This lunchtime, the Chancellor delivered his "Summer Update", announcing various initiatives to retain/ create jobs and get the economy moving again.
Of most interest to you will be this first announcement........
£1,000 incentive for furloughed employees
In a bid to keep employees in work once the furlough scheme ends, the chancellor has announced a £1,000 bonus for every staff member you bring back from furlough and continue to employ through to January.
In order to qualify:
- The staff member must have been previously furloughed
- Is brought back and is being paid more than £520 a month between 1st November and January
The Chancellor then went on to announce some other employment initiatives for young employees and apprentices
Kickstart scheme for young employees
This is a new scheme which will fund 6 month work places for people on Universal Credit aged between 16 and 24 and who are at risk of long term unemployment
The Government will cover the cost of 25 hours work per week at minimum wage
Incentives for taking on apprentices
The Chancellor has promised £2,000 to each employer for taking on an apprentice. Don't forget, apprenticeships aren't just limited to young employees. The grant does drop to £1,500 for apprentices aged over 25, but it's still well worth it!
Incentives for trainees
The Chancellor has promised £1,000 to employers to take on trainees
There's also a couple of interesting announcements with regards going out........
50% off eating out
If you eat out on a Monday - Wednesday during August (at participating restaurants) you'll get 50% off each, up to a value of £10 per head
This includes non alcoholic drinks and is only for eat in restaurants
5% VAT for the hospitality Industry
From 15th July to the 12th January next year, VAT on food, accommodation and attractions (cinemas, zoos & theme parks) will be reduced to 5%
Food will include non alcoholic drinks, BUT Alcohol will still attract VAT at a rate of 20%
Finally, there's a couple of important points about buying and selling property.......
Stamp Duty cut
From now, until the 31st March 2021, stamp duty will only be charged on properties costing more than £500,000. The current threshold is £125,000