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Summer Statement Highlights

Tax Tips

Summer Statement Update

A job retention bonus to bring back furloughed workers, a cut to VAT for the hospitality sector, and an increase in the SDLT threshold were the main headlines from the Chancellor’s Summer Statement aimed at protecting jobs and getting the UK economy back on its feet.

The announcements provide further (although limited) furlough support by introducing Job Retention bonuses.  Whilst only a modest £1k per employee, these are scheduled to be paid out in February-21, a time when VAT deferral and CBIL’s/Bounce-Back loan repayments will undoubtedly be starting to put strains on businesses cashflow.

The VAT changes will cause some administrative and logistical challenges and early action is needed to ensure VAT is correctly calculated when the changes come in on 15th July.

The highlights are set out in this newsletter.

Summer Statement Highlights

We’re expecting the finer detail to be released in the next few days and will keep you posted.

If you have any questions or would like to know more, please get in touch.