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Call us on: 01772 729 742 | Email us at: enquiries@springfieldfs.co.uk
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
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    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
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Call us on: 01772 729 742 | Email us at: enquiries@springfieldfs.co.uk
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
  • Services For You
    • Investment Planning
    • Tax Planning
    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
  • News
  • Get In Touch
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
  • Services For You
    • Investment Planning
    • Tax Planning
    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
  • News
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We are Corporate Chartered Financial Planners
Springfield’s Renewal of Corporate Chartered Financial Planners Status 2020
July 9, 2020
Signing power of attorney contracts
Office of the Public Guardian launches new online power of attorney service
September 14, 2020

Mini Budget Summary

July 28, 2020
Budget written on a calculator - mini budget summary

Rishi Sunak delivered his mini budget on the 8th of July. With a package to kickstart the economy and a pledge to “protect, support and create jobs”. Here is our budget summary outlining the key points.

In this article, we’ve provided you with an overview of the key announcements from Mr Sunak.

The housing market

Homebuyers will benefit from an emergency stamp duty holiday on property worth up to £500,000. Thereby cutting stamp duty bills by an average of £4,500 and up to £15,000. The tax break is effective immediately and will last until 31st March 2021.

Help for the hospitality industry

VAT on food, non-alcoholic beverages, attractions and accommodation has been reduced from 20% to 5%. This tax cut came into force on 15th July and will remain in place until 12th January 2021. It will apply to businesses including restaurants, cafes, pubs, hotels, campsites, caravan parks, theme parks, cinemas and zoos.

The Chancellor also introduced the “Eat Out To Help Out” scheme. Customers will be able to claim a reduction of up to a maximum of £10 per head at participating businesses from Monday to Wednesday in the month of August. The discount covers children’s meals too, although it won’t cover any drinks ordered to accompany your food.

Supporting employment

Businesses who bring back their furloughed workers will receive a £1,000 job retention bonus per employee. To be eligible for the bonus, workers must have been continuously employed and earn an average of £520 per month in November, December and January.

Mr Sunak unveiled a new £2 billion “Kickstart Scheme” for young people on Universal Credit. Aimed at finding work for the 350,000 unemployed. Under this initiative, the government will pay towards six months of wage costs for people aged 16 to 24 who are on Universal Credit and when hired by employers.

For the next six months, the Government will pay businesses up to £2,000 for every new apprentice under 25. It will also pay £1,500 for every new apprentice over 25.

Get in touch to find out more about this budget summary

To find out more about how these latest announcements may impact on your financial position, please telephone us on 01772 729742. Alternatively, simply fill out our online enquiry form to arrange a virtual meeting with one of our advisors.

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Recent Posts

  • Changes to Pension Freedoms Age – What you need to know
  • Office of the Public Guardian launches new online power of attorney service
  • Mini Budget Summary
  • Springfield’s Renewal of Corporate Chartered Financial Planners Status 2020
  • Introduction to Later Life Adviser (SOLLA)

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