08 Jul 2020 3:16 PM
Today Rishi Sunak announced a mini-budget with further support from the Government during the current pandemic and in a bid to help the UK economy.
A summary of these new measures are as follows:-
- Job retention bonus - £1,000 per employee payable to employers who bring employees back to work from furlough and continue that employment until January. No extension of the existing Job retention scheme beyond October.
- Kickstart jobs scheme – opening for applications from August, for each job created for young persons from 16 to 24 years old, the Government will pay the cost of 25 hours per week at national minimum wage
- Apprentices and trainees – payments of £1,500 for businesses hiring apprentices and £1,000 on offer for each new work experience place made available
- SDLT cut – a temporary holiday from stamp duty, increasing the threshold before the tax is payable from £125,000 to £500,000
- VAT cut for hospitality and leisure sectors – a reduction for six months from 20% to 5% for all businesses in these sectors
- Green jobs scheme – From September vouchers will be available for homeowners and landlords to make energy efficient improvements for up to two thirds of the cost, subject to a maximum of £5,000 or for lower income households the full costs could be covered up to a maximum of £10,000.
- ‘Eat out to help out’ – vouchers for every individual in the UK for 50% of their meal to eat out up to a maximum of £10 per person, including children
We have prepared a downloadable and printable Summer Statement report that contains more detailed information. As always, if you have any questions on Government support please contact us.