NEWS
November 5, 2020
The Chancellor, Rishi Sunak, has just announced in Parliament that the Coronavirus Job Retention Scheme (or “furlough scheme”) will be extended further, into March 2021.
The level of support will remain at the level currently offered (the employee will receive 80% of their salary for hours not worked, and the employer will pay for worked hours, employer NIC and auto-enrolment pension contributions). This will be reviewed in January and the Government contribution may be reduced if the economy is more stable at that time.
The Job Retention Bonus payment for employers keeping employees in work until 31 January 2021 will be withdrawn, and it is anticipated this incentive will be re-introduced at a later date.
The next self-employed income support grant will also increase from 55% to 80% of average profits – up to £7,500.
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in this document.
West London
3 Brook Business Centre,
Cowley Mill Road,
Uxbridge, UB8 2FX
T +44 (0) 1895 256423
East London
Leytonstone House,
Leytonstone,
London, E11 1GA
London, E11 1GA
T +44 (0) 20 8988 6100
South London
Charles Lake House, Claire Causeway, Crossways Business Park, Dartford DA2 6QA
T +44 (0) 1322 275335
London Bridge
1st Floor,
73–81 Southwark Bridge Road,
London, SE1 0NQ
73–81 Southwark Bridge Road,
London, SE1 0NQ
T +44 (0) 20 3814 9990
City London
46 New Broad Street,
London, EC2M 1JH
London, EC2M 1JH
T +44 (0) 20 3890 7360
We believe we are more than just your average accountancy firm. Our goal at Barnes Roffe is to engage our clients through a proactive relationship, which provides you with the resources and tools you need to enable you to take charge of your finances with confidence.
Tax news, audit news and any new accounting news ... with the help of our topical tips, blogs and key guides you can enjoy the benefit of being regularly informed of business and accounting updates which are likely to be relevant to you and your business.
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.
