80% Wages - When?
Discussion
Can anyone shed some light on the 80% cover for wages?
Whilst we can cover the wage bill at the end of this month, it will not be possible next month. Sales and new orders have disappeared and our cashflow is in serious trouble.
When and how can we access this money to cover wages?
Thanks
Whilst we can cover the wage bill at the end of this month, it will not be possible next month. Sales and new orders have disappeared and our cashflow is in serious trouble.
When and how can we access this money to cover wages?
Thanks
This is what we we told at work today.
You have to explicitly notify the employee that they have been furloughed.
A portal is being set up by HMRC that you will then enter the details into of all employees that have been furloughed, you will then receive upto 80% of their salary back, upto £2,500 a month.
There are lots of questions
When will the portal be ready
Will the £2,500 be gross or nett
The furloughed employee can not do any work, it's for individuals that otherwise would have been 'laid off'
You have to explicitly notify the employee that they have been furloughed.
A portal is being set up by HMRC that you will then enter the details into of all employees that have been furloughed, you will then receive upto 80% of their salary back, upto £2,500 a month.
There are lots of questions
When will the portal be ready
Will the £2,500 be gross or nett
The furloughed employee can not do any work, it's for individuals that otherwise would have been 'laid off'
I’ve received this, earlier this morning..
The ongoing COVID-19 outbreak is putting businesses at every level of the UK's economy under unprecedented pressure. To ease that strain and prevent affected workers losing their jobs altogether, the government's doing something basically unheard of. It's stepping in to pay 80% of the wages of people unable to work because of the pandemic. Any UK business whose employees are facing the axe because of COVID-19 can qualify, with the scheme initially running for 3 months and to be extended if needed.
80% of workers' wages will be covered, up to £2,500 per month, theoretically saving thousands of jobs in vulnerable businesses. Payments will be backdated to the 1st of March, meaning it could actually see people who've already been laid off given a lifeline (and their old jobs back). The cash will start flowing within a few weeks. Here's how it works:
Instead of laying its employees off, a business will instead designate them as “furloughed workers”. Obviously, this is a change in employment status so it might mean some extra paperwork and contract negotiation.
The employer sends word to HMRC about all of its furloughed employees, listing their earnings and any other essential information. They can do this online through a new, custom-built portal, with the exact details still to come.
Since this is a reimbursement scheme, the business continues to pay its employees as normal. The money is then claimed back through the system. The exact mechanism for this is still in the works, but it's being treated as a priority.
The ongoing COVID-19 outbreak is putting businesses at every level of the UK's economy under unprecedented pressure. To ease that strain and prevent affected workers losing their jobs altogether, the government's doing something basically unheard of. It's stepping in to pay 80% of the wages of people unable to work because of the pandemic. Any UK business whose employees are facing the axe because of COVID-19 can qualify, with the scheme initially running for 3 months and to be extended if needed.
80% of workers' wages will be covered, up to £2,500 per month, theoretically saving thousands of jobs in vulnerable businesses. Payments will be backdated to the 1st of March, meaning it could actually see people who've already been laid off given a lifeline (and their old jobs back). The cash will start flowing within a few weeks. Here's how it works:
Instead of laying its employees off, a business will instead designate them as “furloughed workers”. Obviously, this is a change in employment status so it might mean some extra paperwork and contract negotiation.
The employer sends word to HMRC about all of its furloughed employees, listing their earnings and any other essential information. They can do this online through a new, custom-built portal, with the exact details still to come.
Since this is a reimbursement scheme, the business continues to pay its employees as normal. The money is then claimed back through the system. The exact mechanism for this is still in the works, but it's being treated as a priority.
As usual my timing is awful.
I'm currently working my notice with the intention of setting up a training business. I've managed to get an extension on my notice to hopefully mid June when my replacement starts. I set up my company in January and created my first events in January (events to be held in April), events have now been postponed. Unsure how this will impact me as I'm not on the new company's payroll yet.
I'm currently working my notice with the intention of setting up a training business. I've managed to get an extension on my notice to hopefully mid June when my replacement starts. I set up my company in January and created my first events in January (events to be held in April), events have now been postponed. Unsure how this will impact me as I'm not on the new company's payroll yet.
Dr Hillary saying don't go to buy a bicycle and he is right, loads of wobbly people on bikes, not a good idea.
When WW2 began, I wonder how many people took up doing Triathlons.
FFS people, stay home, stay indoors, don't go out at all unless you NEED to. You don't NEED to go for a bike ride, you almost certainly don't need to go for a walk out in public. Every person that says in, does their bit to limit the spread and make it safer when you DO NEED to go out.
Just stay the f
k inside.
Sorry, I note this is posted on the wrong thread I had open, but am leaving it here as it is important IMO!
There are crazy economic consequences of this, but they have to be secondary at the moment to the public health side of things
When WW2 began, I wonder how many people took up doing Triathlons.
FFS people, stay home, stay indoors, don't go out at all unless you NEED to. You don't NEED to go for a bike ride, you almost certainly don't need to go for a walk out in public. Every person that says in, does their bit to limit the spread and make it safer when you DO NEED to go out.
Just stay the f
k inside. Sorry, I note this is posted on the wrong thread I had open, but am leaving it here as it is important IMO!
There are crazy economic consequences of this, but they have to be secondary at the moment to the public health side of things
Edited by poo at Paul's on Tuesday 24th March 08:11
poo at Paul's said:
Dr Hillary saying don't go to buy a bicycle and he is right, loads of wobbly people on bikes, not a good idea.
When WW2 began, I wonder how many people took up doing Triathlons.
FFS people, stay home, stay indoors, don't go out at all unless you NEED to. You don't NEED to go for a bike ride, you almost certainly don't need to go for a walk out in public. Every person that says in, does their bit to limit the spread and make it safer when you DO NEED to go out.
Just stay the fk inside.
Sorry, I note this is posted on the wrong thread I had open, but am leaving it here as it is important IMO!
There are crazy economic consequences of this, but they have to be secondary at the moment to the public health side of things
What if you live in a one room bedsit? I think a walk outside during unpopular hours (5 a.m.) might be essential for mental and physical health and is of limited risk. Luckily I have a garden and can get fresh air but not everyone is in this situation?When WW2 began, I wonder how many people took up doing Triathlons.
FFS people, stay home, stay indoors, don't go out at all unless you NEED to. You don't NEED to go for a bike ride, you almost certainly don't need to go for a walk out in public. Every person that says in, does their bit to limit the spread and make it safer when you DO NEED to go out.
Just stay the f
k inside. Sorry, I note this is posted on the wrong thread I had open, but am leaving it here as it is important IMO!
There are crazy economic consequences of this, but they have to be secondary at the moment to the public health side of things
Edited by poo at Paul's on Tuesday 24th March 08:11
I live right on the moors - outside the back of my house is nothing but open moorland and trails for miles and miles. I can assure you that I'm putting nobody at risk of infection by going out of my back gate for a walk, just as I and the OH will be doing this lunchtime (as we are allowed). You'll be telling me not to go out in my garden next.
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