The government has stated that it is committed to doing whatever it takes to support businesses and individuals through the Coronavirus pandemic. On 20 March as part of these efforts the Chancellor announced the Coronavirus Job Retention Scheme.
This funding will be open to all employers with a PAYE payroll scheme that was created and started on or before 28 February 2020, including charities. Employers can apply for grants of 80% of furloughed employees’ (employees on a leave of absence) monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage, provided they keep the worker employed. The scheme will cover the cost of wages backdated to 1 March 2020, if applicable.
HMRC state that they have been working night and day to develop this scheme, and they can now confirm that they have been able to publish further details of the scheme on GOV.UK. They are aiming to have the scheme up and running by the end of April 2020. More detailed guidance will be published in due course and please be assured we will advise you when the scheme is open.
What to do next
We recommend you view the guidance which will be updated as the scheme is further developed, and in line with any further government announcements. The content of the above comes directly from the HMRC. Should you need any further assistance or advice then please contact us on 01332-369999 or via the contact form from our website http://www.milestone-solutions.co.uk