Mini Budget – big developments… what does it mean for your business?

09th Jul

RETURN TO WORK BONUSA new policy is being introduced for employers that successfully return furloughed employees to work. The Government will pay a £1,000 bonus to a business for each employee brought back and retained until January 2021 or after. Each employee needs to be paid at least £520 on average per month in order for the business to receive this bonus. KICKSTART SCHEMEGiving young people the best chance of getting a job, the Kickstart Scheme applies to 16-24-year-olds at risk of long-term unemployment. If the young person works a minimum of 25 hours per week at your company and is paid at national minimum wage, their wages will be paid by the Government for six months. Employers can apply to be part of the Kickstart scheme from August and it will commence in autumn. There’s no cap on the number of places available. TRAINEESHIPSEmployers will be paid £1,000 to take on new trainees. This will support young people to enter fulfilling careers while reducing the UK’s skills gap. APPRENTICESHIPSFor the next six months, employers will be paid £2,000 for each new apprenticeship they create. There is also a brand new £1,500 bonus granted to businesses that hire apprentices aged 25 and over. RE-EMPLOYMENT£1bn is being invested into the DWP to get people back into quality work and support unemployed people. Meanwhile, the creation of jobs in every region and sector will be accelerated through an additional £5bn of investment projects. GREEN JOBSTo ensure a green recovery with the environment at its heart, a new £2bn Green Homes Grant will be launched in September for homeowners and landlords. This will be delivered through vouchers that enable green technology to be installed in properties.Up to £5,000 is available per household, with low-income homes having the option to receive the full cost up to a maximum of £10,000. This initiative will also include the decarbonisation of social housing. STAMP DUTYTaking immediate effect, there will be no Stamp Duty on the sale of property or land up to the first £500,000 of a transaction until March 31, 2021. HOSPITALITY AND TOURISMFrom July 15 until January 12, 2021, VAT will be reduced from 20% to 5% on food, accommodation and attractions in the hospitality and tourism sectors. Additionally, during August 2020, everyone in the country will receive an ‘Eat Out to Help Out’ discount. This offers 50% off meals up to a maximum discount of £10 per head, including children. Participating businesses need to register through a website that will launch in mid-July. The funds are then claimed back by the business within five working days.

BusinessWorks Hull and East Yorkshire spring 2021

Features from the latest print magazine, Spring 2021

  • The couple who came through the care system and started their own tree felling business
  • How Alistair Burnett combines his passions for numbers and computing at Reality Solutions
  • A (virtual) tipple with Mark Savile, of Raven Hill Brewery – the beers that celebrate adventure
  • Getting on the road in style with 8 Ball Camper Conversions