skip to navigationskip to main content

FREE Consultation

Call us on
01234 355300 or click on the button below

Click Here

Fixed Fee Quote

Call us on
01234 355300 or click on the button below

Click Here

Sign up to our Tax &
Business Tips Newsletter

FREE Consultation

Call us on
01234 355300 or click on the button below

Click Here

Fixed Fee Quote

Call us on
01234 355300 or click on the button below

Click Here

Sign up to our Tax &
Business Tips Newsletter

JOB RETENTION “FURLOUGH” SCHEME EXTENDED TO OCTOBER

Chancellor Rishi Sunak announced on 12 May that the CJRS scheme will be extended until the end of October. The scheme will continue in its current form until the end of July with the Government paying 80% of employees wages up to £2,500 a month. For accounts purposes the amounts received should be credited to a “grants received” account, and this will therefore increase taxable profits of the business.

From 1‌‌ August to the end of October, HMRC will introduce more flexibility so employers will be able to bring their furloughed employees back to work part-time and contribute to paying employees’ wages while still receiving support from the scheme.

On Friday 29 May the Chancellor announced that the Government will stop reimbursing NICs and pension contributions from 1 August 2020. From 1 September 2020 the amount reimbursed by the Government will be reduced to 70%, limited to £2,190. There will be a further reduction to 60% from 1 October 2020, limited to £1,875.

We will of course continue to assist you in making furlough claims.



Click here to see how easy it is to switch to Cowley Holmes

Become a Client

To find out 8 great reasons why you should get a quote.

Click Here

Claim your FREE Essential Guide to Understanding your accounts