The Government is continuing support for both the self employed and employers. More detail will be published later in the month but for now the headlines are –
SELF EMPLOYED INCOME SUPPORT SCHEME – In August self employed workers will be able to make a second claim, the eligibility criteria being the same as for the first wave of claims. This time 70% of 3 months of average monthly profit from self employment will be on offer and the support will be capped at £6570.
JOB RETENTION SCHEME – it will not be possible to add new employees to the scheme so the last date to start furlough for an employee is 10th June – TODAY! July will run with the current scheme, the only change being that you can start to bring employees back to part time work – the employer pays full wages for the time worked, the government pays 80% of time furloughed. In August, 80% of furloughed time will still be paid by HMRC but employers must start contributing, this month by paying any Employer’s NI due (although most small employers will find their Employer’s Allowance actually covers this) and Employer’s Pension contributions.
Tapering off of the furlough system continues in September with the lower amount of 70% of time furloughed being covered by HMRC and this drops again to 60% on October, the idea being that employers will be supported to keep people in work while their business rebuilds to (hopefully) pre-COVID-19 levels.
We will be updating all our clients as usual as soon as more details are available. In the meantime “GOOD LUCK” to all our clients (and indeed, the wider community) when shops re-open on Monday 15th June 2020 in England – will be a welcome sight for sure!