As predicted the Chancellor announced a number of packages to try and kick start the economy in his Summer Statement today (8 July 2020). Here we summarise the key points. As always the devil will be in the detail and this is expected to emerge over the next few days.
The biggest scheme of its kind in the history of the UK, the Coronavirus Job Retention Scheme has been a necessary but costly measure for the government, currently estimated at over £20bn to date. This is only expected to increase as the scheme is extended to October 2020.
HMRC have revealed that where taxpayers wanted to defer their VAT payment falling between 20 March 2020 and 30 June 2020 but failed to cancel their Direct Debits before payment was taken by HMRC, they can now claim a refund.
To support the self-employed during COVID, the government announced its SEISS scheme, providing grants matching employees on furlough. The first payout started in May, and the government has announced another payout will be available in August 2020, again to match the extension of furlough to October 2020.
Inform Accounting was set up over a decade ago with a simple goal in mind; to help small and medium sized businesses achieve their potential.
If you ask any of our team, they’ll tell you that one of our key philosophies is that we ‘do not do things because that is the way they have always been done’.
Last week we shared a blog covering the main updates to the Coronavirus Job Retention Scheme as announced by the Chancellor on Friday 29 May.
Whilst we’re still waiting for a further announcement later this week (confirmed 12 June), we’ve provided some additional details on other changes to the scheme here.