Here to Help: Job Retention Scheme extended and HMRC portal goes live
The Government’s Job Retention Scheme has seen some major progress and changes in the last few days with the claim portal going live and an extension announced.
Job Retention Scheme is now up and running
The scheme has officially launched today and is now open for applications 10 days ahead of schedule.
HMRC currently has 5000 staff in place to operate the scheme which is expected to support thousands of businesses across the UK.
Adam Marshall, Director General at the BBC said, “The opening of the Job Retention Scheme is an important milestone for businesses, who can now begin to access the cash they need to pay their staff and protect livelihoods.”
Employers can now go online here to access the scheme and additional information.
Job Retention Scheme extension
Last Friday, Chancellor Rishi Sunak announced that the scheme will be available until June to employers who have furloughed employees and would be extended again ‘if necessary’.
Sunak stated, “due to the extension of the coronavirus lockdown measures, it’s the right decision to extend the furlough scheme for a month to the end of June.”
“It’s vital for peoples’ livelihoods that the UK economy gets up and running again when it’s safe to do so, and I will continue to review the scheme so it’s supporting our recovery.”
How does the Job Retention Scheme work?
The scheme allows employers to claim back 80% of furloughed UK employees’ wages up to £2,500 per month, enabling businesses to reduce their expenses without laying off their workforce.
While an employee is furloughed, employers only have to pay 80% of their employees’ wage and can choose to top it up to 100% but that additional 20% is optional and not covered by the scheme.
Claims can be made via an online portal which you can find here, and repayments are expected at the end of April.
Here to Help?
To support businesses, HMRC has created a Furlough Calculator that can help you find out how much you can claim for each furloughed employee quickly and easily.