The Government’s Coronavirus Job Retention Scheme went live today, with businesses able to claim up to £2,500 a month towards staff wages.
Employers can apply for direct cash grants through HMRC’s new online portal – with the money expected to land in their bank accounts within six working days.
The scheme allows employers to claim for a grant of up to 80% of an employee’s wages. Please note that this is capped at £2,500 a month.
Last week the Chancellor announced the scheme will be extended until the end of June.
Any entity with a UK payroll can apply, including businesses, charities, recruitment agencies and public authorities. To prepare to make your claim you will need:
- a Government Gateway (GG) ID and password – if you don’t already have a GG account, you can apply for one online, or by going to GOV.UK and searching for ‘HMRC services: sign in or register’
- be enrolled for PAYE online – if you aren’t registered yet, you can do so now, or by going to GOV.UK and searching for ‘PAYE Online for employers’
- You will need the name, National Insurance number, Claim period and claim amount and PAYE/employee number for each employee
- if you have fewer than 100 furloughed staff – you will need to input information directly into the system for each employee. If you have 100 or more furloughed staff – you will need to upload a file with information for each employee; HMRC will accept the following file types: .xls .xlsx .csv .ods.
You should retain all records and calculations in respect of your claims. You can find more information on the scheme and eligibility to claim here.