In order to help UK businesses in this coronavirus pandemic, UK government has introduced “Coronavirus job retention scheme” for furlough workers as a part of the support package. With the help of Coronavirus job retention scheme, an employer can claim a grant of 80% of the employee’s wages up to maximum of £2500 along with the employer national insurance contribution and pension contribution. This scheme is a temporary scheme started by UK government for 4 months (can extend further) to help employers whose business operations are severally affected in this crucial time of coronavirus pandemic to retain their employees and to provide protection to the UK company.
Eligibility for the Coronavirus Job Retention Scheme
- Employer must have enrolled into PAYE payroll scheme on or before 19th march 2020.
- Enrolled for PAYE online
- Must have a UK bank account
How to claim Coronavirus Job Retention Scheme?
In order to claim grant for Coronavirus job retention scheme, an application is submitted by the employer containing details of their furloughed employees to HMRC. The amount of money is expected to be granted to the employer within 6 days of submission of the application. As soon as the application is received by HMRC, the early the claim is granted to the employer.
How Nomisma Payroll Software help?
Nomisma payroll software is very useful for small business owners to tracks employees working hours, attendance and manage leaves as well. It helps in
- Automated payroll processing for employees.
- E-mailing & printing of payslips.
- Easy detailed payroll report generation.
- Accounts updation and easy HMRC submission.
- All information at one place – Payroll, Payslips & RTI submissions