So what did Chancellor Rishi Sunak revealed in the Budget for 2020? Read this blog to find out more.
The much anticipated budget from the chancellor, Rishi Sunak, centred heavily around the corona-virus, as expected. Any hopes contractors may have had with regards delaying the implementation of IR35 were quashed and this will go ahead as planned from 6th April 2020. Perhaps, shockingly, there was no direct mention of IR35 during the chancellors speech!
Despite many fearing an outright abolishment of entrepreneur’s relief, this hasn’t been the case. Instead, the lifetime allowance of entrepreneur’s relief has been slashed from £10m to just £1m. For the majority of contractors, this will not impact adversely any ambitions to liquidate their companies through an MVL. On the whole, the accounting profession sees this as a “fair” change. Please download our simple budget guide here.