




The government has extended the furlough until the end of October 2020. Heres all the information you need to know
Published Mon 8th Jun 2020
By itsAdult / General News
The government has announced a range of extraordinary measures to try and prop up the UK economy and safeguard jobs during the COVID-19 lockdown. There are business interruption loan schemes to help firms secure funding, VAT deferrals to aid cashflow issues and special schemes for organisations including charities, tech start-ups and the arts. The importance of the Coronavirus Job Retention Scheme was underlined when 140,000 companies applied to claim wages for over one million UK employees on the day it was launched.
Here, we analyse the Coronavirus Job Retention Scheme and offer some practical guidance on applying for it.
What is the Coronavirus Job Retention Scheme?
The Coronavirus Job Retention Scheme (CJRS) is a temporary scheme open to all UK employers. It offers salary support from 1 March 2020 and will stay open until at least the end of June, after this date to the end of October the government contribution is likely to change (however the details are yet to be announced) The CJRS aims to encourage employers who cannot pay staff wages to not make redundancies. Instead, they can keep employees on the payroll and claim a government grant to cover some of the wage cost.
Under this scheme, self-employed workers will be able to apply for taxable grants to combat a loss of income due to the coronavirus pandemic. Here's how it'll work and some eligibility criteria:
infomation courtesy of The Vice Accountant who is an experienced financial advisor and tax accountant for those working in the adult industry sector Follow on Twitter @ViceAccountant Profile: Click HERE for more info
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