cheap accountants - Covid-19

The Government announced a number of new Covid-19 stimulus initiatives that are designed to keep workers in jobs and to stimulate the UK economy. This is the first part of a series of blog updates on this topic and will focus on the £1,000 bonus grant payment for every member of staff.

I’d like to start this blog once again by thanking all clients, both new and old, for working with us during this difficult and very unusual period. We have been fully operational throughout the Covid-19 crisis and responded to literally hundreds of client requests for information and guidance on a daily basis. We were working all the hours during April, May and June to ensure that all clients remained well informed, submitted accurate furlough grant claims (CJRS scheme) and met all reporting deadlines without fail. This has resulted in the odd after-hours email and sometimes post-midnight …. but we’ve managed to help out thousands of clients and continue to process furlough claims free of charge.

To avoid any potential burnout, we are returning to normal working hours during the remainder of July, a few of us here are smiling with relief! The 17 hour working days have to come to end at some point as everything starts to return to closer to normal. So far less post-midnight emails moving forward!

£1,000 Job Retention Bonus

The UK Chancellor yesterday announced that the Government will pay a £1,000 job retention bonus to UK businesses for each and every employee that remains employed following the end of the furlough grant scheme (or CJRS scheme).

The payout will apply where employers have furloughed an employee and this employee remains employed continuously until 31 January 2021.

Can my company receive this?

There are of course eligibility criteria here that must be met to receive the payout, it never is that simple I’m afraid and an employee must:

  1. Earn at least £520 a month on average for the months of November, December and January.
  2. Have been furloughed at any stage and legitimately claimed under the CJRS scheme.
  3. Have been continuously employed up until at least 31 January 2021.

So, it seems like a lot of directors of their own limited companies will be able to receive this one-off windfall. Even with the one employee.

What do I need to do to receive this?

It is currently expected that employers will be able to claim the £1,000 bonus from HMRC during February 2021 and once the RTI/PAYE payroll data has been filed with HMRC for the month of January.

 

If you need any guidance at all on any of the Covid-19 grants and assistance packages feel free to contact one of our cheap accountants. Simply request a free quote if you are a new client looking for support.