{"id":75855,"date":"2025-02-08T13:22:16","date_gmt":"2025-02-08T13:22:16","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/everything-you-need-to-know-about-the-job-retention-scheme\/"},"modified":"2025-02-08T13:22:16","modified_gmt":"2025-02-08T13:22:16","slug":"everything-you-need-to-know-about-the-job-retention-scheme","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=75855","title":{"rendered":"Everything you need to know about the Job Retention scheme"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p>Following the huge economic impact of COVID-19, the government issued a new Job Retention scheme to minimise redundancies.<\/p>\n<p>However, as the scheme is so new a lot of uncertainty remains.<\/p>\n<p>To support we\u2019ve sieved through the government\u2019s <a href=\"https:\/\/www.gov.uk\/guidance\/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme#claim\">published guidance<\/a> to collate everything you need to know.<\/p>\n<p><strong>Who is covered by the scheme?<\/strong><\/p>\n<p>The scheme covers any UK organisation with employees, such as:<\/p>\n<ul>\n<li>Businesses<\/li>\n<li>Charities<\/li>\n<li>Public authorities<\/li>\n<li>Recruitment agencies (agency workers paid through PAYE)<\/li>\n<\/ul>\n<p>If an administrator has taken a company under their management, the administrator can access the Job Retention scheme.<\/p>\n<p>Additionally, the government also recently announced updated criteria in a bid to combat fraud, stating:<\/p>\n<ul>\n<li>You must have created and started a PAYE payroll scheme on or before 28 February<\/li>\n<li>A UK bank account is required<\/li>\n<\/ul>\n<p><strong>Which employees can claim?<\/strong><\/p>\n<p>Providing employees meet the previously mentioned criteria of being on your PAYE payroll on 28 February, most contract types can receive support, including:<\/p>\n<ul>\n<li>Full-time employees<\/li>\n<li>Part-time employees<\/li>\n<li>Zero-hour contract employees<\/li>\n<li>Agency contract employees<\/li>\n<\/ul>\n<p><strong>How much should be paid?<\/strong><\/p>\n<p>The minimum that employers must pay their staff is 80% of their regular wage up to \u00a32,500 per month, with the option to top up their salary.<\/p>\n<p>Full-time and part-time employees should have their support calculated on their salary before tax, as of 28 February, also fees, commission and bonuses aren\u2019t included.<\/p>\n<p>Employees with varied hours and pay should have their support calculated on either the same month\u2019s earnings from the previous year or the average monthly earnings from the 2019-2020 tax year.<\/p>\n<p>If the varied employee has been employed for less than a year, the support is calculated on their average monthly earnings since starting.<\/p>\n<p>If the varied employee started in February 2020, use a pro-rata for their earnings so far to claim.<\/p>\n<p>Once this is calculated, you can apply for a grant to cover these payments that will be backdated to 1<sup>st<\/sup> March 2020.<\/p>\n<p><strong>What to do regarding contributions <\/strong><\/p>\n<p>Employers will remain liable for the associated Employer National Insurance and pension contributions on behalf of all furloughed employees.<\/p>\n<p>But the grant will cover this alongside the 80% wage assistance, however, the grant will not cover the contributions on any additional top-up salary or voluntary automatic enrolment contributions above the minimum.<\/p>\n<p>Also, both Apprenticeship Levy and Student Loans should continue to be paid as usual but the grant from the Job Retention Scheme will not cover these.<\/p>\n<p><strong>What is needed to claim?<\/strong><\/p>\n<p>To claim the following is required:<\/p>\n<ul>\n<li>ePAYE reference number<\/li>\n<li>Claim start and end date<\/li>\n<li>Number of furloughed employees<\/li>\n<li>Your bank account and sort code<\/li>\n<li>Amount claimed (per the minimum length of furloughing for 3 weeks)<\/li>\n<li>Your phone number<\/li>\n<li>Your contact name<\/li>\n<\/ul>\n<p>While it\u2019s your responsibility to calculate the amount you\u2019re claiming, HMRC retains the right to audit all aspects of your claim.<\/p>\n<p>It\u2019s also important to state that you can only submit one claim at least every three weeks, which is the minimum length of time an employee can be furloughed. Our <a href=\"https:\/\/www.kashflow.com\/payroll\/\"><strong>online payroll software<\/strong><\/a> can help ease the burden of payroll and furlough.<\/p>\n<p><strong>What\u2019s next?<\/strong><\/p>\n<p>If you furlough employees, make sure you explain what it means and reassure them that it\u2019s temporary.<\/p>\n<p>Continue to pay your employees their designated amount and claim your grant to cover payments.<\/p>\n<p>Also, if you\u2019d like more information on keeping your business operational <a href=\"https:\/\/www.kashflow.com\/here-to-help\">check out our handy support hub here<\/a>.<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Following the huge economic impact of COVID-19, the government issued a new Job Retention scheme to minimise redundancies. However, as the scheme is so new a lot of uncertainty remains. To support we\u2019ve sieved through the government\u2019s published guidance to collate everything you need to know. Who is covered by the scheme? The scheme covers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":75856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[3690,14962,15674],"dealstore":[],"offerexpiration":[],"class_list":["post-75855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-job","tag-retention","tag-scheme"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything you need to know about the Job Retention scheme - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=75855\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything you need to know about the Job Retention scheme - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Following the huge economic impact of COVID-19, the government issued a new Job Retention scheme to minimise redundancies. However, as the scheme is so new a lot of uncertainty remains. To support we\u2019ve sieved through the government\u2019s published guidance to collate everything you need to know. Who is covered by the scheme? 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