|We at Oxon Accountancy are ready to provide you further information and updates regarding any claim you would like to make during Corona Virus epidemic crisis.
Covid-19: Job retention SchemeDuring these unprecedented times Government has announced various financial support packages for businesses. one of them is Job retention Scheme
The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least 3 months starting from 1 March 2020. It is designed to support employers whose operations have been severely affected by coronavirus (COVID-19).Employers can claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage. Employers can use this scheme anytime during this period.
The scheme is open to all UK employers that had created and started a PAYE payroll scheme on 28 February 2020.
How to get this 80% pay?
If you can’t maintain your current staff due to Corona Virus then you can furloughed them and then claim 80% of their wages and pay them through Government’s portal, which OXON Accountancy will help you out to claim that. The online service you’ll use to claim is not available yet. Government expects it to be available by the end of April 2020, and then we need to add information of your company and furloughed employees onto that portal and then government hopefully will issue said 80% wages onto companies bank account.
now another question is How to calculate 80% wages
it will be monthly average wages of furloughed employee which he/she has received since April-19. Latest can be February-20 wages if any employee has just started.
This scheme is available for any employer from 01/03/2020 for 3 months at present.
further information you can read here on government website.
So now we are waiting for Government to provide access of the Portal where we can make claim under Job retention scheme.
When further information we will receive then we will pass onto you.