The Government has extended its furlough scheme until the end of March, with employees receiving 80% of their current salary for hours not worked. Late last week,, the Government announced the furlough scheme would initially be extended until 2 December 2020.
It will now run until 31 March 2021, giving businesses continued support over the months to come.
Chancellor Rishi Sunak also revealed the self-employment income support scheme will be increased, with the third grant covering November to January calculated at 80% of average trading profits, up to a maximum of £7,500. The coronavirus job retention scheme extension will be reviewed in January to examine whether the economic circumstances are improving enough amid the COVID-19 pandemic.
Sunak said: “I’ve always said I would do whatever it takes to protect jobs and livelihoods across the UK – and that has meant adapting our support as the path of the virus has changed.
Afford Bond Director, Paul Edwards said: “It’s clear the economic effects are much longer lasting for businesses than the duration of any restrictions. Extending furlough and increasing our support for the self-employed will protect millions of jobs and give people and businesses the certainty they need over what will be a difficult winter.”
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