4. Job Retention Scheme up and running
The Government’s Coronavirus Job Retention Scheme is now live, with businesses able to claim up to £2,500 a month towards staff wages.
Employers can furlough anyone they employ, provided that on or before March 19 they were on PAYE payroll and HMRC has been notified of payment via the RTI system.
The guidance on how to calculate 80% of an employee’s wages, National Insurance Contributions and pension contributions if they’ve been furloughed due to coronavirus has also been updated to include a calculator to work out how much can be claimed.
It takes 6 working days to process claims. Employers can apply here tax.service.gov.uk/coronavirus-job-retention-scheme
Read the step by step guide for employers: www.gov.uk/government/publications/coronavirus-job-retention-scheme-step-by-step-guide-for-employers
See the guidance with calculator: www.gov.uk/guidance/work-out-80-of-your-employees-wages-to-claim-through-the-coronavirus-job-retention-scheme