News
UK Government announces furlough scheme will now end on 30th April
The Chancellor of the Exchequer Rishi Sunak has announced that the Coronavirus Job Retention Scheme (aka Furlough Scheme) will now be extended until the end of April 2021.
Mr Sunak stated on 17th December that the additional month would provide “certainty for millions of jobs and businesses”.
He said that the eligibility criteria for the UK-wide furlough scheme will remain unchanged and these changes will still apply to all devolved administrations.
The UK Government will pay 80% of the salary of employees for hours they have not worked until the end of April, up to a maximum of £2,500 per month. Employers will only be required to pay the wages, National Insurance (NI) contributions and pensions for hours their employees have worked, as well as NI contributions and pensions for hours not worked
The Chancellor also said that the Government-backed COVID-19 loan schemes including the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS), will be extended from 31st January to 31st March.
“We know the premium businesses place on certainty, so it is right that we enable them to plan ahead regardless of the path the virus takes, which is why we're providing certainty and clarity by extending this support,”, said Mr Sunak.
These changes came on the same day the Chancellor confirmed that the date of the next Budget will be 3rd March 2021.
Date published 17 Dec 2020
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.