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What is coming up in the March 2020 Budget?

Melanie Richardson

03/03/2020

It was widely speculated that the budget would be in February, however with rising tensions in the Middle East the PM has pushed this back to March the 11^th. The newly appointed Rishi Sunak will deliver his first budget, so what are we expecting and what will this mean for you and your business?

All of this is speculation at the moment and drawn from pledges the government has made, but it is understood a key focus will be a change to the way that the Treasury allocates investment to even up spending between the regions in the UK. The government has pledged to increase investment spending by billions of pounds to allow for capital projects.

Tax cuts for more than 30 million workers

The main personal finance pledge from the Conservative manifesto was a tax cut in the form of an increase in the National Insurance threshold which would save all workers earning over £12,600 about £100 a year.

The social care crisis

The Queen’s speech noted that the Government would address the ‘social care crisis’ to ‘ensure that the social care system provides everyone with the dignity and security they deserve and that no one who needs care has to sell their homes to pay for it’

Workers’ rights

It is possible that we will see reforms to workers right specifically to protect workers on zero-hour contracts and maternity leave.

The environment

The government have stated that they are committed to helping the environment suggesting ways to combat the crisis including additional charges on single-use plastics. Expect more changes along these lines in the future.

Pensions

The government has promised to review generous tax reliefs for pensions, the details have not been released but we could see a reform here in March 2020.

Entrepreneurs relief

The conservatives have stated that reforms to entrepreneur’s relief is to be reviewed and reformed following concerns that some taxpayers are abusing the system. This is set to overhauls the tax breaks for business owners.

Housing

The Queen’s speech included a 30 percent discount for key workers and first-time buyers purchasing property in their locations. It’s unclear how this will be paid for however the details may emerge in the budget.

If you have any concerns regarding any of the above do please get in touch with our team who will be able to advise you further on how these changes and more might affect your finances from March the 11^th.

Tel: 01825 763366

Email: uckfield@swindellsaccounting.co.uk

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