During the COVID-19 pandemic, the Chancellor announced that employers will be able to claim a Job Retention Bonus of £1,000 per furloughed employee if certain conditions are met.
So far the government has helped UK businesses pay their employees to the tune of £34 billion. Below is everything you need to know about the Job Retention Scheme.
To make a successful claim, all UK businesses must have previously claimed for their employees under the Coronavirus Job Retention Scheme and be up to date with PAYE payments.
Businesses must also have a valid PAYE registration as of February 2021 along with a UK bank account. It is essential to note that the HMRC will withhold any payments they believe have been fraudulently claimed for.
Below are the criteria that will allow businesses to make a successful job retention scheme claim:
In order to make a successful claim, you need to go through GOV.UK from February 2021. Further details about this process will be published in guidance by the end of September 2020.
Bonuses will be taxable, so you must include the whole amount as income when calculating your taxable profits for Corporation Tax or Self-Assessment.
If you require any further help in understanding if you are eligible to claim as part of the Job Retention Scheme, then you can get in touch with us here. Our highly skilled and experienced team are always on hand to contact by phone and email, ready to offer you support any time you require.