With most restrictions ending in England, the furlough scheme continues to phase out from 1 August 2021. From this date, employers will be required to contribute more towards their employee’s wages for hours not worked. How much will employers contribute from 1 August? From 1 August to 30 September 2021, employers will be required to
The Financial Times has obtained data through a freedom of information act (FOI) request, which states that companies have repaid £709m from furlough claims that have been made under the Coronavirus Job Retention Scheme (CJRS). According to the data, an additional £319m has been reclaimed from companies that had mistakenly claimed the incorrect amount. As
Furlough Scheme – When do employers need to contribute? The furlough scheme was announced in 2020 as a means for employers to retain their staff during COVID-19. Under the furlough scheme, employees currently receive 80% of wages for hours not worked, up to a total of £2,500 a month. However, this is set to change
The government recently introduced the super-deduction and special rate first-year allowance to help businesses with the cost of investing in qualifying plant and machinery equipment. Eligible businesses can qualify for: A super-deduction providing an allowance of 130% on investments into new plant and machinery, that would normally qualify for the main rate writing down allowance
From 6th April 2017, a tax-free trading allowance of £1,000 was introduced to cover ‘self-starters’ with small hobby-based businesses. The allowance can be used against trading or casual income on hobby activities, which are in the process of developing into a commercial business. This may include selling via social media platforms for example, selling sweet
