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The Job Retention Bonus

CEDAS Accountants in Towcester bring us up todate wth the latst on Govt help for businesses.

CEDAS Accountants in Towcester bring us up todate wth the latst on Govt help for businesses.

Last week the Chancellor announced the introduction of the Job Retention Bonus

We now provide our latest update and review of this measure and others and we will keep you informed as more detail becomes available.

The job retention bonus is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31‌‌‌ ‌January 2021. The bonus will provide additional support to retain employees.

To be eligible, employees will need to:

•  
  • earn at least £520 per month (above the Lower Earnings Limit) on average for November, December and January

•  
  • have been furloughed by you at any point and legitimately claimed for under the Coronavirus Job Retention Scheme

•  
  • have been continuously employed by you up until at least 31‌‌‌ ‌January 2021.

Employers will be able to claim the bonus from February 2021 once accurate RTI data to 31‌‌‌ ‌January has been received. More information about this scheme will be available by 31‌‌‌ ‌July and full guidance will be published in the Autumn.

Other new measures announced

The Chancellor also announced other measures, including:

•  
  • the Eat Out to Help Out Scheme – during August, diners can get 50% off Monday to Wednesday on meals and non-alcoholic drinks, up to £10 per person, when eating at participating restaurants, bars, cafes and other establishments that have registered

•  
  • VAT reduction – from 15‌‌‌ ‌July until 12‌‌‌ ‌January 2021, the UK government will cut VAT from 20% to 5% on any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol. This VAT reduction also applies to all holiday accommodation in hotels, B&Bs, campsites and caravan sites, as well as attractions like cinemas, theme parks and zoos

•  
  • an increase in the Stamp Duty Land Tax (SDLT) threshold in England and Northern Ireland – increasing the threshold under which no SDLT is paid on the purchase of a main home from £125,000 to £500,000, with immediate effect until 31‌‌‌ ‌March 2021.

For more information, search 'plan for jobs' on GOV‌‌‌.UK.

Updates on CJRS scheme

We would also like to make you aware of some key dates on the CJRS scheme that might affect you:

Claiming for employees furloughed on or before 30‌‌‌ ‌June

You need to claim by 31‌‌‌ ‌July for employees furloughed through the Coronavirus Job Retention Scheme (CJRS) for periods ending on or before 30‌‌‌ ‌June.

Get ready for changes from 1‌‌‌ ‌August

You will no longer be able to use a CJRS grant to cover National Insurance (NI) and pension contributions for furloughed employees from 1‌‌‌ ‌August. You can submit your August claim in advance, from 20‌‌‌‌‌‌ ‌July.

Working out your claims

You can use HMRC’s online examples and calculator to help you work out what you can claim, for claims ending on or before 31‌‌‌ ‌July. From 10‌‌‌ ‌July you will also be able to use these to help you work out claims ending on or before 31‌‌‌ ‌August. Search for 'calculate how much you can claim using the Coronavirus Job Retention Scheme' on GOV‌‌‌‌‌‌.UK.

Made a mistake on your claim?

You can now delete a claim online within 72 hours of submitting it. Search 'claim for wages through Coronavirus Job Retention Scheme' on GOV‌‌‌.UK.  

Calls to customers

HMRC are contacting selected employers to discuss their claims. These calls will be to check you haven’t made any mistakes and to help make sure you're claiming the correct amount.

Further support

Live webinars on changes to the scheme and how they impact you are available to book online – search 'help and support if your business is affected by coronavirus' on GOV‌‌‌.UK. 

Protect yourself from scams

Stay vigilant about scams which may mimic government messages as a way of appearing authentic and unthreatening. Search 'scams' on GOV‌‌‌‌.UK for information on how to recognise genuine HMRC contact. You can also forward suspicious emails claiming to be from HMRC to phishing@hmrc.gov.uk and texts to 60599.

As ever, if you have any queries, we will do our very best to provide guidance so please contact Cliff, Duncan, Peter, Katie, Nigel, Adam or Paul on 01327 358866, or email us using cliff/duncan/peter/katie/nigel/adam/paul @cedas.co.uk.

On Behalf Of CED Accountancy Services Ltd
Registered Auditors and Chartered Accountants

TEL 01327 358866

FAX 01327 358355
EMAIL info@cedas.co.uk
WEB www.cedas.co.uk          

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