Chancellor’s Summer Statement

News

We hope that you, your families and your staff are keeping well and safe over these very testing and unprecedented months. We have successfully reopened our office back to our normal hours of 9am to 5pm, Monday to Friday, whilst keeping to social distancing measures. Please ensure that if you visit the office that you follow the one in, one out policy in reception (two people visiting from the same household can come in together) and please use the hand gel provided. If you have any specific needs please contact the partner that deals with your affairs.

The Chancellor made his Summer Statement on 8th July 2020 with the following points coming into effect –

  • Job Retention bonus – You will receive £1,000 bonus per employee that you have brought back from furlough if you continue to employee them to 31st January 2021 while paying them at least £520 per month on average for November, December & January. Employers will be able to claim the bonus from February 2021.
  • Kickstart Scheme – The Government will directly pay employers to create new jobs for any 16-24 year old at risk of long-term unemployment. Employers can apply to be part of the scheme from August.
  • Apprentices Scheme – There will be a £1,000 incentive to take on trainees and £2,000 to take on apprentices.
  • Stamp Duty holiday – There is a temporary holiday on stamp duty which has started immediately until 31st March 2021 on the first £500,000 of all property purchases. Please note this applies to main homes and second homes or buy to lets. The 3% surcharge on second homes/buy to lets still applies.
  • VAT decrease – VAT is being cut from 20% to 5% for the hospitality and tourism sectors from 15th July 2020 to 12th January 2021. The cut applies to eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol, holiday accommodation in hotels, B&B’s, campsites and caravan sites, as well as attractions like cinemas, theme parks and zoos.

There will be a full budget and spending review in the Autumn like normal.

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