From 1 September HMRC will now pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. What you need to do now Continue to pay furloughed employees 80% of their usual wages for the hours they do not work, up to a cap of…
Overclaimed Furlough Grants and Fraud Penalties Croner TaxWise have released the following notes regarding overclaimed furlough grants: The Government has explained that the following actions constitute an overclaimed furlough grant, and thus could lead to furlough fraud: any amount the employer was not entitled to receive; or any amount the employer is no longer entitled…
Self-Employment Income Support Scheme – Second Grant HMRC’s second Self-Employment Income Support Scheme grant is opening for eligible people to claim. This week HMRC are writing to self-employed people who may be eligible. The scheme will open for claims on 17 August and customers have been given a date to make a claim. They can…
Help and Support for Businesses and Individuals – Update The Chancellor has recently announced the introduction of some new measures to support business and individuals, together with some changes to the existing schemes in place. Coronavirus Job Retention Scheme (CJRS) From 1 July, you can claim a more flexible grant for any employee you…
Exemption for Reimbursed Home Office Equipment The government is introducing a year-long exemption that means employers will not have to pay tax or national insurance contributions (NIC) on reimbursement of staff expenses for home office equipment purchased to enable them to work from home during the COVID-19 crisis. In a written statement , Jesse Norman, The Financial…
Bounce Back Loans The Chancellor has announced a simplified loan arrangement for smaller businesses, known as ‘Bounce Back’ loans. Amounts available between £2,000 – £50,000 Limited to no more than 25% of the business turnover Interest free for 12 months Fully guaranteed by the Government, therefore no excuse for the bank to place onerous constraints…