What Does it all mean?

VAT cut for some sectors

Pubs, restaurants, cafes and B&Bs

VAT will be reduced from 20 per cent to 5 per cent from 15 July until 12 January

How can we help? Contact us today to talk through the options you have and the changes you’ll need to make if you are eligible for the VAT reduction.

Stamp duty cut

No surprise, but the stamp duty cut is officially revealed. No stamp duty for homes under £500,000. Will run to 31 March 2021 – longer than expected. 

Furlough

Rishi Sunak shuts down any potential of the scheme being extended beyond October.

Stand by your workers

If companies bring back someone who was furloughed – and continuously employ them through to January – the Government will pay a Job Retention Bonus of £1,000 per person.

For businesses to get the bonus, the employee must be paid at least £520 on average, in each month from November to the end of January – the equivalent of the lower earnings limit in national insurance.

How can we help? Contact us today to talk about payroll and how you will be able to bring your employees back to work and claim the job retention bonus.

Eat Out, to Help Out

Here are measures to help get customers back into restaurants, cafes and pubs.

For the month of August, everyone in the country will be given an “Eat Out to Help Out,”‘

Meals eaten at any participating business, Monday to Wednesday, will be 50 per cent off, up to a maximum discount of £10 per head for everyone, including children. Businesses will need to register, and can do so through a simple website, open next Monday.

Each week in August, businesses can then claim the money back, with the funds in their bank account within five working days.

Kickstart Scheme

Government will pay employers to create new jobs for 16-24 year-olds. But they have to be good quality jobs, with a minimum of 25 hours per week at national minimum wage.

Government will pay the wages and extra for overheads.

The Government will also pay employers £1,000 to take on trainees.

How can we help? Contact us today to talk about new employees and payroll, we can also help you with the required paperwork for the government kickstart scheme.

8th July 2020 – Keys points from todays “Mini” Budget.