The Chancellor of the Exchequer, Rishi Sunak, has delivered the budget
11 March 2020

Today, the Chancellor of the Exchequer, Rishi Sunak, has delivered the budget. It was a long one this year and packed full of incentives and of course the Government’s economic planning for the current coronavirus situation with a £30bn stimulus package to ease the impact. Here’s a brief summary on some key points relevant to our clients…

  • Support for businesses allowing them to reclaim Statutory Sick Pay paid to employees suffering from coronavirus
  • SSP waiting days abolished
  • HMRC given extra resources for Time to Pay unit to assist businesses with cash flow issues
  • Business Rates Review
  • NIC limits increased for employees and the self-employed. Contributions not due until earnings exceed £9,500
  • VAT on sanitary products to be removed
  • Planned duty increases on spirits, beer, wine and cider cancelled
  • Fuel duty frozen
  • Entrepreneurs relief lifetime allowance reduced from £10,000,000 to £1,000,000 as the relief was seen to not have achieved its aims
  • Research and Tax credit increased from 12% to 13%
  • Structures and Buildings allowance increased from 2% pa to 3% pa
  • Red diesel scheme to be reviewed but to remain for agriculture
  • No reduction in the corporation tax rate, which remains at 19%
  • Extra funding to be given to HMRC to tackle tax avoidance and evasion
  • Pension allowance reforms which increase the income levels at which pension contributions get tax relief to £200,000 from £110,000. This is targeted at the medical profession and will be welcomed by them.

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"The Walker Group has worked with Dutton Moore for more than 30 years. They have acted on behalf of all the Group’s companies and the family and are trusted and highly experienced business accountants, auditors and business advisers."

Lee Davies, A.C.A, Financial Director, Walker Group

"We have worked with Dutton Moore for many years and have always received a first-rate service. The team at Dutton Moore provide us with invaluable accountancy, strategic planning and business advice as we continue to be a growing business in this region."

Simon Gibson, Director at Simon Gibson Transport Ltd, Goole, East Yorkshire

Grain merchants and farmers, Burstwick, East Yorkshire:
"We have been clients of Dutton Moore for more than 20 years – they carry out all our accountancy work and business advice, their service and attention to detail is outstanding."

Jeremy Saunt, Director at Johnson and Saunt

"Dutton Moore are an excellent provider of financial services for significant Hull based businesses such as Smales. We have worked with the firm for many decades and are guaranteed sound financial and business advice, alongside the general accountancy services that they provide. What is key for my Company is the direct involvement of the partners with the Smales management."

Robin Orr B.Com; C.A; C.T.A, Financial Director, F.Smales & Son (F.M.) Ltd, Hull

"Having worked with Dutton Moore for many years now, we have always found the service extremely professional, prompt and courteous. As a growing business over the years their advice has been exemplary and without their valuable assistance in accounting and strategic planning we would have found the many transitions of growth a lot more challenging."

Richard Spencer, Commercial Director, Spencer Signs Ltd, Hull

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