Pay Less Tax – Winter 2024 Edition
Coronavirus Job Retention Scheme (CJRS)
On Friday 29th May Rishi Sunak set out more details on how the CJRS will continue to support jobs and businesses.
Employers will be required to submit data on the usual hours an employee would be expected to work in a claim period and actual hours worked. Please note if Sibbalds prepares your payroll we will be in touch, in due course, confirming what information we require you to submit for each pay period.
Please be aware that employees who believe they are not getting their 80% share can report any concerns to the HMRC fraud hotline. HMRC will not hesitate to take action against those found to be abusing the scheme.
Below is a timetable detailing the key dates and information:
June
Throughout June, the Government continues to pay 80% of wages up to a cap of £2500 as well as employer National Insurance and pensions contributions.
- 10 June – Last date any employee can be placed on furlough
- 30 June – CJRS closes to new entrants
July
Throughout July, the Government continues to pay 80% of wages up to a cap of £2500 as well as employer National Insurance and pensions contributions.
- 1 July – Employers have flexibility to bring furloughed employees back part time. Employers can agree working arrangements with previously furloughed employees. Employers will be responsible for paying their wages while in work.
August
Level of support begins to taper. Government will pay 80% of wages up to a cap of £2500. Employers will pay National Insurance and pension contributions.
September
Government will pay 70% of wages up to a cap of £2187.50. Employers will pay National Insurance, pension contributions, and 10% of wages to make up 80% total up to a cap of £2500.
October
Throughout October, the Government will pay 60% of wages up to a cap of £1875. Employers will pay National Insurance, pension contributions, and 20% of wages to make up 80% total up to a cap of £2500.
- 31 October – CJRS closes.
Self-Employment Income Support Scheme (SEISS)
The SEISS has also been extended. Key dates and information are displayed below:
June
- 12 June – Further guidance on the second SEISS grant due to be published.
July
- 13 July – This is the last day individuals can apply for the first SEISS grant. Eligible individuals can claim a taxable grant worth 80% of their average month trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £7500.00
August
- Date TBC – Applications for the second grant open. Individuals will be able to claim a second taxable grant worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ work of profits, and capped at £6750 in total.
The eligibility criteria for each grant remain the same as previously advised, and individuals will need to confirm that their business has been adversely affected by coronavirus. An individual does not need to have claimed the first grant to receive the second grant: for example, they may only have been adversely affected by COVID-19 in this later phase.
If you require any support at this time or would like further information on how we can help please contact your Engagement Partner at your earliest convenience. We look forward to hearing from you.
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