Yesterday the Minister for Regional Growth and Local Government announced that there would be £20 million in new funding to help businesses across England get back on track due to COVID-19.
Small to medium-sized business in England can receive the Small Business Grant Fund (SBGF) of between £1000-£5000 to be spent on professional services fees to help get business back on track.
In the Chancellor’s summer statement, it was announced that the VAT rate for the hospitality industry would be reduced from 20% to 5% on a temporary basis from the 15th July 2020 to the 12th January 2021. This change has been brought in by the government in an effort to support businesses that have been severely affected by COVID-19.
Following on from our most recent live Budget blog, this post outlines the key points from Rishi Sunak’s UK Mini-Budget 2020, which has also been described as his summer statement.