July 2020<\/p>\n\n\n\n
The Chancellor Rishi Sunak has announced some unprecedented measures to help kick start the economy following the impact of coronavirus. Below are the main points discussed within the chancellors speech.<\/p>\n\n\n\n
Temporary stamp duty cut<\/strong> VAT rate slashed to 5 per cent for the hospitality sector<\/strong> Eat out to help out scheme<\/strong> \u00a39 billion job retention scheme<\/strong> \u00a32 billion \u201ckickstart\u201d work placement scheme<\/strong> \u00a32,000 apprenticeship bonus<\/strong> \u00a32 billion green homes grant<\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":" July 2020 The Chancellor Rishi Sunak has announced some unprecedented measures to help kick start the economy following the impact of coronavirus. Below are the main points discussed within the chancellors speech. Temporary stamp duty cutZero stamp duty will be payable on properties worth up to half a million pounds, saving buyers an average of \u00a34,500 per transaction. The temporary stamp duty cut will begin immediately and last until March 31 2021. The current stamp duty threshold is \u00a3125,000 with a rate of 2 per cent on properties up to \u00a3250,000 and 5 per cent on the portion of the cost thereafter. VAT rate slashed to 5 per cent for the hospitality sectorFrom next Wednesday VAT rates will be reduced from 20 per cent to 5 per cent on all sales of hot food, accommodation and attractions. The new level will remain in place for a total of six months and cost the exchequer about \u00a34 billion. The cut will also cover entertainment venues like cinemas and zoos. The chancellor said around 150,000 businesses would benefit. Eat out to help out schemeAnyone who is going to eat in a restaurant or pub on a Monday, Tuesday or Wednesday in August will be entitled to up to 50% off their bill up to a maximum of \u00a310 per customer. Businesses will then be able to claim this money back from the government within five working days. \u00a39 billion job retention schemeCompanies who bring back furloughed workers will be paid a \u00a31,000 bonus per employee as long as they are paid a minimum of \u00a3520 on average each month between November and January. According to the Government if all furloughed employees were brought back into work this would cost the Treasury \u00a39 billion. \u00a32 billion \u201ckickstart\u201d work placement schemeUp to 300,000, 16 to 24-year-olds will be funded by the government for six-month work placement schemes worth around \u00a35,500. Businesses will receive a total of \u00a31,000 per employee they take on, for a minimum of 25 hours per week at the level of the national minimum wage. \u00a32,000 apprenticeship bonusFirms will be paid a bonus of \u00a32,000 for every new apprenticeship they create in the next six months. There will be an additional bonus of \u00a31,600 for every apprentice who is hired over the age of 25 years of age. There will also be a \u00a31,000 bonus for each new trainee, aged 18\/19, brought in by companies. \u00a32 billion green homes grantHouseholds will be able to apply for vouchers worth up to \u00a35,000 for home insulation. This will cover up to two thirds of the total cost of the work. For lower income households, grants of up to \u00a310,000 will be available covering 100% of the work.<\/p>\n","protected":false},"author":2,"featured_media":702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,1],"tags":[15,30,27,28],"yoast_head":"\n
Zero stamp duty will be payable on properties worth up to half a million pounds, saving buyers an average of \u00a34,500 per transaction. The temporary stamp duty cut will begin immediately and last until March 31 2021. The current stamp duty threshold is \u00a3125,000 with a rate of 2 per cent on properties up to \u00a3250,000 and 5 per cent on the portion of the cost thereafter.<\/p>\n\n\n\n
From next Wednesday VAT rates will be reduced from 20 per cent to 5 per cent on all sales of hot food, accommodation and attractions. The new level will remain in place for a total of six months and cost the exchequer about \u00a34 billion. The cut will also cover entertainment venues like cinemas and zoos. The chancellor said around 150,000 businesses would benefit.<\/p>\n\n\n\n
Anyone who is going to eat in a restaurant or pub on a Monday, Tuesday or Wednesday in August will be entitled to up to 50% off their bill up to a maximum of \u00a310 per customer. Businesses will then be able to claim this money back from the government within five working days.<\/p>\n\n\n\n
Companies who bring back furloughed workers will be paid a \u00a31,000 bonus per employee as long as they are paid a minimum of \u00a3520 on average each month between November and January. According to the Government if all furloughed employees were brought back into work this would cost the Treasury \u00a39 billion.<\/p>\n\n\n\n
Up to 300,000, 16 to 24-year-olds will be funded by the government for six-month work placement schemes worth around \u00a35,500. Businesses will receive a total of \u00a31,000 per employee they take on, for a minimum of 25 hours per week at the level of the national minimum wage.<\/p>\n\n\n\n
Firms will be paid a bonus of \u00a32,000 for every new apprenticeship they create in the next six months. There will be an additional bonus of \u00a31,600 for every apprentice who is hired over the age of 25 years of age. There will also be a \u00a31,000 bonus for each new trainee, aged 18\/19, brought in by companies.<\/p>\n\n\n\n
Households will be able to apply for vouchers worth up to \u00a35,000 for home insulation. This will cover up to two thirds of the total cost of the work. For lower income households, grants of up to \u00a310,000 will be available covering 100% of the work.<\/p>\n\n\n\n