This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown.
We recommend that you review your financial plans regularly as some aspects of the Budget will not be implemented until later dates. We will, of course, be happy to discuss with you any of the points covered in this report and help you adapt and reassess your plans in the light of any legislative changes.
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What else should I be thinking about?
There’s no ‘one size fits all’ solution for limited company directors. The Government measures that have been released may be useful for you depending on the size and nature of your business.
Here’s a brief list of things you could explore, which we have covered separately:
- Cash flow and payments
- Mortgage holidays
- Deferring income tax and VAT payments
- The Coronavirus Business Interruption Loan Scheme
- HMRC Time to Pay Scheme
- Statutory Sick Pay Relief package for businesses
- Business rates holidays
- The Small Business Grant Scheme
As always, we’re here to help you in these uncertain times. If you need advice about any of the above, speak to us about the ways we can help.