Furlough Scheme Extension
With everything going on at the moment, it can be confusing with what help you can get as a business owner or an employee. With the government announcing another month long lockdown, there's been changes to the furlough & job support scheme. The Job Support Scheme that was meant to launch on the 1st of November has now been replaced by an extension of the Job Retention Scheme. The Job Retention Scheme, which was set to end on the 31st of October, will stay open but with some important changes.
Please find some important changes below:
The extended scheme will be more generous for employers than October and the subsequent cost for retaining employees will be reduced.
You can once again claim 80% of staff wages through the scheme, up to a cap of £2,500 per employee per month. However, you'll still need to pay employer pension and National Insurance contributions.
You can also put staff on the scheme if they weren't furloughed before, as long as they were on your PAYE payroll as of 23:59 on the 30th of October 2020.
Businesses will also have the flexibility to bring furlough employees back to work on a part time basis or furlough them full time.
And even though the lockdown situation is different across the UK, the extended scheme is open to businesses in Scotland, Wales & Northern Ireland.
Not only do you need to manage this process correctly within the business, you also need to make sure you’re recording and tracking your staff’s furlough status and essential details to make your claim.
Not only are the Government providing help to employers, they’re also offering grants for businesses. If you’re a business that is being forced to close in England, you are eligible to receive grants worth up to £3,000 per month under the Local Restrictions Support Grant.
We know how difficult it is to keep up with the rapid changes to COVID restrictions. That's why we're here to help you navigate the new rules and get the best of your business.
For more information in regards to the help you can get from the government, you can find all information here. Alternatively, if you’re looking for ways to save money within your business and want to find out more about the support we can give you, please get in touch for a chat today!