Entrepreneurs' relief

Entrepreneurs' relief lives for another tax year after being under threat prior to the Spring Budget, but a key change will come in for 2020/21.

The rules allow business owners of two years or more to pay capital gains tax at 10%, instead of 20%.

The lifetime limit on for the 10% tax rate is reduced from £10m to £1m for disposals made on or after 11 March 2020.

Business rates

Firms in the retail, leisure or hospitality sectors with a rateable value of £51,000 or less will pay no business rates whatsoever in 2020/21.

That amounts to nearly half of all business properties in England being exempt from business rates from April.

A wider review of the business rates system in England will be undertaken ahead of the Budget in the autumn.

Employment allowance

The employment allowance can reduce employers' (secondary) class 1 national insurance bills.

Currently, a £3,000 allowance is available until the £3,000 has gone or the tax year ends, whichever is sooner.

This allowance will rise by 25% to £4,000 from April.

Research and development

The research and development expenditure credit (RDEC) will rise from 12% to 13% - a tax cut worth around £2,400 on a typical R&D claim, according to the Government.

Talk to us for more information on the Spring Budget.