budget Archives - Page 14 of 32 - Whitefield Tax - Isle of Wight Accountants

Budget – Employment allowance to increase by £1000

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business issues

Steps in the right direction to take some weight off the shoulders of SMEs. The Chancellor announced an increase in the Employment Allowance from £3,000 to £4,000 to protect small businesses from the rise in the minimum wage. From next month companies will not have to...

Budget 2020: Corporation tax rate unchanged

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business taxation

Expected cut to an already low rate did not happen. Since 2010 the government has cut the headline rate of CT from 28% to 19%, giving the UK the lowest headline rate in the G20. The expected cut to corporation tax did not take place and to ‘provide support for vital...

R&D expenditure credit increased to 13%

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business taxation

Consultation announced on data and cloud computing expenditure qualifying for R&D tax credits. Research & Development tax credits This objective will be supported by increasing the Research & Development Expenditure Credit (RDEC) rate from 12% to 13% from...

Budget and Capital Allowances

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, business issues

Main change sees an increase of 1% for structures and buildings allowance. Structures and buildings allowance As previously announced the annual rate of capital allowances available for qualifying investments on or after 29 October 2018 to construct new, or renovate...

Budget VAT changes round up

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, VAT

Digital publications will also become zero-rated, while the agricultural flat rate scheme entry and exit rules are amended. The VAT registration rates are unchanged, with few announcements. The main business changes concern: Sanitary products VAT is currently...

Budget: CGT – reduction in Entrepreneurs’ Relief lifetime limit

by Jessica Garbett | Mar 13, 2020 | ACCA, budget, capital taxation

Significant cut to lifetime limit – but not quite abolition. Effective immediately (from 11 March 2020) the lifetime limit on gains eligible for Entrepreneurs’ Relief (which offers a reduced 10% rate of CGT on qualifying disposals) will be reduced from £10m to £1...

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Budget – Employment allowance to increase by £1000

Budget 2020: Corporation tax rate unchanged

R&D expenditure credit increased to 13%

Budget and Capital Allowances

Budget VAT changes round up

Budget: CGT – reduction in Entrepreneurs’ Relief lifetime limit

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