Chancellor Rishi Sunak announced a mini-budget on 8 July 2020. This summer statement aimed to outline how the government plans to help businesses to recover following the COVID-19 pandemic. Part of the plan includes helping people to stay in employment and also to create new jobs.
In terms of maintaining employment, the chancellor stated that he would not be extending the Coronavirus Job Retention Scheme past 31 October 2020. However, he did announce other ways in which the government will help employers.
To help employers take a phased approach to bring their employees back to work, the flexible furlough scheme started in July.
Employees can come back on a part-time basis, and employers can agree with them the hours and shift patterns the employees will work. They will still be able to claim 80% of the salaries that they work.
To try and reduce the need for redundancies, the government has stated that they will give a bonus to employers that keep their staff employed over the coming months.
The one-off bonus scheme will entitle employers to claim £1000 for each employee that is still working at the end of January 2021. The payments will be made in February 2021.
If you would like any advice about the Job Retention Scheme, particularly the process of administering the flexible furlough scheme, please do contact us directly.
You can call 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..
Haidee is our Personal Tax Director and is a fully qualified tax adviser, having achieved the ATT qualification in 2006. Tax efficiency being her main concern. Specialising in taxation, Haidee provides clients with advice on personal tax, PAYE services, VAT and social security. She also provides guidance to new start-up businesses.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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