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Job Retention Scheme extended to December

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With the impending lockdown 2.0, the government has announced that the Furlough Scheme is extended and additional support is being made available to businesses small or large.

Job Retention Scheme

The Coronavirus Job Retention Scheme (CJRS) has been extended for another month until December. Originally due to end at the end of October, the extension to the CJRS entitles employees to 80% of their salary. This is for the hours not worked and up to a maximum of £2,500.

Flexible Furloughing

Businesses can either furlough staff on a part-time basis or full-time. However, the extended Furlough Scheme means that employers only need to cover National Insurance and employer pension contributions as well as paying them for any hours they actually do work. They do not have to top up the furlough wages this month as they will be at the 80% level.

Business grants available

The government advises that businesses required to close in England will be eligible for the following grants:

• For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;
• For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;
• For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

(Source: gov.uk/government/news)

Accounting services 

If your business is affected and you need support to help you navigate the latest announcements to ensure that you are benefitting from the government schemes and meeting key deadlines, our team of accountants and tax advisers are on hand to help guide you through.

Get in touch and chat with us about your business accounting needs.

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