Furlough & Self-Employed Support Extended (10 November 2020)
The Furlough scheme will now be extended until the end of March 2021.
- 30 November 2020 is the last day employers can submit or change claims for periods ending on or before 31 October 2020.
- For periods from 1 November onwards, you can claim for employees who were employed on 30 October 2020, as long as you have made a PAYE Real Time Information (RTI) submission to HMRC between 20 March 2020 and 30 October 2020, notifying a payment of earnings for that employee.
- Moving forward, the Government will pay 80% of the normal employee salaries for furloughed hours, capped at £2,500 per month.
- Employees will receive 80% of their normal salary for furloughed hours.
- The Employer will cover employers National Insurance and employer pension contributions for furloughed hours.
- The Employer pays all wages costs for hours worked.
- Employers can choose to top up the wages for furloughed hours.
- The Coronavirus Job Retention Scheme (CJRS) extension will be reviewed in January to examine whether the economic circumstances are improving enough for employers to be asked to increase contributions.
- Due to the Furlough extension, the Jobs Retention Bonus (JRB) will not be paid in February and the government will redeploy a retention incentive at the appropriate time.
The Self-Employment Income Support Scheme (SEISS) will be extended and increased.
- The SEISS Grant Extension will last for six months in total to the end of April 2021 and will be split into two 3-month periods.
- The next SEISS grant, covering November to January, is being increased from 55% to 80%.
- The Government will pay a taxable grant which is based on 80% of three months’ average trading profits, paid out in a single instalment and capped at £7,500.
- This grant can be applied for at the end of the month.
- A further grant will cover February to April.
- The Government will set out further details in due course.
MATCH is working hard to keep on top of all the latest news and government support so, as always, feel free to get in touch if you have any queries and we’ll be happy to help.
Lastly, please add our domain (@matchaccounting.co.uk) to your email’s safe senders list to ensure you receive important information and updates from us in the coming weeks. Alternatively, you can follow us on Facebook.
MATCH Accounting Limited