As the country begins slowly taking its first steps out of lock-down and some businesses begin to reopen this week several new changes to the furlough scheme were announced.
As a reminder the furlough scheme also known as the Coronavirus Job Retention Scheme pays up to 80% of your workers’ wages if your business has been affected by Coronavirus.
Although full details and guidance are not available until the 12th of June on how employees can return to work as of the 1st of July part time and employer contributions to the scheme. We did receive an update on a cut-off date to include employees on the scheme.
Firstly, the furlough scheme has been extended till at least October 2020.
In order to benefit from this scheme over the next 4 months and employee needs to have been furloughed for a minimum of 3 weeks before the 30th of June.
Therefore if you have an employee that has not been previously furloughed but you would like to have the security of the added financial support over the next few months, then they will need to be furloughed by the 10th of June at the latest.
Furloughing can be arranged by your accountant and processed at the same time as your payroll.
All advice and services included in our blogs can be offered by our staff at MJ Baker Accountancy. Please fill in our contact form if you would like tailored advice for your business.
Michelle
MJ Baker Accountancy