Job Retention Bonus Scheme
08 October 2020
Employers have welcomed the job retention scheme as a way of keeping employees in jobs, despite closures of businesses and the reduction in the requirement of a full workforce . This month sees the end of that support in its current format. The key date for employers currently claiming under this scheme is 30th November 2020. This is the last date on which employers can make a claim under the Job Retention scheme.
What other support is available for employers ?
Job Retention Bonus
The Chancellor announced a Job Retention scheme bonus in July 2020. This is a £1000 one-off taxable payment to employers , for each eligible employee who the employer claimed for under the Job Retention scheme and who also remains continuously employed through to 31st January 2021. It is important for employers to ensure that they are satisfied that they meet the criteria for such payments.
You can claim the bonus from 15th February 2021 and it is expected that guidance will be issued on 31st January on how to access the on-line claim . There are some steps you need to take now to ensure you are ready to claim;
- Still be enrolled for PAYE online;
- Comply with your PAYE obligations to file accurately and on time for all employees between 6 April 2020 and 5th February 2021;
- Keep your payroll up to date and ensure you report leaving dates for employees who stop working for you;
- Use the irregular payment pattern indicator for any employees not being paid regularly; and
- Comply with all requests from HMRC to provide employee data for past Coronavirus Job Retention Scheme claims.
Please refer to the guidance provided by HMRC in relation to such claims;
If you require any further detail, please contact a member of the BDO team listed to the right.