What does Budget 2020 mean for your business?

Chancellor Rishi Sunak announced the Budget Statement for 2020 this afternoon, there were a lot of surprises and big promises, but what do they mean for your business?

Here’s a quick summary of some of the statements delivered today;

Small & Medium Businesses

Cash Grant - Mr Sunak has promised a £3,000 cash grant per business for any firm that is currently eligible for the small business rates relief.

No business rates for small shops. The chancellor declared: "Our manifesto promised that for shops, cinemas, restaurants and music venues… with a rateable value of less than £51,000… we would increase their business rates retail discount to 50%. Today I can go further, and take the exceptional step, for this coming year, of abolishing their business rates altogether."

Coronavirus Loan Scheme - Mr Sunak announced that a “coronavirus loan scheme is to be introduced to cover the cost of salaries and bills, [the government] will offer loans of up to £1.2m to support small and medium sized businesses”, referring to business with less than 250 employees.

New Business. £130m to extend the government backed Start Up Loan programme of £500 to £25,000 to start or grow your business.

Tax freeze. Corporation Tax frozen at 19% on taxable profits including trading profits, investments, and chargeable gains.

Hospitality Industry

Retail Discount - Chancellor Rishi Sunak declared that the following businesses would pay no business rates for the next financial year; "Museums, art galleries, and theatres; caravan parks and gyms; small hotels and B&Bs; sports clubs, night clubs; club houses, guest houses” with a rateable value below £51,000.

Pubs & Alcohol - Mr Sunak announced, "for this year, the business rates discount for pubs will not be £1,000 – it will be £5,000." Planned rise in beer, cider, spirits and wine duties have all been cancelled or frozen.