Spring Budget 2020 - A Summary

The new Chancellor’s first budget is all about “getting it done”, whether by supporting individuals and businesses through coronavirus, continuing to cut carbon emissions and plastic waste, as well as making workers better off through increases in the living wage.

Please click on the image below to download our brochure, and our handy tax rates PDF. If you have any queries or concerns about how you may be affected please contact us using the details at the bottom of this email.

In addition, there were some headlines specifically related to the area of insolvency and business recovery, such as:

• The Budget confirmed that HMRC will regain its 'preferential status' for some tax debts, but this will be from 1 December 2020 rather than previously planned 6 April 2020. The preferential status proposals are otherwise unchanged from what was put to consultation in 2019.
• There were no changes to plans to give HMRC the power to make directors and others personally liable for corporate tax debts (in some circumstances). This is expected to be included in the upcoming Finance Bill.

More information on specific business recovery impacts can be found on the R3 website here.