…And do you recall The Job Retention Bonus?

The Job Retention Scheme finally draws to a close at the end of October – PLEASE REMEMBER you will need to make any final claims on or before 30‌‌‌ November. You will not be able to submit or add to any claims after 30‌‌‌ November.

As we say goodbye to the Job Retention Scheme at the end of this month, our thoughts revert back to what was announced months ago that many of you may have forgotten about – The Job Retention Bonus.

HMRC has recently released updated guidance for the Job Retention Bonus

The guidance can be found on the link below:

https://www.gov.uk/guidance/check-if-you-can-claim-the-job-retention-bonus-from-15-february-2021

 

  1. What is it?
  • The Job Retention Bonus is a one-off payment of £1,000 that employers can claim for every eligible employee who was furloughed and claimed for through the Coronavirus Job Retention Scheme (CJRS) and kept continuously employed until at least 31 January 2021;
  • Employers do not have to pay this bonus to the employee;
  • Employers can also claim for the same employees through the Job Support Scheme and remain eligible to claim Job Retention Bonus as long as they meet the eligibility criteria for both.

 

  1. Who is eligible?
  • To claim the bonus the employer must have paid the employee some earnings in the November, December and January tax month;
  • Between 6 November 2020 and 5 February 2021 to be eligible, the employee must earn at least £1,560;
  • Employees must also not be serving a contractual or statutory notice period on 31 January 2021;
  • Employers can also claim for the same employees through the Job Support Scheme and remain eligible to claim Job Retention Bonus as long as they meet the eligibility criteria for both

 

  1. When Can I Claim The Bonus?
  • Employers will be able to claim the bonus from 15 February until 31 March, but only after you have submitted PAYE information for the period up to 5 February 2021
  • HMRC will release further guidance in January covering how to make a claim

Barrons has put together a helpful guide to running your business during the coronavirus crisis.