Following a seemingly endless stream of redundancy warnings in recent weeks, The Chancellor today announced an incentive for companies to bring employees back from furlough rather than make them redundant. Companies will receive £1000 for each employee that returns to work and remains employed until at least January 2021. Workers will need to be paid an average of at least £520 each month to qualify.
Details are yet to be published on how and when this bonus will be paid, so we’ll update this news when more information emerges.
You can find out more on our Job Retention Scheme Helpsheet but if you have any questions or concerns please do not hesitate to get in touch and we will assist you.
Here are some useful links:
Job Retention scheme FAQs
We thought it would be helpful to provide a list of some of the FAQs we have received, along with our responses. We will update these as and when new details emerge. Read more…
Accounting for Government support
The British Chambers of Commerce in a recent survey found that some 70% of UK businesses have furloughed staff following the outbreak of COVID-19. Many others will have taken advantage of the various other packages of support the Government has made available. But how should that support be accounted for in a company’s annual report and accounts? Abby Wells Audit Manager answers your questions. Read more…