Keep updated with Whyfield news
and the latest industry insights...

  • News

    Furlough Scheme Extended Until October

    On May 12 2020, the Chancellor announced that the government’s Coronavirus Job Retention Scheme will remain open until the end of October.

    The Bank of England has stressed the scheme’s importance for economic recovery as it has continued to save many jobs and businesses from closing. Therefore, it has been granted the extension but with the flexibility that helps both businesses and the economy.

    How the scheme will evolve

    BCC Director General Adam Marshall has said:

    “Over the coming months, the government should continue to listen to business and evolve the scheme in line with what’s happening on the ground.”

    The government are rolling out an updated version of the scheme as we know it from August. Until the end of July, the scheme will remain the same.

    This means that changes will be put in place that reflects the needs of UK businesses. Based on the results seen from those claiming under the scheme so far, the following changes will be made:

    Return to work

    Furloughed workers will be able to return to work as part of the scheme. This will be on a part-time basis.

    Salary

    Workers will continue to receive 80% of their salary, up to £2,500, as it was when the scheme was introduced.

    Businesses will be asked to start sharing the cost of the scheme. This means that the employer will pay a percentage toward salaries to substitute payments made by the government.

    Furlough figures

    The Job Retention scheme has successfully prevented many business closures. Now that it is evolving to let people go back to work, here are the figures from claims so far, released on 12th May 2020:

    Number of Jobs Furloughed 7.5 million
    Number of Employers Furloughing 935,000
    Total £ claimed £10.1 billion

    How can we help?

    Our team are here to offer advice and guidance when you need it. We have processed over 150 claims with a value of almost £600,000, so we know a thing or two about how the furlough scheme works. We are still available over the phone or by email, just visit our contact page for the details.

    We regularly share updates on other funding and advice as we receive it. Visit our Covid-19 Resource Centre to find the latest tools and advice you can use to help your business. If you want to receive emails about updates to the page, just fill in the quick sign up form at the top of the page.

Follow & Connect with us...

Lets work together...

 

 

 

Call us on 01872 267 267 or fill in our contact form, to discuss how we can help you.

Almost 1 million late filing penalties were imposed by Companies House in January 2020.

We understand Companies House compliance

Find out more

All workers must be automatically enrolled onto a qualifying pension scheme. Let us take this off your hands.

We take care of Pension Auto–Enrolment

Find out more

Cloud accounting has become a necessity. While it may still seem daunting to some, we are here to enable you and your team in becoming cloud experts.

We offer training

Find out more

From April 2019, Making Tax Digital kicks in. All of our clients are compliant or well on their way to being it.

We're ready for Making Tax Digital

Find out more