Coronavirus

The Government set out emergency measures to assist businesses for the ongoing Coronavirus crisis:

  • Statutory sick pay for all those self-isolating from day 1, with sick notes soon available via 111 even if you have no symptoms
  • Sick pay paid out to staff by firms with fewer than 250 employers for 14 days will be refunded by the Government
  • A ‘temporary Coronavirus business interruption loan scheme’ introduced for banks to offer loans of up to £1.2 million to support small and medium-sized businesses
  • Business rates scrapped for this year for thousands of firms with a rateable value below £51,000
  • Cash grant of £3,000 per business who are currently eligible for small business rate relief to help ongoing business costs

Personal Tax

  • Personal Allowance for the 2020/21 tax year will remain unchanged at £12,500
  • The Basic Rate Band also remains unchanged at £37,500 as does the Additional Rate Band remaining unchanged at £150,000
  • The National Insurance threshold rises from £8,632 to £9,500 from April 2020

Capital Gains Tax

  • The Capital Gains Tax Annual exemption remains at £12,000
  • From 11 March 2020, the lifetime limit on gains eligible for Entrepreneurs’ Relief (which offers a reduced 10% rate of Capital Gains Tax on qualifying disposals) will be reduced from £10 million to £1 million

Business Tax Employer NICs

  • Employment Allowance will increase from £3,000 to £4,000 from April 2020.

Corporate Tax

Corporation Tax rate will remain unchanged at 19% in April 2020.