From last week, furloughed employees are able to return to work part-time. Are you making the most of this change? Whether your business is widening its operation as regulations ease or seeing a change in enquiries, this flexibility can work for you.

In yesterday’s budget, the Chancellor announced 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.

Other Budget Headlines

  • Temporary VAT cut on hospitality and tourism from 20% to 5%, from 15 July 2020 to 12 January 2021 (excludes alcoholic drinks).
  • Firms eligible for small business rates relief will get a £3,000 cash grant.
  • The threshold for stamp duty on residential property in England and Northern Ireland will rise from £125,000 to £500,000, from 8 July 2020 to 31 March 2021.
  • The tax threshold for National Insurance Contributions will rise from £8,632 to £9,500.
  • VAT on digital publications, including newspapers, e-books and academic journals to be scrapped from December.

How do these changes affect you? Contact the friendly team at Re:Accounts.