COVID-19

Coronavirus job retention scheme extended until October

In a statement yesterday, Chancellor Rishi Sunak said that the Coronavirus Job Retention Scheme for furloughed employees would be extended by an additional four months up until the end of October. 

Coronavirus job retention scheme extended until October

Coronavirus Retention Scheme remains at 80%

Following a week of anticipation and speculation, the government had been expected to reduce the furlough salary payment amount to 60% rather than the original 80% figure. However, in a surprise move, the Chancellor made no changes to the furlough amount. 

The current furlough scheme for employees will stay the same until the end of July and from August, businesses are expected to be able to start bringing staff on a part-time basis, so long as they contribute to a percentage of their salary. 

The exact details on this are still unclear, with more information likely to be announced nearer the end of July. 

Key Information:

  • Furlough scheme will continue until the end of October
  • Employees to continue receiving up to 80% of their monthly wages up to £2,500
  • Employers will be expected to “start sharing” the costs from August
  • 25% of the UK workforce, approximately 7.5m people, are now covered by the scheme
  • 935,000 employers have used the scheme10.1bn has been claimed in total

Addressing the House of Commons, the Chancellor said, “I’m extending the scheme because I won’t give up on the people who rely on it. 

Our message today is simple: We stood behind Britain’s workers and businesses as we came into this crisis, and we will stand behind them as we come through the other side.”

Self-Employed Income Protection Scheme to be extended?

There’s a lump sum grant of up to £7,500 available for around 3.8m self-employed people through the Self-Employed Income Support Scheme (SEISS). 

Those that are eligible are now able to apply for the grants, which could cover up to 80% of their average monthly trading profits. 

There has been no comment from the government as to whether or not the SEISS will be extended in a similar way to the Coronavirus Job Retention Scheme, but it’s likely there’ll be an announcement over the next few days to provide some clarification.  

For any IN-SYNC customers struggling, we may be able to provide a range of services to help you get through until the SEISS is paid out. In fact, even if you're worried you might not be eligible for the grant, we can still help in many cases. 

Give us a call on 01252 702 270 and one of our team will talk you through some of the options available to you. 

 

VAT Domestic Reverse Charge Delayed until March 21

16 June 2020

A 12-month delay has been announced by the Government for the UK-wide rollout of the new VAT domestic reverse charge within the construction industry. The reverse charge had been set to come into force on October 1st, 2020.


Show more