The following month, the Treasury will pick up 60 per cent of wages up to a cap of £1,875, with employers paying tax contributions and 20 per cent of wages, representing 23 per cent of the gross employment costs, the Government said. … [Read more...] about Furlough scheme changes: Firms must contribute to pay in August & stump up 20% of wages in October
Council tax support schemes
Income-tax deferrals: Self-assessment income tax payments, that were due in July, can be deferred to the end of January next year. Rent support: Businesses who are struggling to pay their rents are protected from eviction until the end of June. Coronavirus business interruption loan scheme: SMEs can get loans and overdrafts of up to £5million for up to six years and the government will guarantee up to 80 per of these. Grants of up to £10,000: Small firms can get grants of up to £10,000 to help with ongoing business costs. VAT payments: VAT payments can be deferred for three months. Tax bill help: SMEs that cannot afford their tax bills can ask HMRC for a “time to pay” arrangement so any debt collection is suspended. Business rates holiday: A 12-month business rates holiday has been introduced for many businesses. Most read in Money … [Read more...] about Is the self-employed government grant scheme going to get extended like furlough to October?
August - The government will pay 80% of wages up to a cap of £2,500, but employers will start to pay national insurance and pension contributionsSeptember - The government will pay 70% of wages up to a cap of £2,190, with employers paying 10% of wages as well as contributionsOctober - The government will pay 60% of wages up to a cap of £1,875, with employers paying 20% of wages plus contributionsMr Sunak also announced that support for the self-employed would also be extended, although at a reduced rate. … [Read more...] about Coronavirus: Businesses must pay towards furlough scheme from August, chancellor announces
Official figures published last month gave the first snapshot of the catastrophic impact of the pandemic on the economy. The Office for National Statistics said GDP declined by 2% in the first quarter of the year – despite the fact lockdown restrictions only came into force in March. … [Read more...] about Rishi Sunak confirms furlough scheme to be gradually withdrawn
“Make it too generous and you are in danger of slowing down the recovery by keeping people in non-existent jobs. Make it not generous enough and you are in danger of forcing people out of jobs that do have a long-term future.” … [Read more...] about Furlough scheme: Rishi Sunak expected to ask employers to pay 20% of staff wages