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