Coronavirus Job Retention Scheme: Deadline looming
HMRC has reminded employers who intend to furlough an employee for the first time using the Coronavirus Job Retention Scheme. That the deadline to do so is approaching fast.
The Coronavirus Job Retention Scheme (CJRS) will be closed to new entrants from June 30.
In order for the minimum three-week furlough period to be completed by then, the final date which an employer can furlough an employee for the first time is June 10. Employers will have then have until 31 July to make any claims in respect of the period to June 30.
Chancellor Rishi Sunak recently announced changes to the CJRS that will apply from 1 July until its scheduled closure at the end of October.
The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July. HMRC said it will publish further guidance on these changes on 12 June.
The taxpayer contribution will stay at 80% in August but employers will have to pay national insurance and employer pension contributions. In September, employers will be asked to contribute 10% towards people?s wages, which will rise to 20% in October.
HMRC also reminded businesses that they must repay money that has been over-claimed through the CJRS.
Further guidance on the CJRS can be found here.
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