A quick canter through the Budget11th of March, 2020
Businesses who are eligible for Rates Relief under the Small Business Bonus Scheme will be able to claim a cash windfall of £3,000 towards (https://www.mygov.scot/non-domestic-rates-relief/small-business-bonus-scheme/) the costs of Coronavirus. The exact timings and mechanisms are as yet unclear and this relief will not benefit any business who does not have business premises.
Employers with < 250 employees will be able to offset Statutory Sick pay paid to employees against PAYE/NICs owed, but only for this year and only for SSP for 14 days.
Employees will be able to claim SSP from Day 1 and will be able to phone 111 to get certification instead of attending a Doctor's surgery.
The Employment Allowance against Employer National insurance contributions is to be extended from £3,000 per annum to £4,000 per annum for eligible employers.
The National Insurance threshold for Employee's NICs is extended from £8,632 per annum to £9,500 per annum - generating £104.16 benefit .
Coronavirus Business Interruption loans (80% guaranteed by the Government) are to be available via Banks
£650m for rough sleepers to generate better services and 6,000 new homes.
No increase in duty on Beer, wine or spirits.
VAT on sanitary products to be removed.
HMRC to allocate a further 2,000 staff for Time to Pay helplines. However no word as to whether the time limit of 12 months will be extended.
No provision for Statutory Sick pay for the self employed or the low paid, although ESA will be available from Day 1 not Day 8.
No VAT or Tax payment holidays on account of Coronavirus.
Good news for employees - less so for employers - National Minimum Wage plans are to increase the 25 and over rate to £10.50 per hour by 2023.
Reduced duties on red diesel for non agricultural purposes to be abolished in 2 years - resulting in increased costs..
£2.5m pot hole fund. ONLY £2.5m - this should fill £50m potholes - but is this enough?
The Government splashed the cash on Research & Development, pensions - taper relief reductions, Housing, Roads and transport and climate change. Also the NHS who will have unlimited assistance for the current virus crisis. Distilleries - R&D available and funds for overseas promotion; Rates reductions in the Tourism and leisure sectors and Entrepreneur's Relief reduced to £1m with immediate effect, but not abolished.
2% stamp duty increase for foreign property purchases and specific mention of a £624 surcharge for NHS use to be imposed on "immigrants" with discounted rates for their children.
Further HMRC officers to chase £4.4 bn of suspected tax evasion.
As part of regional re-balancing, 22,000 civil servants are to move to outside Central London - some members of the Treasury are destined for Scotland! I wonder who we'll get.
Please get in touch if you have any questions re the above and we will post further information as details become available.