11/03/2020
Key budget 2020 points for supporting business
Subject: Finance and funding
Source: GOV.UK
The key business support measures announced in the Budget are:
- Launching a fundamental review of business rates that will report in the autumn
- A new pubs discount will be introduced to take £5,000 off the business rates bills of eligible pubs with a rateable value below £100,000
- The Employment Allowance for Employer National Insurance Contributions is increasing from £3,000 to £4,000. Over half a million businesses will benefit from this reduction to their costs of employment, with an average gain of £850 per year
- The Structures and Buildings Allowance for Corporation Tax will be increased from 2% to 3%, giving relief on an extra £100,000 next year if you’re buying a building worth £10 million.
- £28m package and up to 10,000 Start-Up Loans to support entrepreneurs and businesses to start