Government Support Update Summary: COVID-19 July 2020

Yesterday the Chancellor announced the introduction of the Job Retention Bonus. To help you digest it below is a short summary of the key points you need to know.

What is the Job Retention Bonus?

This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees.

Am I eligible?

Employees will need to:

  • Earn at least £520 per month on average for November, December and January
  • Have been furloughed by you at any point and legitimately claimed for under the Coronavirus Job Retention Scheme
  • Have been continuously employed by you up until at least 31 January 2021

When can I claim?

From February 2021 once accurate RTI data to 31 January has been received

Other announcements

Eat Out to Help Out Scheme

50% off Monday to Wednesday on meals and non-alcoholic drinks, in August. Read more

VAT reduction

From 15 July until 12 January 2021, the UK government will cut VAT from 20% to 5% on any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol. Read more

Increase in the Stamp Duty Land Tax (SDLT) threshold in England and Northern Ireland

Increasing the threshold under which no SDLT is paid on the purchase of a main home from £125,000 to £500,000, with immediate effect until 31 March 2021. Read more

As always Modus Accountants are here to support you. So, if you need a helping hand or some expert guidance on what your next move should be, get in touch with us today.