A comprehensive summary of the measures announced by Chancellor Rishi Sunak in his emergency budget speech on 7th of July 2020. Find out how the measures will affect you and your business.
Some of the biggest announcements covered are:
- Stamp Duty Land Tax Holiday - Lower Threshold for payment of Stamp Duty raised to £500k in England/NI
- VAT cut in Hospitality and Tourism Sectors - Reduction of VAT to 5% for food, accommodation and attractions.
- Furlough Bonus Scheme - Introduction of a £1,000 payment to incentivise employers to bring back employees fromn furlough.
- £2bn Kickstart Scheme - New fund to subsidise 6 month work placements aimed at those on Universal Credit between the ages of 16 and 24.
- Apprentice Scheme Boost - Introduction of a new payment of £2,000 for every new apprentice under the age of 25 and £1,500 for those that areolder.
If you have any questions on how any area covered affects you or your business please don't hesitate to get in touch!
