Yesterday, 8 July 2020, the Chancellor of the Exchequer, Rishi Sunak, presented his ‘Summer Economic Update’, just four months after the Spring Budget, as a response to the economic impact of the Covid-19 pandemic.

A full Budget and spending review will take place in the autumn as normal but as expected, the focus of this Summer Statement was on jobs retention and creation, with significant measures aimed at this.

CRM’s Technical Director Alan Sowden has fully reviewed the 2020 Summer Economic Update and has prepared a comprehensive summary of the existing and new changes that will come into force.

The announcement includes a new Job Retention Bonus and Kickstart Scheme, and alterations to Statutory Sick Pay, Eat Out to Help Out and a reduction in VAT and Stamp Duty, amongst other key changes.

Click here to read the useful CRM summary of the Summer Economic Update 2020.

Sage Accountant Partner Logoiris kashflowFreeagent