“I run a business but am having to put it on hold as a result of the COVID-19 outbreak. I have a small team working for me and have read that a Coronavirus Job Retention Scheme is available, so this will help me retain my loyal staff without having to lay them off. However, I do not understand what ‘furloughed’ workers means.”
24th March 2020
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC is working urgently on setting up a system for reimbursement as existing ones are not set up to facilitate payments to employers.
This should therefore, enable you to retain your loyal and experienced staff, while easing the financial strain of having to pay them with your business on hold during the coronavirus outbreak.
By Samantha Skyring FCCA
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
*COVID-19 update: We are offering telephone consultations for all new clients in order to discuss your needs. Find the latest COVID-19 information available for your business.
Help keep news FREE for our readers
Supporting your local community newspaper/online news outlet is crucial now more than ever. If you believe in independent journalism, then consider making a valuable contribution by making a one-time or monthly donation. We operate in rural areas where providing unbiased news can be challenging. Read More About Supporting The West Wales Chronicle
