Budget Predictions 2020. Are You Ready?

The new budget is due to be read out in the House of Commons on Wednesday 11th March 2020, laying out the country’s finances for the year. Rishi Sunak, who was installed as chancellor less than three weeks ago, will have to rethink key parts of the upcoming budget that benefit us all. Sajid Javid – our previous chancellor – was said to have created a well-developed budget. However, Sunak is likely to rewrite some of Javid’s rules in the short time he has left.

 

So what changes are there likely to be?

Entrepreneurs Relief

We have previously written about entrepreneurs’ relief which you can read here. Sunak is expected to target entrepreneur’s relief, where people selling their businesses are only required to pay capital gains tax at 10%. Scrapping entrepreneur’s relief entirely would give the chancellor extra room to maneuver a budget. If you are considering selling your business in order to take advantage of these savings before any changes take place, we can help. Click the green button for free consultation with one of our specialists.

 

Transport

Greg Shapps, the transport secretary, recently announced that £10m of funding should be spent on electric vehicle charging points in residential streets. This would be a great step forward if the UK wants to achieve its target of emitting virtually zero carbon by 2050. This could possibly be confirmed in the new budget.

 

Social Care

Affordability of social care has hit crisis level in the UK. The Queens Speech noted that no one should have to sell their home in order to pay for social care – something that is unfortunately a reality for many. The new budget is the chancellor’s opportunity to allocate funding to this process and make real change to the well being of many lives.

 

Inheritance Tax

There have been calls to cut inheritance tax. It’s currently set at 40% if the property is valued over £325,000 hurting a lot of beneficiaries. It is proposed to be brought down majorly to 10%, whilst lowering he amount of tax-free allowances and setting a cap of £30,000 on cash gifts during a lifetime. Have a read of our page on inheritance tax here with frequently asked questions answered in detail for you.

 

With one week to go, what changes do you predict will be made with the new budget?

If you have any questions, feel free to contact us on 02085300720 or email enquiries@nordens.co.uk

 

 
Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

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Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

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Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

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Principal - Pauline Quirke Academy

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Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

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Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

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Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

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Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

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