Chancellor of the exchequer, Rishi Sunak made his Summer economic update today. This outlines new measures designed to assist in reviving jobs and the economy following the outbreak of the coronavirus. With predictions that the world will suffer its worst ever economic recession, the chancellor anticipates that the UK’s economy has shrunk by 25%. Job Retention […]
Example 1 Tom Pope has worked for Askey Ltd for many years. He was not furloughed in March, April or May. If Askey Ltd want to furlough Tom and make a claim under CJRS plus be able to furlough him again from 1st July, then, Tom must have been furloughed on or before 10th June […]
Employers please be aware a number of changes will apply to the Coronavirus Job Retention Scheme (CJRS) from 1st July. Whilst there will be new flexibilities, there are also more complexities if you are to continue to qualify for the government grant. The position up to 30th June Any eligible employee who had not […]
Example 1 Mary has been furloughed in April for 4 weeks but is working again. Her employer does not furlough Mary in June. The result: The employer can furlough Mary again, on and off, from 1st July and make a CJRS claim, as she has been furloughed in the past. Example 2 Joseph has been […]
The Self Employed Income Support Scheme (SEISS) Portal link Just in case you haven’t seen the Claim portal for the self-employed income support claim, please see the link below: https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme We have been made aware that many self-employed individuals have been waiting to receive their letters from HMRC which have not materialised. We emphasise to the […]
What is this FFS? It is a Government convertible loan scheme. Initially, the Government will make available £250 million in total through the British Business Bank. The convertible loans will range from £125,000 to £5 million in total. Who is this loan offering aimed at? High- growth tech start-ups who are struggling under the current […]
Bounce Back Loans – The BBLS Outline Businesses will be able to apply from 9am on Monday 4th Bounce Back loans for 25% of their turnover up to a maximum of £50,000. Minimum loan of £2,000. No forward-looking test on viability. Quick standard form to complete. No fees or interest to pay for the first […]
Use the calculator A calculator will be available from 20 April 2020 to assist you in calculating how much you can claim. Holiday Pay Furloughed employees continue to accrue leave as per their employment contract. The employer and employee can agree to vary holiday entitlement as part of the furlough agreement, however almost all workers […]
Government change of heart Previously – employees that were employed on or before 28th February 2020 and were on the PAYE payroll as at that date could be furloughed. Now – employers can make a furlough claim in respect of employees who were employed and were on the PAYE payroll on or before 19th March […]
Who can make a claim and what is the criteria? The self-employed (including members of LLPs/Partnerships). Must have been trading pre 2019/20 tax year. Must be continuing to trade or would be but for the coronavirus. Must be intending to trade in the 2020/21 tax year. Their trading profits must have been adversely affected by […]
