Further Government Help Announced
Last week the government announced further measures to get the economy moving again and help business and individuals recover from the lock down measures.
Eat Out to Help
The government will cover the cost for diners at restaurants and food outlets where food can be consumed on the premises for 50% (up to a maximum of £10 per person) for food consumed by registered outlets from 3rd - 31st August. Premises will need to register for the scheme (see link here) and will claim the money back from the government on a weekly basis.
VAT Reduction for Hospitality Sector
VAT for the hospitality, holiday accommodation and attractions will be cut to 5% between 15th July 2020 and 12th January 2021. This will include hot food take-away and non alcoholic drinks. If you sue the flat rate scheme - then these have been adjusted to reflect the reduction.
Invoices/tills/prices will need reviewing and adjusting to ensure you are charging the correct VAT rate - full details of the businesses involved can be found here.
Stamp Duty Holiday
Stamp duty land-tax on residential property has been amended from 8th July 2020 to 31st March 2021. You will now pay no stamp duty up to £500,000. For further details on rates above this see here. The 3% higher rate for additional properties still applies - but due to the saving above, will now only be 3% up to £500,000.
Job Retention Bonus
Businesses will be able to claim £1,000 per employee that has been furloughed and is brought back to work and continuously employed as at 31st January 2020. To be eligible, the employees must have been paid an average of above £520 per month from 1st November 2020 to 31st January 2021. More details are expected to follow at a later date.
Grants for Apprenticeships and Training Programme
Grants for £2,000 for 16-24, and £1,500 for over 25's for businesses hiring new apprenticeships from 1st August, and £1,000 for those providing trainee placements has been announced - further guidance on how to claim is expected to be released soon.