Conservative Party dejected with working majority

08 Jan 2020

Now that Boris Johnson and his Conservative Party have won the General Election will we finally “Get Brexit Done”?  More importantly, can the Government now get on with running the country and sorting out urgent issues such as the NHS?

The Budget 2020 on 11 March is likely to include some of the tax measures included in the Conservative Party election manifesto. The manifesto promised that there will be no changes to the rates of income tax, national insurance or VAT.

The manifesto stated that the corporation tax rate would remain at 19 per cent instead of reducing to 17 per cent on 1 April 2020 to provide an extra £6 billion for the NHS.  Businesses would, however, benefit from a planned increase in the structures and buildings allowance from 2 per cent to 3 per cent. That allowance provides tax relief for the construction or renovation of commercial buildings.

The manifesto also announced that the national insurance threshold would be raised to £9,500 in 2020/21, from the current £8,632.

The Party’s ambition was to raise the threshold to £12,500 in line with the income tax personal allowance.

At Beavis Morgan, our diverse team of tax professionals are committed to ensuring that your tax reporting obligations are fully satisfied and that every opportunity to lawfully exploit tax savings is made known to you, restructuring your affairs in a tax effective and efficient way.

If you have any concerns relating to your tax return or wish to discuss your tax affairs in further detail, please contact Paul Attridge or your usual Beavis Morgan Partner.