The Coronavirus Job Retention Scheme has helped pay the wages of over 9 million UK workers since the end of March. The total claims currently stands at \u00a334 billion. At One Accounting, we have been processing claims for many of our clients who have unfortunately had to furlough their staff, and these claims alone run into several hundred thousand.<\/p>\n\n\n\n
We recently donated over \u00a32,000 to NHS Charities in recognition of the great work that they do. The donation was paid from fee income for the additional payroll and claim processing our team have been doing over the last four months.<\/p>\n\n\n\n
To help businesses come out of the Covid19 crisis, the Chancellor recently announced that employers will be able to claim a Job Retention Bonus of \u00a31,000 per furloughed employee, as long as certain conditions are met.<\/p>\n\n\n\n
Which employers can claim the Job Retention Bonus?<\/strong><\/p>\n\n\n\n The rules are fairly simple. The business must:<\/p>\n\n\n\n – Have previously claimed for its employees under the Coronavirus Job Retention Scheme<\/p>\n\n\n\n – Be up to date with its PAYE payments<\/p>\n\n\n\n – Have a valid PAYE registration at February 2021<\/p>\n\n\n\n – Have a UK bank account<\/p>\n\n\n\n HMRC will withhold payment of the Job Retention Bonus where it believes there is a risk that Coronavirus Job Retention Scheme claims may have been fraudulently claimed or inflated, until the enquiry is completed.<\/p>\n\n\n\n Which employees can I claim for?<\/strong><\/p>\n\n\n\n Claims will only be accepted for employees that were eligible for the scheme. Where a claim for an employee was incorrectly made, a Job Retention Bonus will not be payable.<\/p>\n\n\n\n Employers will be able to claim for employees who:<\/p>\n\n\n\n Employers can claim the Job Retention Bonus for all employees who meet the above criteria, including company directors. Claims will only be accepted for employees that were eligible for the scheme. Where a claim for an employee was incorrectly made, a Job Retention Bonus will not be payable.<\/p>\n\n\n\n How do I claim the Job Retention Bonus?<\/strong><\/p>\n\n\n\n Employers will be able to claim the Job Retention Bonus through GOV.UK from February 2021. More detail about this process will be published in guidance by the end of September 2020.<\/p>\n\n\n\n Are any Bonus payments taxable?<\/strong><\/p>\n\n\n\n Yes! The bonus will be taxable, so the business must include the whole amount as income when calculating their taxable profits for Corporation Tax or Self-Assessment.<\/p>\n\n\n\n What if I need help to claim the Job Retention Bonus?<\/strong><\/p>\n\n\n\n Please get in touch with us at info@oneaccounting.co.uk and we’ll be happy to help.<\/p>\n","protected":false},"excerpt":{"rendered":" The Job Retention Bonus is a one-off payment to employers of \u00a31,000 for every employee who they previously claimed for under the scheme, and who remains continuously employed through to 31 January 2021. How do business claim the \u00a31,000 bonus?<\/p>\n","protected":false},"author":9,"featured_media":1583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,125],"tags":[],"acf":[],"yoast_head":"\n\n