For the key budget announcements: click here. A summary is below:
- The Self-Employment Income Support Scheme has been extended until September with 2 further rounds. New businesses that submitted tax returns for 2019/20 now eligible.
- Restart Grant of up to £18,000 for hospitality, accommodation, leisure, personal care and gym businesses will be administered by Local Authorities. This will replace the existing Local Restrictions Support Grant.
- A Recovery Loan Scheme will replace the existing Bounce Back and CBIL loan schemes which have a deadline of 31st
- Furlough extendeduntil the end of September at 80% of wages. Employers to contribute 10% of costs in July, and 20% in August & September.
- 5% reduced rate of VAT for hospitality businesses extended until 30 September. A 12.5% rate will then apply until 31 March 2022.
- Working Tax Credit claimants to get £500 one-off payment. The £20 uplift in Universal Credit has been extended for a further six months.
There have also been recent changes to the Kickstart Scheme. This funds the cost of work placements for 16 - 24 year olds on Universal Credit. There is no longer a minimum of 30 placements and help includes a grant of £1,500 for costs including training and PPE.