• Jul 10, 2020
  • News and Updates

Webinar Chancellors Economic update

We did our webinar on Chancellors Economic update on 9th July and here is the recording

The main items

• Job Retention bonus - £1,000 per employee brought back from furlough and kept on until January 2021. Must earn at least £521 per month.

• Kickstart scheme - To create new jobs for 16-24 year olds. Minimum of 25 hours per week plus training. Wages paid for 6 months plus unspecified amount for overheads. Applications from August 2020.

• New Apprentice scheme - One-off payment of £2.000 for taking on a new apprentice. Additional £1,500 if they are 25 or over.

• Stamp Duty cut - Stamp Duty threshold for property raised to £500,000. Effective immediately. This will revert to the current threshold on 1 April 2021.

• VAT cut - Food, accommodation and attractions. VAT rate for eligible sales will be 5% not 20%. Effective from 15 July 2020 to 12 January 2021

• Eat Out to Help Out - 50% off (up to a maximum of £10 per person) on meals including non-alcoholic drinks. Businesses will need to register to operate the scheme. Discounts provided will be reclaimable

• Green home grant - Vouchers of £5,000 to £10,000 (dependent on income) for green work on homes.

Look out for our next webinar.