With new information being released daily, we are doing our best to keep up to date with key points for you, I know all of our clients are keen to find out more about how the government will be helping you as small businesses and self employed individuals, were going to do a series of posts throughout the day to keep you informed!
Support for businesses through the Coronavirus Job Retention Scheme
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.
Who’s eligible? – All UK businesses
How to access scheme – designate affected employees as ‘furloughed workers,’ and notify your employees of this change.
Submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal
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.
As of yet we do not know any finer details, as soon as HMRC release more information we will get the details over to you.