‘This budget gets it done’
Base rate cut
Bank of England cuts base rate to 0.25%
#coronavirus #COVID19 SSP measures
For Coronavirus, day 1 right to SSP. For employers with under 250 employees the amount is fully recoverable for up to 14 days leave per employe.
Employers to be offered time to pay in relation to pay over of taxes.
There will be a sick note alternative by contacting 111. Everything is to be possible by phone or online.
In relation to payroll software, HMRC state ‘we recognise that existing systems are not designed to facilitate such employer refunds for SSP. The government will work with stakeholders over the coming months to set up a repayment mechanism as soon as possible.
By 2024 National Living Wage to rise to 2/3 of median pay.
Annual primary threshold raise to £9,500 before individuals are liable to NI contributions
Increased from £3,000 to £4,000.
Rest of the UK Income tax and Wales
No changes are announced to personal allowances for the whole of the UK, remains at £12,500. And for the rest of the UK (England and Northern Ireland) and Wales the higher rate threshold continues at £50,000 under previous budgets 2 year proposal.
How this impacts Scottish tax?
So the Scottish budget assumptions are correct, a suitable implementation point of the Scottish tax changes are yet to be announced, they won’t be 6th April.
‘We got it done’