Exactly in a month’s time Chancellor of the Exchequer will present his first Budget to the Parliament. Below are my top 10 predictions for Budget 2020.

  1. Off-payroll/IR35 Implementation for the private sector – more likely to go ahead (I sincerely hope I am wrong and this will be scrapped)
  2. Entrepreneur relief – lifetime limit might be reduced from £10m to lower number (Post-Brexit Britain open for business???)
  3. Pensions – Higher earners might not get 40% relief, relief might be restricted to 20%
  4. Mansion Tax – additional tax might be imposed on those homeowners who have larger properties
  5. Inheritance tax – might be reduced from 40% to lower %.
  6. Gift tax – might see a cap on the cash gifts and restrictions on tax free gifting of properties 7 years prior to a person’s death.
  7. Stamp duty – First time Residential house purchases worth less than £0.5m might get an exemption from SDLT
  8. Help to Buy – This might get replaced with Discount on new houses
  9. Business Rates – likely to see reductions to avoid further high street closures
  10. VAT might be reduced from 20% to lower % (wild card)

If you have any questions on these please feel free to get in touch. WIS Accountancy has helped many owner managed business to effectively plan your obligations in an effective and stress-free manner. WIS Accountancy also provides additional services such as, business start-up advice, payroll services, bookkeeping, self-assessment and computation of your VAT, Corporation Tax, Final Accounts
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