Guidance on claiming Job Retention Bonus
HMRC recently published guidance on the eligibility requirements for the Job Retention Bonus.
From February 2021, employers will be able to claim the Job Retention Bonus through the gov.uk website. The Bonus will be a one-off payment of £1,000 to the employer for every eligible employee that is claimed for. This will be taxable, so the business must include the whole amount as income when calculating their taxable profits for corporation tax or self assessment.
The guidance states that an employer will be able to claim for any employees that were eligible for the Coronavirus Job Retention Scheme (CJRS). Where a claim for an employee was incorrectly made, unfortunately this bonus will not be payable.
All employers are eligible for the scheme, including recruitment agencies and umbrella companies.
The guidance can be read in full here. HMRC stated that additional guidance on this update will be published by the end of September.
Do you need assistance with your accounts? Talk to our team today
A simple, hassle free way to request a quote from AP Robinson & Co.
Simply fill in the form with your contact information and a brief description of the work you want carried out and we’ll then contact you directly - either by email, text message or a phone call for a friendly and informal chat about your requirements.