Important updates for Furlough and SEISS claims
We hope this finds you all well and that you are navigating yourself through these challenging times. We wanted to highlight the changes to the furlough scheme, and to remind you about the next round of SEISS claims.
Furlough/Job Retention Scheme
As the furlough scheme begins to wind down, the following changes are being introduced:
- August - The government will still pay 80% of wages capped at £2,500.00 but for this month they will no longer pay for employers national insurance or for employers pension contributions.
- September “ The government will pay 70% of wages capped at £2,187.50 and employers will be required to pay 10% of the wages to a cap of £2,500.00. Employers will also pay the employers national insurance and employers pension contributions.
- October “ The government will pay 60% of wages capped at £1,875.00 and employers will be required to pay 20% of wages to a cap of £2,500.00. Again Employers will also pay the employers national insurance and employers pension contributions.
Flexible furlough has been in operation now since 1st July 2020. We have found that this has been beneficial for many clients, so if you are unsure of how this works or we can help in any way please get in touch.
More information about the Job Retention Scheme can be found here.
Self-Employed Income Support Scheme (SEISS)
This is for self-employed individuals only, who have experienced a downturn in their income as a direct impact of COVID-19.
On the 17th of August 2020, eligible individuals will be able to apply for the second taxable grant worth 70% of their average monthly trading profits. This will be paid in a single instalment covering 3 months and will be capped at £6,750. You will need to have made your claims by 19th October 2020, and must be made using your Government Gateway account. We are not allowed to make your claim for you, but we are here to help. If you have any questions then please do not hesitate to get in touch. We are all here and ready to help from our end, so remember to get in touch if we can help in any way.