Accounting, Business Owner, Scaling Businesses
Extended Furlough Scheme – Your Questions Answered
Feb 17, 2021
Feb 17, 2021
It’s safe to say, it’s becoming difficult to stay up to date with the changes that are occurring at the moment and that’s just from a personal point of view. Never mind ensuring your business is up to date and compliant. With the latest announcements on another national lockdown, including changes to the furlough scheme, we’ve summarised all of your questions here:
YES, the furlough scheme has been extended until the 31st of March 2021.
As part of the announcement of the second national lockdown, Chancellor Rishi Sunak has announced that the furlough scheme will run until the end of March but will be reviewed in January.
Prior to the latest announcement, the furlough scheme was due to end as of November and be replaced by the Job Support Scheme. As the furlough scheme has been extended until March 2021, this supersedes the job retention scheme.
From an employee point of view, there are no changes to their pay packet. For employers however, the scheme is more generous, with them paying less towards it.
The government will put in a full 80%, with the employer only covering pension and National Insurance contributions.
All employees can be furloughed, regardless of their contract terms i.e full time, part time etc. However, they must have been on payroll by 30 October 2020.
Owners of small businesses who pay themselves a PAYE salary are covered under the furlough scheme.
Employers can apply on the Gov.co.uk website to make their furlough claim.
At Aspreys, we support business owners with clear guidance, practical advice and hands-on support, so you can focus on running your business while we handle the complexities.
Call us on 01932 485325
Email [email protected]
Visit our contact page: https://aspreysuk.com/contact-us/
Get in touch today and let us take the pressure off.
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