Budget 2020 – the key points
Janene Rudge, our Commerical Director summarises the key points of Wednesday’s budget.
Earlier this week, the new chancellor Rishi Sunak delivered his first budget announcement. Below we have summarised some of the main areas which may be of interest to you. As always, if you would like any personalised advice or further information please contact a member of our friendly customer support team on 01925 626200 who will be happy to help.
IR35 Reforms (Off Payroll working)
As was widely anticipated, the changes that we have been aware about for some time have been officially published and officially come into place next month.
National Insurance Contributions
The National Insurance threshold has been lifted from £8,632 to £9,500, this amounts to a potential saving of around £100 per year.
Pension Tax Relief
The chancellor has raised the threshold for Pensions tax relief for high earners from £110,000 to £200,000 removing the tapering scale.
The corporation tax main rate will remain at 19% rather than reducing it to 17% this rate will remain for at least the next 2 years.
Those who do a lot of travelling by car will no doubt be pleased to hear that fuel duty will be frozen for the next 12 months.
National Living Wage
The National Living Wage is due to increase from £8.21 to £8.72 per hour from 1st April.