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Coming out of lockdown – Covid-19 support measures by July/August 2020

27 July 2020

This article is a summary of our Financial Update for July/August 2020. For the full update, please click here.

The Coronavirus crisis had just taken a grip at the time of our previous quarterly update.  We had hoped to be able to bring positive news in this next update which we can at least do to some extent. In our July/August 2020 Financial Update, we review the broadening range of support measures and government incentives boosted by Chancellor Rishi Sunak’s Summer Statement.

One of the most notable topics we look at is the Coronavirus Job Retention Scheme (CJRS), which has been extended until October with reducing support every month between now and then. There are quite a few details for employers to be wary of. 

Additionally, for business owners, the government’s incentives include the Kickstart Scheme and the Traineeship Payment scheme – both aimed at assisting the 16-24 age bracket, and the Job Retention bonus, to encourage the retention of previously furloughed staff beyond October.

In an attempt to help support the badly affected hospitality sector, the Chancellor announced a targeted VAT reduction for hospitality, holiday attractions and accommodation to boost consumer spending.

A new Corporate Insolvency and Governance Bill, introduced in June, brings in permanent and temporary solutions to assist failing businesses, protecting them and their supply chains. We also discuss the importance of assessing the viability of a business and whether your accounts should include disclosure about going concern.

For private individuals, a significant raise in the stamp duty nil-rate band for residential property purposes is a notable concession, whilst a Green Homes Grant encourages homeowners and landlords to invest in energy efficiency measures.

For detailed information on all of these new pieces of legislation and incentivising measures, see our full newsletter from the link below, which covers all the above and more in considerable detail.

If you have any questions about the issues covered or how they may affect you and your financial situation, contact us today and one of our advisers will get back in touch with you as soon as possible.

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