If you own or manage a larger business in the United Kingdom, then it’s very likely that part of your staff has been on furlough over the last few months. The British Government’s wide-ranging response to the COVID-19 pandemic has included the Coronavirus Job Retention Scheme, which has recently been extended and expanded. While the CJRS was initially intended to last for a few months, it is now valid until the end of October and allows for part-time work. The British Government aims to allow part-time employment while the economy gradually reopens.
For each month that the CJRS lasts, the amount of support offered by the British Government reduces. As an employer, you should aim to bring back more of your staff on a gradual basis each month, to maximise the benefit of the CJRS for your business. The British Government is going to continue paying wages and salaries for employees while they aren’t at work. Still, you need to start covering wages or salaries when your employees are at work. These changes mean that you should carefully plan how you use the CJRS, particularly if your business has been severely affected by social distancing measures and lockdown.
If you’re not sure where to go from here, consider working with David Beckman Co. Ltd. As a Tax Accountant Tadworth, the company can help you with generic financial and tax planning in relation to the COVID-19 crisis, as well as using the CJRS. If you want to adjust your bookkeeping or tax planning as a result of the pandemic, someone from the team can help you do this. The team is made up of experienced, qualified accountants, who have an intimate understanding of British finance and tax law. Together, you can develop a tailored approach to surviving and recovering from the economic impact of COVID-19.
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