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Important Information About The Job Retention Bonus

Are you going to claim?

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POSTED BY ROGER EDDOWES ON 24/08/2020 @ 8:00AM

HMRC recently published more information on the Job Retention Bonus which includes details on how to check eligibility and how to get ready to make a claim. This information is available on the Government's website ...

If you're claiming the Job Retention Bonus, employees must have been paid in November, December and January!

If you're claiming the Job Retention Bonus, employees must have been paid in November, December and January!

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You can search for Job Retention Bonus Policy Statement and it gives more information on the one-off payments of £1,000 per employee who was furloughed under the Coronavirus Job Retention Scheme (CJRS) who remains continuously employed until 31st January 2021.

"Eligible employees must have received earnings in
November, December and January!

HMRC says that each employee must also have been paid at least £520 per month to a total of at least £1,560 across the three month period. Employers will be able to claim the bonus after they have filed their PAYE in February 2021. There will be further information released by the end of September.

If you are going to claim the Job Retention Bonus, you must:

  • ensure your employee records are up to date

  • accurately report employees' details and wages on the Full Payment Submission (FPS) via RTI

  • ensure your CJRS claims have been accurately submitted and you have informed HMRC of any changes to your claim

The Coronavirus Job Retention Scheme continues to provide grants for furloughed employees, but from 1st August 2020, is no longer funding employers' National Insurance and pension contributions.

Until next time ...

ROGER EDDOWES
Business Godparent

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About Roger Eddowes ...

 

Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.

Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.