July 2020 Summer Statement

July 2020 Summer Statement

Chancellor Rishi Sunak announced a host of emergency funding measure , to help businesses through this difficult time. Here’s the important bits –

  • VAT Reduction to 5% – The hospitality sector will benefit from a 6 months rate cut to just 5% from 15th July. This applies to the sale of food and non-alcoholic drinks.
  • Job Retention Bonus – To help businesses retain people in employment, a one-off payment of £1000 will be paid to employers for each employee that earns more than £520 per month and remains continuously employed up to the end of January 2021.
  • Eat Out to Help Out – For the month of August, business who are eligible can apply to register for the Eat out to Help Out scheme.  This will allow a 50% discount (capped at £10 per person) on food and non-alcoholic drinks on Mondays to Wednesdays.

Not sure how to apply? Contact us at the office to give you a hand.

Written by : Super User

Maccass and Lang
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Maccass and Lang Accounting Ltd
9 Foxdale Drive
Bonnybridge
FK4 2FE

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