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Budget 2020: our reaction

by Michael Blaken

Published on 11th March 2020

The Budget announced by Chancellor Rishi Sunak was set against a backdrop of Coronavirus, Brexit negotiations and an emergency cut in interest rates to an historic low: quite an extraordinary context.

Budget 2020 Chancellors Red Briefcase

Our Account Director, Michael Blaken, said:

“In the main it was interesting, and nothing too alarming, but we need to see the detail, particularly around the offers for business, as regards helping them to get through the Coronavirus.

“National Insurance threshold for employees increasing was talked about but employers’ National Insurance wasn’t mentioned so we’re keen to see the fine print for this.

“Reforming Entrepreneurs’ Relief is a sensible measure, and will still help people selling their businesses. R&D relief is good news, but beware because HMRC is getting more curious about what is – or, more pertinently, is not – R&D.

“We also welcome the move to reinstate the time to pay arrangements that were originally introduced after the financial issue of 2008/09.”

You can read our full Budget summary here.

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