Coronavirus Job Retention Scheme Extended
On Saturday the Prime Minister announced that the Job Support Scheme, that was due to replace the Coronavirus Job Retention Scheme (known as furlough) on the 1st November, was being postponed until the furlough scheme ends, currently expected to be in December.
What a difference a week makes!
Instead the Coronavirus Job Retention Scheme will remain open until December, with employees receiving 80% of their current pay for hours not worked, up to a maximum of £2,500. Under the extended scheme the cost to the employer is therefore lower than in recent months as the level of grant mirrors levels available back in August (i.e. prior to the reduction to 70% and 60% in September and October respectively). I can confirm that the scheme will not cover the cost of the Employers NIC or pension costs.
This is a very welcome move for those Employers who could be impacted by the new lockdown measures as the assistance increases on a scheme that has become familiar throughout the pandemic.
The extended scheme is open to all Employers even if they have not previously used the scheme. This is also the case for Employees whose only eligibility criteria is that they must have been included on a Real Time Information (RTI) submission made on or before the 30th October 2020.
All other criteria remain the same as the existing Coronavirus Job Retention Scheme. Therefore, staff can be fully furloughed or flexible furloughed as before.
Just a quick reminder that all claims for the period up to 31st October must be submitted to HMRC by the end of November, we cannot see that this has changed with the scheme extension.
More in Accountants
Why having an audit can boost your business
Many directors will wince at the prospect of an audit, seeing it as a necessary evil to meet statutory obligations.
FRC Proposes Major Overhaul of Auditing Standards
In a bold move, the Financial Reporting Council (FRC) has unveiled proposed changes to auditing standards that could have a major impact on the financial world, according to chartered accountants and business advisors Whitley Stimpson.
Whitley Stimpson shines as finalist for top national award
Service Charge Accountancy specialist Jonathan Walton of Whitley Stimpson has been recognised for his outstanding work in the field by being shortlisted for a prestigious property industry award.
From this author
The Importance of Storytelling – How It Can Help Your Business
By sharing your business story thoughtfully, you show potential customers that you’re not just another company trying to sell something, but a trusted partner with a history and purpose. In a world of ‘fake news’ and scams, it’s important for every business to demonstrate its authenticity.
10 Reasons why Deeper Business Connections Help to Build Trust
Deeper business connections offer a range of significant benefits that can contribute to long-term success. Developing deeper connections in business is not just about transactional benefits but about creating a network of support that nurtures growth, collaboration, and resilience. At B4, we help businesses make connections and build relationships. Some of our Members have been with us for well over 15 years as being part of a trusted community of people and organisations that understand the value of trust is a crucial part of their network building strategy.
Raise’24 Demonstrates the Power of Collaboration and Team Effort
At Keble College on Friday 13th December, one hundred representatives of Oxfordshire’s business and charitable communities came together to celebrate months of incredible fundraising efforts and as they all stood at the threshold of the hugely impressive Great Hall, they had already raised well over £20,000. That total has now soared to £37,500 thanks to the generosity of well over 500 donors and the hard work of 33 fundraisers.