On 8th July 2020, Chancellor Rishi Sunak made his summer fiscal statement, setting out the plan to minimise the economic damage in the wake of the pandemic and strict lockdown measures. Below we have detailed the announcements that are relevant to our clients, both in the hospitality world, and in food & drink.
Information relevant to all businesses:
- Introduction of Jobs Retention Bonus: If an employer brings someone back from furlough and keeps them in continual employment until January, they will receive a £1,000 bonus. This applies to each employee individually.
- Introduction of the Kickstart Scheme: Employers to be paid to take on new trainees aged between 16 – 24
Information specific to the hospitality industry:
- VAT to be cut from 20% to 5% on food, accommodation and leisure attractions between now and January 2021.
- For August, everyone in the country will get an ‘Eat out to help out’ grant.
- Monday – Wednesday throughout August, any UK citizen can get a 50% discount on their meal up to the value of £10.
- Businesses will need to register, and can do so through a website to be launched on Monday
- Participating restaurants will be reimbursed by the Government within five working days