The treasury has announced that the next budget will be presented by the Chancellor, Sajid Javid, on Wednesday 11th March 2020.

In recent years, the Budget has been held in the Autumn. The Autumn Budget 2019 was postponed due to the pre-election uncertainties last year. Now that our government has a significant working majority those uncertainties have been removed. Accordingly, matters that need to be resolved for the tax year 2020-21 – certain Income Tax allowances for example – can be attended to.

It is difficult to predict what The Chancellor will include in his announced changes.

During the recent election campaigning, Boris Johnson did promise that none of the major taxes would be increased and he did announce that the promised decrease in corporation tax, 19% to 17% from April 2020, would likely be deferred.

Hopefully, there will be measures to support business owners as we transition through the EU withdrawal process. Certainly, there should be confirmation that UK businesses in receipt of EU funding will continue to receive equivalent funding from the government once the EU funding tap is turned off.

Due to the possible disruption in supply lines from the and of this month – when the transition away from the EU begins – it would be helpful if the government included supportive changes in the budget that helped UK businesses to maintain their profitability and cash flow.

Parliamentary committees will need to get their skates and resolve any debate on budget clauses as quickly as possible. There is less than 30 days between 11 March and the end of the tax year – 5 April 2020.

We will be reporting on significant changes in this blog immediately following the budget. Until then, we can probably rest easy that tax rates are unlikely to be increased.

Share:

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Related News

New measures to sort late payers

New proposals have been outlined by government to ensure small businesses in the UK are paid on time. Currently £23.4 billion worth of late invoices

Tax Diary October/November 2020

1 October 2020 – Due date for Corporation Tax due for the year ended 31 December 2019. 19 October 2020 – PAYE and NIC deductions

Smart Data laws on the way?

Consumers and small businesses will benefit from better deals and savings through innovative services, thanks to new Smart Data laws proposed by government. Smart Data

Quick Links

Online References...
Client Testimonials
Meet the Team

Sheffield Office:
2 President Buildings,
Savile Street East,
Sheffield ,
South Yorkshire,
S4 7UQ

Telephone:
0114 272 0306
Fax:
0114 272 6158
email:
sheffield@roystonparkin.co.uk

Opening Hours:

Mon-Wed: 8.30am – 5pm
Thursday: 8.30am – 7pm
Friday: 8.30am – 2pm

Doncaster Office:
3 Railway Court,
Ten Pound Walk,
Doncaster,
South Yorkshire,
DN4 5FB

Telephone:
01302 320444 / 304440
Fax:
01302 342604
email:
doncaster@roystonparkin.co.uk

Opening Hours:

Mon-Thurs: 9am – 5pm
Friday: 9am – 4.30pm