Whilst the details are yet to be announced and only general information is currently available, some key highlights from the chancellor’s budget are set out below:
- Good news for house buyers with a temporary cut (until 31st March next year) to Stamp Duty Land Tax on residential property, increasing the zero-rate band to £500,000 and saving purchasers up to £15,000;
- VAT will be cut temporarily from 20% to 5% for restaurant, food, accommodation and attractions businesses;
- Job Retention Bonus Scheme to be introduced when the Coronavirus Job Retention Scheme ends for employees In October. This means that Companies will receive a £1,000 bonus for each furloughed employee they bring back to work (certain criteria applies);
- A new Kickstart Scheme will cover employers’ costs for new six-month work placements for trainees aged 16-24;
- A £1,000 payment will be made to employers for each 16-24-year-old on work placement and training;
- Employers who hire new apprentices between August and January will receive payments of up to £2,000; and
- An ‘Eat Out to Help Out’ Scheme will offer up to 50% meal discounts during August. This means that Monday to Wednesday in August, customers in restaurants, cafes and pubs can receive a 50% reduction on meals and non-alcoholic drinks up to £10 per head. You must register for the scheme using an app which will be available from Monday 13 July.
NEED HELP OR ASSISTANCE?
If you require any advice or assistance in dealing with the issues we have outlined please contact Yashmin Mistry by email on ymistry@jpclaw.co.uk or telephone on 020 7644 7294 or connect with her on LinkedIn.
