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Sunak’s Summer Splurge

8th July 2020 | Written by In Accountancy | Categories : CoronaVirus, Limited Companies, News, Small Business Advice, Sole Traders, Tax Advice
Sunak’s Summer Splurge

So, I’m sure you have all been glued to Mr Sunak’s ‘Summer Budget’ on the BBC this lunchtime.


Well here’s your 30 second summary of what we know so far.  I will be putting a more detailed analysis on our website towards the end of the week, once more of the details of the various proposals have been announced.

But for now, here are the main points….

Jobs Retention Bonus

  • If employers keep workers in their jobs until January 2021 they will get a £1,000 bonus per (previously furloughed) employee

VAT for Hospitality and Tourism

  • Cut to VAT on food, accommodation and attractions from 20% to 5% for the next six months
    • from next Wednesday 15th July until 12 January

“Kickstart Scheme” for Unemployed Youth

  • £2bn in Government Funding to be made available to create job placements for young people
    • Subsidised six-month work placements for people on Universal Credit aged between 16 and 24
    • £1,000 to firms for each trainee they take on, and 
    • £2,000 to encourage them to hire apprentices

Stamp Duty

  • Temporary increase in stamp duty threshold to £500,000
    • from current £125,000 level

Green Recovery

  • £2bn Green Homes Grant
    • Which includes vouchers of up to £5,000 for energy-saving home improvement
  • And a further £1bn of funding to improve the energy efficiency of public sector buildings

“Eat out to Help out”

  • 50% off meals in participating restaurants cafes and pubs during August
    • Monday through Wednesday
    • to a maximum of £10 per head

I’m interested to know what you think, and particularly whether you think that any of the above announcements are likely to impact your lifestyle or business choices over the coming months?

And of course, as always, please don’t hesitate to contact me should you have any questions whatsoever…