Government Support for your Business
Updated 17th December 2020
This scheme has been set up to support business that cannot maintain normal operations due to Covid-19
What do you need to know…
- CJRS scheme v 3.0 extends the furlough scheme to 30th April 2021
- CJRS scheme v 3.0 is effective from 1st November 2020
- The government will review the furlough scheme again in January 2021
- Employers can claim up to 80% of furloughed employees gross wages
- Furlough claims are capped at £2,500 per month per employee
- Employers are required to pay NIC and minimum pension costs for furloughed employees
- Directors can be furloughed (including sole directors)
- Employers can bring furloughed staff back on a part time basis
- Employers will pay for the hours worked whilst CJRS v3.0 will cover 80% of remaining hours
- Furlough payments are taxable but not repayable
- Claims can be submitted before the pay date
- Payments are processed within 5 working days
Key changes versus previous CJRS schemes…
- You do not need to have used the scheme before to claim for periods from 1 November 2020
- HMRC intend to publish details of employers who use the scheme for claim periods from December
- Employees will be able to find out if their employer has claimed for them under the scheme
- New deadlines: monthly claims must be submitted within 14 calendar of the month end
How can Adams O’Rourke Accountants can help you…
- We can help you work out if you are eligible
- Work out how much you can claim
- Support the process for making these claims
As ever, Adams O’Rourke are here if you need any further assistance regarding Covid-19 business support. Click here to get in touch with us.
Take care everyone!