Coronavirus Job Retention Scheme I know many of you are looking for clarity around the Coronavirus Job Retention Scheme which HMRC have said will reimburse 80% of furloughed workers wage costs, capped at £2500 per month.
I am in direct contact with HMRC and there have seen emails going back and forth all day. There has NOT been any official guidance release yet but my personal thoughts are that the reimbursement will be claimed through a reduction in PAYE payments. I will let you know more as soon as I know more.
Pension Regulator The Pension Regulator has today stated that employers must still continue to meet their workplace pension duties. There will be no movement in the time frames to make payments.
The reason given is that “savers need support to make good decisions in these challenging times”.
Do note that if an employee’s wages fall below the threshold of £512 gross earnings per month they can opt-out of the pension-qualifying scheme.
Insurance Providers I would highly recommend you contact your insurance provider about a Business Interruption claim. In many cases, most policies will not cover this but I have had one client today qualify for a potentially significant pay-out.
Also please do remember to update them about vacant premises and employees WFH. This situation will pass and you do not want to invalidate any future claims.
Banks The government is using the banks as a wholesaler for Business Interruption Loans. Therefore each bank is working on their own criteria for lending so you will need to contact them with your personal circumstances. You can find out more here.
Scams Please be alert to any potential scam or phishing emails. I know these are strange times and what was inconceivable only a few days ago is now true. My advice is to remain vigilant.
Let's wait to see what Boris has to say at 8.30 pm today but I assume we are heading for a full lockdown. Stay safe everyone.
With kind regards
Whilst the situation continues to change daily, I will endeavour to update you via this newsletter and the website. If you have any questions or concerns, please do call us on 01732 449888 and myself and the team would love to chat and see how we can help.
Disclaimer: Advice shared in this newsletter is intended to inform rather than advise. We will accept no responsibility for any financial loss incurred.
