The Coronavirus Job Retention Scheme is a temporary government-backed scheme designed to provide emergency financial support to employers whose operations have been severely affected by Coronavirus (COVID-19).
The government have announced that it is intended that the scheme will run for at least three months, starting from 1 March 2020. The scheme is available to all UK employers that had an operative PAYE payroll scheme on 28 February 2020.
The scheme enables employers to classify their staff as “furloughed workers” and more detail on this new classification is set out in the factsheet that can be downloaded below.
It enables employers to claim for salaried employees as well as those on variable hours and zero rated contracts.
For salaried employees, the amount that could be claimed is:
The lower of:
- 80% of the employee’s actual gross salary as at 28 February 2020; or
- £2,500 per month;
It does not include bonuses, commissions or expenses repaid.
There are different calculations for employees on variable hours or zero hours contracts.
How M+A Partners can help you
M+A Partners can help you work out what you can claim and when, leaving you to focus on your business at this most difficult time of National Emergency. We are here to help and support you when you need us most.
We can help you by:
- Registering your claim onto the new HMRC Portal, as soon as it become available;
- Carrying out the necessary computations of the furloughed pay you can claim back;
- Maximising your claim to ensure that you are repaid the full amount due to you, including Employer National Insurance Contributions and minimum automatic enrolment employer pension contributions;
- Operating your payroll for you, be it weekly or monthly; and
- Advising you on the financial aspects of the Coronavirus Job Retention Scheme, helping to minimise losses within your business.
If you need urgent assistance with your payroll obligations during this time of National Emergency, then please contact CJRSSupport@mapartners.co.uk, firstname.lastname@example.org, your usual contact at M+A Partners or email@example.com