to certain criteria)
• A rise in the National Insurance Contributions threshold to £9,500 for employees
• The rate of Research & Development Expenditure Credit extended from 12% to 13%
• Capital allowances – structures and buildings allowance – increase from 2% to 3% per annum

The other main changes included:

• For this year, business rates in England will be stopped for eligible businesses in the retail, leisure and hospitality sectors with a rateable value below £51,000 for this year.
• A £3,000 cash grant per business that is currently eligible for the small business rates relief, as well as an increase in the business rate discount for pubs from £1,000 to £5,000
• VAT on digital publications being abolished from 1 December 2020
• Small firms will be able to access ‘business interruption’ loans, up to £1.2million

• HMRC have introduced an additional ‘Time To Pay’ facility. If you cannot pay your Tax bill because of Coronavirus please call HMRC on: 0800 015 9559.