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The Summer Statement 2020 - What Does It Mean To The Self-Employed and Small To Medium Businesses?

Our Experts At Cashtrak Have Been Busy Studying The Chancellor's Summer Statement and Picking Our What Is Relevant

Rishi Sunak, the UK government's Chancellor of the Exchequer has announced the Summer Statement to support the country as it tries to recover economically from the coronavirus COVID-19 pandemic. What does it mean to our clients, the self employed and small to medium businesses?

VAT Reduction

In the Chancellor’s summer statement, he shared the government's plans to change UK VAT from 20% to 5% for the hospitality and tourism sectors. This change will come into effect from Wednesday 15 July 2020 and run through until 12 January 2021.

What Does This Mean For You?

Businesses that buy and sell food, provide accommodation or manage attractions will need to update their software for these changes in VAT. Cashtrak Limited are positioned to support businesses through this change as we have done in the past with other last minute updates to accounting and payroll.

Over the coming days we will share further information with you about what the changes mean for you and how to handle them within your software.

Job Retention Bonus

This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31‌‌‌ ‌January 2021. The bonus will provide additional support to retain employees.

To be eligible, employees will need to:

  • earn at least £520 per month (above the Lower Earnings Limit) on average for November, December and January
  • have been furloughed at any point and legitimately claimed for under the Coronavirus Job Retention Scheme
  • have been continuously employed up until at least 31‌‌‌ ‌January 2021
  • employers will be able to claim the bonus from February 2021 once accurate RTI data to 31‌‌‌ ‌January has been received
  • more information about this scheme will be available by 31‌‌‌ ‌July and full guidance will be published in the autumn

The Eat Out to Help Out Scheme

During August, diners can get 50% off Monday to Wednesday on meals and non-alcoholic drinks, up to £10 per person, when eating at participating restaurants, bars, cafes and other establishments that have registered.

If you need any help or advice on how to access these schemes, eligibility or software support call us on 01865 522785 or e mail info@cashtrak.co.uk.



 

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