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QUICK UPDATE ON SUNAK'S SUMMER STATEMENT

Some updates from the Chancellor's Summer Statement below…more detail to follow when we have carried out our analysis on the impact for businesses and our clients as soon as available:-

- A new Job Retention Bonus Scheme is being introduced. Employers bringing back previously furloughed workers who they pay at least £520 per month between November and January will be able to claim £1000 per employee. Claims can be made for ALL employees who have been furloughed.

- The Coronavirus Job Retention Scheme will end on 31st October as previously announced.

- Kick Start Jobs Scheme - the government will pay towards six months of wage costs of 16 to 24-year-olds at risk of long-term unemployment who are hired by employers. It will cover 100 per cent of the minimum wage for a maximum of 25 hours a week — with firms able to top up wages. This will start in the autumn.

- There will additional support whereby employers will be able to claim between £1000 and £2000 for new trainees and apprentices taken on.

- The starting band for residential stamp duty has been increased from £125,000 to £500,000 from today and will remain in place until 31 March 2021.

- VAT on the hospitality and leisure sector (incl food, accommodation, attractions) will reduce from 20% to 5% from next Wednesday and remain until January 12th

- Eat out to help out scheme – In August, between Monday and Wednesday you will be able to get 50% off up to £10 per head when eating out in restaurants. The relevant businesses will reclaim the discount direct from HMRC/government.

More to follow… but if you need urgent business advice, please call Nantwich office on 01270 623731