23 March 2020

The Chancellor announced an unprecedented support package for workers and businesses when he detailed his plan for the government to pay 80% of staff wages up to £2,500.

This will allow many businesses to continue employing workers and have the majority of pay refunded. 

Find out more about the scheme, its restrictions and how to apply in our video:

Clients will need to ensure they can cover the cost of the additional 20% or decide to not pay this element to staff – both are decisions we can help business owners make. If you have any further questions, or would like advice on this, please get in touch. 

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.

How to access the scheme

You will need to:

  • designate affected employees as ‘furloughed workers,’ and notify your employees of this change – changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation.
  • submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required).
  • HMRC will reimburse 80% of furloughed workers’ wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.

View further guidance on the UK Government website.

All the latest information

We’ve put together articles on a wide number of items announced as part of the Chancellor’s support package – visit our Coronavirus hub to get all the latest details.

Coronavirus hub


How can we help?

While there will be plenty of disruption over the next few weeks, we’re here to help! To arrange a call, email Julie on julie@nephosaccountants.co or complete our enquiry form. 
 

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