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Budget 2020: Live panel

Today (Wednesday 11 March), AccountingWEB will host a live online chat during the Chancellor's 2020 Budget speech.
11th Mar 2020
Editorial team AccountingWEB.co.uk
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Budget

Earlier this month, Sajid Javid resigned before getting his chance to deliver his Budget. Stepping up to the dispatch box instead is his understudy Rishi Sunak. With Budget watchers starved of financial policy and tax proposals for more than 15 months, all eyes will be on Sunak to see whether he rips up Javid's script or keep to the old plans. 

Join us from 12noon and add your thoughts to our expert panel of tax, accounting and business specialists.

To add your reactions, questions or comments scroll down to the chat box below. We'll be reacting to the Chancellor's speech live as it happens, and coverage will continue on AccountingWEB and its social channels. Visit our Budget page to keep up with the reactions, debates and post-Budget analysis.

  • ANDREW GARVEY | Chief commercial officer, Countingup
  • GLENN MARTIN | Owner, Avery Martin 
  • JERI WILLIAMS | Owner, Smooth Accounting
  • JOHN STOKDYK | AccountingWEB
  • KELLY DI NOTARO | Tax manager,  Albert Goodman 
  • LUCY COHEN | Founder, Mazuma  
  • NICK LEVINE | Chartered accountant and journalist
  • NIGEL HARRIS | Partner, Burton Sweet
  • NORMAN YOUNGER | Founder and director, Maximiti
  • PHILIP FISHER | Independent tax expert
  • RAY NEWMAN |  Head of content and insight, PracticeWeb
  • RICHARD HATTERSLEY | AccountingWEB
  • RICHARD MURPHY | Chartered accountant and political economist
  • YOGESH PATEL | Director and founder, Telic

 
Budget
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Replies (11)

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By philaccountant
11th Mar 2020 14:31

I just searched the budget text for "Making Tax Digital". Got one hit. Confidence inspiring stuff.

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By John Stone
11th Mar 2020 14:40

Does anybody know how small businesses qualify for the Small Business Grant of £3000 and how they claim it?

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Replying to John Stone:
John Stokdyk, AccountingWEB head of insight
By John Stokdyk
11th Mar 2020 19:33

Para 1.101 of the Budget red book says: "the government will provide £2.2 billion of funding for Local authorities in England. This will provide £3,000 to around 700,000 business currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs."

So you'll need to work out if they're eligible for SBRR (and how to go about claiming) it to open the magic £3k door. Why is this beginning to sound like a TV game show? Hopefully there might be a more detailed note or policy document to accompany the business rate review, but I haven't found it yet. Good luck!

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By John Stone
11th Mar 2020 14:41

Does anybody know how small businesses go about getting their refunds of SSP paid out re COVID -19?

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Replying to John Stone:
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By neiltonks
11th Mar 2020 15:58

No-one knows yet. As a payroll software developer I've been told the government "recognise that existing systems are not designed to facilitate such employer refunds for SSP" and "will work with stakeholders over the coming months to set up a repayment mechanism as soon as possible". So it's a case of wait and see, I'm afraid.

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By Duggimon
11th Mar 2020 15:18

Well I thought it was quite a good budget, the last gasp reprieve for Entrepreneurs' Relief and the extension of the pension taper point are very good news for our clients.

The government somewhat chucked austerity in the bin with the raised borrowing and spending which will be good news to all those struggling with the cuts, provided they haven't already died.

Sunak's jokes weren't a patch on Hammond's though. Too sparse and well delivered, if the Chancellor's going to be a comedian we want a terrible one.

Did anyone catch whether or not they're going to get it done?

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Replying to Duggimon:
Caroline
By accountantccole
11th Mar 2020 16:04

Spend spend spend …………….

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By jon_griffey
11th Mar 2020 16:07

I have a number of NHS consultant clients who earn £300K+. It looks like they will be worse off.

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Lone Wolf
By Lone_Wolf
11th Mar 2020 16:59

I was expecting capital taxes to take a bit of a kicking if I'm honest, so I'm surprised that the only real hit is with ER. Was half expecting some IHT reliefs (BPR/APR) to disappear or be reduced in scope.

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Locutus of Borg
By Locutus
11th Mar 2020 17:31

Aside from the coronavirus spending (which is probably necessary if things get bad), I am a little concerned that a Tory government isn't even aiming to balance the books. In the past, it seemed that they predicted balance in x years time, never achieved it, but were at least going in the right direction. One day there will be another global recession (perhaps coronavirus will kick start it) and then the country really will need to borrow.

I can't say that I'm sad to see Entrepreneurs’ Relief cut right back (even though a number of my clients have benefited from it). I would rather there be incentives to start and grow businesses, than to sell up.

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By djtax
12th Mar 2020 11:50

Re all the 'immediate' measures to assist small businesses and employees off work due to self isolating etc it seems there were a lot of good sounding ideas but no one has thought out any of the practical issues without which none of these measures can be actually implemented at all soon here in the real world:

1. who has got payroll software that can differentiate and process two versions of SSP? - ie ongoing current version for 'normal' illnesses etc but separate rules for corona virus cases (SSP from day 1, max 14 days, employer recoverability)
2. has HMRC updated their RTI software to recognise the separate new virus related SSP rules - if not there will be a lot of 'errors/rejections' of employers' RTI submissions across the next couple of months.....
3. for the small business £3000 grant all that the budget says is the underlying fund will be made available to local authorities for them to distribute, presumably once they have identified the small businesses affected via rateable value records. Sorry but I can't see that cheque arriving for a month of Sundays yet….

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