Drummond Laurie Chartered AccountantsOur summary of the Summer Economic Update provides an overview of the key announcements arising in July can be found by following this link Business Update July 2020

Measures introduced included a new Job Retention Bonus to support the phasing out of the Coronavirus Job Retention Scheme (CJRS), a VAT reduction for businesses in the hospitality and tourism sector and a temporary increase to the nil-rate band of residential Stamp Duty Land Tax (SDLT).

The government have also launched the ‘Eat Out to Help Scheme’ which starts on Monday 3rd August.  The eat out scheme can be used all day, every Monday, Tuesday and Wednesday from 3rd to 31st August 2020.  It allows a business to offer a 50% discount on food or non-alcoholic drinks, up to a maximum of £10 discount per diner.

To be able to claim this you need to register with HMRC.  The service to claim reimbursements will be available on 7th August 2020 and registration will close on 31st August.

You must  be registered before you can start to claim.

If you would like more detailed, one-to-one advice on any of the issues raised, please do get in touch.