The SEISS fifth grant period ends today as does the furlough scheme, with employers having until 14 October to submit a claim for the latter – as does the VAT reduction for hospitality and tourism to 5%, which will see an increase to 12.5
The ICAEW have issued a handy timeline for the remaining schemes.
Two forms of data are shown in the chart: how much money has been spent or lent on each scheme so far, and each scheme’s end date.
The chart does not include all of the support measures provided by the government or the Bank of England to businesses and individuals, for example the £20 a week uplift in universal credit to those on low incomes that also comes to an end on 30 September or the corporate finance lending facilities provided by the Bank of England to very large businesses.
Furlough has been extended until 30 September 2021, however, the level of grant available to employers under The Coronavirus Job Retention Scheme is set to reduce from 1st July, 2021. This means that employers will need to ‘top up’ wages to ensure that their employees continue to receive 80% of their salary, capped at £2,500 per month.
The government has published further guidance regarding the extended furlough scheme today (11th November 2020). The basic workings of The Coronavirus Job Retention Scheme have not changed – the scheme will remain open until 31 March 2021. From 1 November 2020 you can claim 80% of an employee’s usual salary for hours not worked, up to a maximum of £2,500 per month.
Chancellor Rishi Sunak has just announced an extension to the Job Support Scheme, which is due to begin on 1 November 2020. Today’s announcement targets businesses who are required to shutdown due to local lockdowns and is in addition to the existing schemes announced. The final direction has still to be issued but the basics are set out below;
Last month, the government announced how the Job Support Scheme would contribute 1/3 of the shortfall of wages (capped at £697.72pm) for employees who were working reduced hours, but working at least 33% of their normal (pre-furlough) hours. The employer would contribute a further 1/3 of the shortfall, and the employee would forego the final third.
Rishi Sunak has unveiled his latest lockdown measures to help ease the financial burden on UK businesses during the Covid19 pandemic. Learn how the Job Support Scheme (which will sit alongside the Job Retention Bonus) may benefit your business after the Coronavirus Job Retention Scheme ends. Also find out about the latest Self-Employment Income Support Scheme, tax cuts, VAT and self-assessment payment deferrals plus the flexibility to pay back loans (Pay as You Grow).
The Coronavirus Job Retention Scheme (CJRS) and Furlough, a word you are used to hearing just recently, is changing and winding down over the next few months. The scheme is set to end on 31st October 2020. As an employer, you will have to start contributing towards the scheme from 1st September 2020. Here is your guide to the key dates to watch out for.
Here is just a reminder of what is happening from today with regards to Furloughed employees, flexible furlough, SSP for employees who need to quarantine after returning from Spain for example, plus the latest drive to get Britain out spending.
If you have team members on furlough, read on! The Government have announced further guidance on the Job Retention Bonus – designed to encourage employers to retain as many employees who have been on furlough
Changes have been made and a new revised version of the Coronavirus Job Retention Scheme: step by step guide has been published by Gov.UK. The guide explains the information that you as an employer needs to provide to claim for your employees’ wages.
The government have finally given some further guidance on how annual leave and holiday pay will work with furloughed employees, albeit that it was released after close of business on Friday, and only in the guidance notes for employees, so you would be forgiven for missing it.
Here are some of the questions that have been answered:
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