Job Retention Scheme bonus (Furlough)

Today the Chancellor announced the introduction of the Job Retention Bonus. This is 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. The bonus will provide additional support to retain employees. To be eligible, employees will Read more about Job Retention Scheme bonus (Furlough)[…]

Extension of the Coronavirus Job Retention Scheme

On Friday (29‌‌ May) the Chancellor, Rishi Sunak, announced more details about the extension of the Coronavirus Job Retention Scheme. The Chancellor announced three main changes to the job retention scheme: From 1‌‌ July 2020, the scheme will be made more flexible to enable employers to bring previously furloughed employees back part time and still Read more about Extension of the Coronavirus Job Retention Scheme[…]

Coronavirus Statutory Sick Pay Rebate Scheme now open

Following on from our previous post – http://nicholsonandco.co.uk/coronavirus-statutory-sick-pay-rebate-scheme/, the Coronavirus Statutory Sick Pay Rebate Scheme is now open. Before you start You’ll need to: check that you can use the Coronavirus Statutory Sick Pay Rebate Scheme be registered for PAYE Online work out your claim period Work out your claim period You can claim for multiple Read more about Coronavirus Statutory Sick Pay Rebate Scheme now open[…]

Coronavirus Statutory Sick Pay Rebate Scheme

HMRC have announced that the Coronavirus Statutory Sick Pay Rebate Scheme will launch online on 26 May. The scheme will enable employers with fewer than 250 employees to claim coronavirus-related Statutory Sick Pay (SSP). Tax agents will also be able to make claims on behalf of employers. You’re eligible to use the scheme if: you’re Read more about Coronavirus Statutory Sick Pay Rebate Scheme[…]

Job Retention (furlough) scheme to run till October

Addressing the House of Commons earlier yesterday, Chancellor Rishi Sunak said: ‘The Coronavirus Job Retention Scheme will be extended by four months until the end of October.’ This extension will mean the government has provided a total of eight months of support to UK workers and businesses during the pandemic. ‘Workers will continue to receive Read more about Job Retention (furlough) scheme to run till October[…]

Coronavirus Job Retention Scheme – Update for employers

This evening HMRC shared the latest information about the Coronavirus Job Retention Scheme, which included updates to guidance and the online service based on your feedback, and how to avoid common mistakes that can lead to a wrong or delayed payment. Save and return option now added In response to feedback from users of the Read more about Coronavirus Job Retention Scheme – Update for employers[…]

Update – Job Retention Scheme – How you can claim and how much

HMRC have updated their guidance for the Job Retention Scheme. How much you can claim You’ll need to claim for: 80% of your employees’ wages (even for employee’s on National Minimum Wage) – up to a maximum of £2,500. Do not claim for the worker’s previous salary. minimum automatic enrolment employer pension contributions on the Read more about Update – Job Retention Scheme – How you can claim and how much[…]

Tax treatment of the Job Retention Scheme

Payments received by a business under the scheme are made to offset these deductible revenue costs. They must therefore be included as income in the business’s calculation of its taxable profits for Income Tax and Corporation Tax purposes, in accordance with normal principles. Businesses can deduct employment costs as normal when calculating taxable profits for Read more about Tax treatment of the Job Retention Scheme[…]