Chancellor Rishi Sunak announced on 8th July 2020 a range of measures in his Summer Mini-Budget to help the UK economy recover from coronavirus.
THE KEY POINTS
- Stamp duty threshold raised to £500,000 until March 2021
The Chancellor announced a temporary increase in the threshold for stamp duty – raising it from properties worth £125,000 to those worth £500,000 – to revive the property market.
- Hospitality VAT cut to 5 per cent
VAT on food, non-alcoholic drinks, attractions and accommodation has also be cut from 20 per cent to 5 per cent. This comes into effect from 15th July 2020, and will last until 31st January 2021 initially.
In an attempt to get customers back into restaurants, bars and cafes as the lockdown eases, the chancellor announced everyone in the country will be eligible for “Eat Out to Help Out” vouchers.
Meals eaten at businesses participating in the scheme, which will operate on Monday-Wednesday in August, will be 50 per cent off per person (maximum of £10 discount per person).
- End-of-furlough £1000 bonus
There will be a £1000 bonus paid to businesses for each furloughed staff member brought back to work through to January.
We hope that that this will include directors, as well as employees, and await to see the additional criteria.
- £2bn for youth employment
The Chancellor announced the government’s new £2 billion Kickstart Scheme, aimed at creating thousands of job placements for young people aged between 16-24.
This is expected to help UK Mainland, however the NI Executive will be allocated additional funding, to help initiate their own Scheme.
- £3bn green infrastructure budget
The Chancellor announced a £3 billion green jobs plan, £2 billion going to homeowners and landlords willing to improve the energy efficiency of homes in a bid to save money and create local jobs.
Are you interested in being your own boss, or need help growing and understanding your business?
In the coming weeks, our Managing Partner, David Arbuckle, will be launching a series of online courses (via Zoom) to teach you how to:
1. start a business
2. run a business
3. grow a business
People often want to start a business as they have great knowledge and skills in their field of operation- they are great technicians.
However, not everyone will know what other functions are involved in setting up and running a business.
This uncertainty, coupled with self-doubt, can hold you back and delay you making your first step.
Running your own business can be extremely rewarding, and we want to help you achieve this sooner rather than later.
These courses will ensure you have the knowledge you need to successfully run your business, and achieve your goals.
If you are interested in further information and would like us to contact you when these courses are available, please email email@example.com or DM our Facebook page with your contact details.
1st July 2020- Employers are now able to bring employees back on a part time basis.
Employers will pay for hours worked, at the normal rate. For the remaining hours that the employee has remained on furlough, 80% can still be claimed through the CJRS.
There is no limit on the number of hours worked.From August, CJRS will still pay 80% of salary, however employers will be responsible for paying Employers NIC and Pension Contributions.
From September, CJRS will pay 70% of the salary to employees, and employers will contribute 10% of salary, Employers NIC and Pension Contributions.
From October, CJRS will pay 60% of the salary to employees, and employers will contribute 20%, of salary, Employers NIC and Pension Contributions.
Employees will continue to receive 80% overall up until October.
Please feel free to contact us if you are an Employer and would like advice on how to reintroduce staff back to the work place.
We can also help you with cash flow projections to ensure you have your budgets worked out for the next 12 months
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Open for applications for 4th May 2020
100% Guaranteed by the Government
All local banks should be approved lenders
Interest free for 12 months
Loans period up to 6 years
Repayment free for 12 months also
Up to £50,000 available, to a maximum of 25% of your business annual turnover
Business must not be an ‘undertaking in difficulty’ prior to COVID-19
Low interest rates after 12 months- 2.5%
Click this link to view our video and feel free to contact us for any support in making your application firstname.lastname@example.org
AGL Chartered Accountants would like to remind our clients and local businesses that the National Minimum Wage and National Living Wage are set to increase from 1st April 2018.
Following the increase, the new rates include:
• National Living Wage (25 years old and over) – £7.83 per hour
• National Minimum Wage adult rate (21 to 24 years old) – £7.38 per hour
• National Minimum Wage (18 to 20 years old) – £5.90 per hour
• National Minimum Wage (16 to 17 years old) – £4.20 per hour
If you require any assistance updating your wage rates for the 2018/19 tax year, AGL Chartered Accountants will be happy to assist you.
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