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Following the relaxation of some lockdown measures in the UK, Rishi Sunak, The Chancellor of the Exchequer, delivered his ‘Mini Budget’ Summer 2020 statement to parliament on Wednesday 8 July, announcing the Government’s plans for the second phase of their economic response to the COVID-19 crisis.
The statement unveiled further economic recovery measures, including job retention and creation incentives, policies to boost apprenticeships and VAT cuts in the hospitality and tourism sectors. More of the key announcements and takeaways for SME’s are detailed below.
Taxable grants of up to £2,500 per month are available for qualifying individuals who have trading profits or partnership trading profits of less than £50,000.
In order to qualify, your business trading income must comprise more than half of your total taxable income for 2018/19 or over an average three year period. These grants …
From 1 July 2020, workers will be able to do part-time work while on furlough. It will be up to the employer and worker to agree what the working arrangements will be, but employers will be required to pay the worker’s normal wages while the worker is working. The Government subsidy will only apply…
In what we suspect will be the final update to the Job Retention Scheme the Chancellor made some significant changes to the current scheme as well as extending the scheme to 31st October 2020.
We are awaiting updates to the Treasury Direction and the Employer’s Guidance, but these are the headline points announced at his press conference:
The new microbusiness bounce back oan scheme was opened on May 4 and we are already seeing funds delivered to successful applicants within 24 hours. Businesses are able to borrow between £2,000 and £50,000 and access the cash the next…