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Coronavirus Update – Increased Business Support 06/11/2020

The Chancellor has announced increased business support for employers and self-employed, albeit with a sting in the tail.
Coronavirus Job Retention (furlough) Scheme

-The Scheme had already been extended to early December ( see our Update 2nd November) and has now been further extended to 31st March 2021.

-Up to January 2021 the grant will be the same as that announced for November ie 80% of salary for hours not worked, capped at £2500 ( reduced in proportion for hours worked), with the employer responsible for Employer National Insurance and pension contributions.

The percentages will be reviewed for February and March.

Full guidance will be published on 10th November.  

Self Employment Income Support Scheme

-The grant under this Scheme for the 3 months November 2020 to 31st January 2021 has been increased  a second time and will now amount to 80% ( previously announced 55%) of average profits up to £7,500  (previously announced £5,160).  

Job Retention Bonus

-This is the sting in the tail.

-The Job Retention Bonus that was to have been available in February 2021 ( see our Updates of 3rd August and 5th October) has been withdrawn.

-The Treasury has stated ‘ the government will redeploy a retention incentive at the appropriate time’.  

For the full text of the Treasury announcement   Click here  

For HMRC policy paper on the Coronavirus Job Retention Scheme   Click here

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