Main items of interest to the majority of small businesses will be:
- Personal allowances and national insurance rates, please view the tax data information page above.
- Employers Employment allowance increased to £4,000 from April 2020.
- Don’t forget the £1,000 a year in tax-free allowances for property or trading income available since April 2017.
- The Corporation Tax rate is remaining at 19% until April 2023 with the proposal to increase to 25% for Profits over £250,000, Profits below £50,000 will remain taxed at 19%. A tapered rate will return for Profits between £50,000 and £250,000 to merge the two rates.
- VAT registration limit to remain at £85,000 until April 2022 and the deregistration limit £83,000.
- CGT lettings relief for landlords withdrawn from April 2020 together with a reduction in the final period exemption for private residence.