Coronavirus Update -Job Retention Bonus 05/10/2020
|HM Revenue & Customs have issued guidance on the Job Retention Bonus, further to their original policy paper. We provided an Update on the policy paper on 3rd August 2020, and this further Update should be read in conjunction with that.|
HMRC latest guidance can be found via the link below.
We would particularly draw your attention to the following:
-Eligible employees, which includes directors, must have minimum taxable pay ( not necessarily the same as gross pay) of £1,560 throughout the three tax months ending 5th December 2020, 5th January and 5th February 2021, and must have taxable pay, of any amount in each of those months.
-The Bonus is to the employer. There is no requirement to pass it on to employees.
-Claims can be made from 15th February 2021, and must be made by 31st March 2021.
-If we are your online PAYE agent, we can make the claim on your behalf. The guidance will be updated by the end of January 2021 and will include details on how to access the online claim service.
|The full text of the guidance can be found here|