Earlier this month, HM Treasury published more guidance on the Job Retention Bonus.
Employers who bring back employees from furlough and keep them continuously employed until 31 January 2021 can be entitled to a £1,000 one off taxable payment.
It’s hoped that the scheme will continue to support jobs by encouraging and helping employers to keep as many employees who have been on furlough as possible.
Who is eligible?
Employers can claim the bonus if they have furloughed employees and made an eligible claim for those employees through the Coronavirus Job Retention Scheme (CJRS). Eligible employees must have been continuously employed from the end of the last CJRS claim until 31 January 2021.
Is there a minimum income threshold?
Yes – to meet this threshold, an employer must have paid the employee at least £1,560 (gross) throughout the tax months:
How do I claim?
The earliest that this bonus can be claimed by businesses is 15 February 2021 and government guidance on how to claim will be updated prior to the opening of the scheme.
Before it can be claimed, employers must:
Employers can make a claim up until 31 March 2021.
There is further information on the government website https://www.gov.uk/guidance/steps-to-take-before-calculating-your-claim-using-the-coronavirus-job-retention-scheme
For further advice please get in touch.
21 October 2020
Earlier this month, HM Treasury published more guidance on the Job Retention Bonus. Employers who bring back employees from furlough and keep them continuously employed until…
8 October 2020
From 1 October, the limit for TTP, the online payment plan service used to set up instalment arrangements for paying tax liabilities, is increased to £30,000…
22 September 2020
Businesses are now able to sign up to the Kickstart scheme under which people aged between 16 and 24 who are claiming Universal Credit can receive…