Budget 2020

Budget summary When Philip Hammond delivered the last Budget 499 days ago, in the midst of the Brexit negotiations, he could not have imagined that the next Budget would be dominated by the spread of a lethal contagion. Nor is it likely that he thought Rishi Sunak – then a relatively inconspicuous junior minister – would be the one delivering it, with Mr Hammond having Read more…

Employment Allowance Changes come into effect from April

For more than half a decade the Employment Allowance (EA) has entitled employers to a maximum of £3,000 off their annual secondary Class 1 NIC bill. However, a new restriction on the EA will come into force from April, which means that employers will only be eligible for the EA if their total secondary Class 1 liability in the previous tax year was under £100,000. Read more…

Bank overdrafts to become more expensive for some under new changes

The UK’s major banks and building societies are set to increase the interest they charge on overdrafts as part of a major change due to come into effect from April. There are three main changes being introduced which will affect personal and a business’s overdrafts. These are: Interest on all overdrafts will be charged at a single annual interest rate (APR). No daily or monthly Read more…