Budget 2020 confirmed to be taking place on the 11th March 2020.
The General Election is a thing of the past. Brexit is all set for January 31, so the next big thing to think about is the Budget.
Normally, we would have had an Autumn Budget but with the build-up to the election, it was put on the back-burner. Now, Chancellor Sajid Javid will be ready to open the famous red box on Wednesday March 11. And, we will have the opportunity to find out if the Government is going to deliver on its election promises.
During the campaigning, Boris Johnson did promise that none of the major taxes would be increased. And, he did announce that the promised decrease in corporation tax, 19 per cent to 17 per cent from April, would likely be deferred.
Hopefully, there will be measures to support business owners as we transition through the EU withdrawal process. Certainly, there should be confirmation that UK businesses in receipt of EU funding will continue to receive equivalent funding from the Government once the EU funding tap is turned off.
Due to the possible disruption in supply lines from the end of this month – when the transition away from the EU begins – it would be helpful if the Government included supportive changes in the Budget that helped UK businesses to maintain their profitability and cash flow.
Speed Is Key
Parliamentary committees will need to get their skates and resolve any debate on Budget clauses as quickly as possible. There is less than 30 days between 11 March and the end of the tax year – 5 April 2020.
We will be reporting on significant changes in this blog immediately following the Budget. Until then, we can probably rest easy that tax rates are unlikely to be increased.