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Budget 2020 News

Budget March 2020

Chancellor Rishi Sunak has delivered his first Budget in the House of Commons, announcing the government's tax and spending plans for the year ahead.:

Please follow this link for all current HMRC Updates on PAYE/Rates/Grants & LOANS News link:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Key Points

  • The tax threshold for National Insurance Contributions will rise from £8,632 to £9,500
  • The move, first announced in November, will take 500,000 employees out of the tax altogether
  • Those earning more than £9,500 will be, on average, £85 a year better off
  • 5% VAT on women's sanitary products, known as the tampon tax, to be scrapped
  • No other new announcements on income tax, national insurance or VAT
  • Tax paid on the pensions of high earners, including NHS consultants, to be recalculated to address staffing issues

Budget 2020 - Executive Summary