Furlough Archives | Alexander Knight & Co | Accountants for entrepreneurs based in Hale

NEW furlough scheme launched

pixeladmin — Fri, 09 Oct 2020 15:15:13 +0000

New furlough scheme aimed at firms ‘forced to shut’ due to local lockdown measures.

Chancellor Rishi Sunak today unveiled the expansion of the Job Support Scheme, which is a successor to the furlough scheme.

The government says it will pay employees who cannot work 67% of their salaries, up to £2,100 a month. The scheme will come into force on 1 November and run for six months before being reviewed. Employees must be off work for a minimum of seven days to be eligible.

We are closely examining the details of this scheme as they emerge over the next few days to see what it means for your business.

We understand that this scheme will only apply to businesses told to close – rather than those who choose to shut because of the impact of Covid restrictions.

Until November businesses that are asked to close can continue to use the furlough scheme.

It is important that if you are making claims under the new scheme you calculate the amount you can claim accurately. If you need support to make your claim – email Murray Patt now.

We are awaiting further details of this particular scheme to see of this applies to all our clients.

If you wish to discuss in more detail what these new measures mean for you and your business – please contact us now.

The post NEW furlough scheme launched appeared first on Alexander Knight & Co | Accountants for entrepreneurs based in Hale.

Furlough scheme tapers off

pixeladmin — Thu, 10 Sep 2020 15:44:35 +0000

As it stands, the Government has given no indication the furlough scheme will continue beyond October.

The scheme has already been extended twice, once to June, then again into October.

The scheme itself is tapering off and many employers will have important decisions to make on their future staffing needs beyond October.

It is worth a reminder that the Government is launching a job retention bonus of £1,000 (per employee) for employers willing to bring back furloughed employees back into work, in what they hope is an incentive for firms to retain staff beyond January 2021. We don’t yet know how the monies will be claimed but we will inform clients when the details are published.

All our clients who made furlough claims via our team secured the funding on time and we’ve been pleased to help our clients through what can be a complex process of calculation for the uninitiated.

If you need support to review your business plan or staffing levels when the furlough scheme ends then please speak to our team.

It is important that any decisions regarding staff are made in accordance with employment law regulations and we can guide you in the right direction with our wide network of legal professionals to ensure that you comply with the law when making redundancies of staff or directors.

The post Furlough scheme tapers off appeared first on Alexander Knight & Co | Accountants for entrepreneurs based in Hale.