CORONAVIRUS: Job Retention Scheme

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RWB_Blog_Coronavirus_Covid-19_Job_Retention_Scheme_2020

On Friday 20th March the Chancellor, Rishi Sunak, set out a package of measures to support public services, people and business through the disruption caused by the COVID-19 virus.  Further measures were announced on 26 March to support the self-employed.

How the scheme can help you

HMRC will reimburse 80% of ‘furloughed’ workers wage costs, up to a cap of £2,500 per month.

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis. All UK businesses are eligible. Employers will need to designate affected employees as furloughed workers, and notify your employees of this change.

Employers will also be required to submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (still awaiting information from HMRC).

Questions? We can help!

Get in touch with us today and let us help you and your business during these difficult times. Contact our Director, Nick Bonnello, directly on 0115 964 8860 or email him at nickb@rwbca.co.uk to utilise your free, 30 minute consultation and find out how we can help you across all areas of your business.

The views provided in this article are for general information purposes only. Nothing in this article represents advice of any nature whatsoever. Accordingly, RWB CA Limited does not accept any liability or responsibility for the information contained in this article or any decision or other action that may be taken in reliance upon the information contained within it. RWB CA Limited accepts no responsibility for any errors of fact or opinion and assumes no obligation to provide you with any changes to its assumptions.  

Tags: Financial planning VAT Tax HMRC Employee Coronavirus Employment Furlough Government Covid-19 Redundancy

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