As a direct result of COVID-19 and its affects on our economy, the UK Chancellor Rishi Sunak has unveiled a number of schemes to assist employers during a difficult period to fill the gap in continuing to pay employees and avoiding redundancies where revenues drop significantly.
These schemes include but not limited to:
- Coronavirus Job Retention Scheme – Giving the option to furlough workers
- Coronavirus Statutory Sick Pay Rebate Scheme – Paying employee’s coronavirus-related Statutory Sick Pay (SSP) at higher levels
How to Reclaim Funds from HMRC
A new system is being built by HMRC and its partners to reclaim money back, which is currently being paid out by employers throughout the UK and is expected to be ready the end of April 2020.
We are currently working on offering two packages (subject to change) to assist with this:
- Standard Claim (£79 per application), where only 80% is paid with minimum auto-enrolment contributions made and employees remain furloughed until the scheme comes to an end
- Advanced Claim (£POA), where the employer chooses to pay above 80% and/or auto-enrolment contributions are higher than the minimum requirement and/or employees are furloughed on a rotation basis
It is important, where possible, that you continue to pay employees inline with the guidance and then reclaim this at a later date.
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