Following on from this afternoons ‘mini-budget’, please see below for details of the announcements made. We’ll send full details of these measures as soon as they’re announced.
Headline Overview
A Job Retention Bonus
The government will pay a £1,000 bonus to businesses for each person brought back and employed through to January. Employees must receive an average of £520 per month (equivalent to minimum wage).
Example: If you’ve furloughed 8 staff, during any period, and brought them back and they’re still employed in January, the government will give you a taxable bonus of £8,000.
The government will pay a £1,000 bonus to businesses for each person brought back and employed through to January. Employees must receive an average of £520 per month (equivalent to minimum wage).
Example: If you’ve furloughed 8 staff, during any period, and brought them back and they’re still employed in January, the government will give you a taxable bonus of £8,000.
VAT Cut
There’s a temporary (6 months) VAT cut on food, accommodation and attractions from 20% to 5%.
This will be effective from Wednesday 15th July 2020 up to January 12th 2021.
There’s a temporary (6 months) VAT cut on food, accommodation and attractions from 20% to 5%.
This will be effective from Wednesday 15th July 2020 up to January 12th 2021.
50% Meal Discounts
The chancellor announced that for the month of August the government will give everybody 50% off their meals in participating restaurants, up to a maximum of £10 per head, valid Monday to Wednesday.
A website will be available next week for businesses to register and claim each week in August, with funds being paid out within 5 days.
“Eat out to help out!”
The chancellor announced that for the month of August the government will give everybody 50% off their meals in participating restaurants, up to a maximum of £10 per head, valid Monday to Wednesday.
A website will be available next week for businesses to register and claim each week in August, with funds being paid out within 5 days.
“Eat out to help out!”
£2bn green homes grant
From September homeowners and landlords will be to apply for grants, covering two thirds of grants up to £5k per household. Low income households will be able to apply for 100% of grant, up to £10,000.
From September homeowners and landlords will be to apply for grants, covering two thirds of grants up to £5k per household. Low income households will be able to apply for 100% of grant, up to £10,000.
Apprentice/Trainee Scheme
Employers will receive a £1,000 to bonus for taking on new trainees.
For the next 6 months business who take on new apprentices will receive a £2,000 bonus, per apprentice.
Employers will receive a £1,000 to bonus for taking on new trainees.
For the next 6 months business who take on new apprentices will receive a £2,000 bonus, per apprentice.
Stamp Duty
Stamp duty is to be cut, with immediate effect, to £500,000.
This temporary cut will be in place until 31st March 2021 and will cut the average bill by £4,500.
This also means 90% of people buying a home this year will pay no stamp duty at all.
Stamp duty is to be cut, with immediate effect, to £500,000.
This temporary cut will be in place until 31st March 2021 and will cut the average bill by £4,500.
This also means 90% of people buying a home this year will pay no stamp duty at all.
If you want to discuss any of the measures announced, please feel free to get in touch with myself, Zeta or any of the team.
More to follow as and when we know more- Stay safe
More to follow as and when we know more- Stay safe
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