Chancellor Rishi Sunak’s delivered his first Budget on 16 March 2020, just weeks following his surprise appointment as replacement for Sajid Javed. It was overshadowed by the coronavirus crisis, with a £30 billion package of emergency measures announced, together with major investment plans to ‘level up the country’. The following were the main announcements affecting small businesses taxes:
- Corporation tax remains at 19%
- Entrepreneurs relief limit reduced from £10 million to £1 million from Budget Day
- Temporary reliefs from business rates
- Zero-rating of books and newspapers extended to digital equivalents
- NIC threshold increased from £8,632 to £9,500 from 6 April 2020
- Tapering of annual allowances on pensions thresholds increased by £90,000.