It’s a roundabout we don’t seem to be able to get off!

/ Business and Economy

Author: Henry Ejdelbaum

Tags: business support scheme, covid-19, furlough

With this never-ending cycle of lockdowns and restrictions, it’s a wonder that any of us can keep up with the rules, regulations, schemes and grants on offer!

Just last week, the Chancellor laid out his plans for the post-furlough business support schemes. Accordingly, business owners (and their accountants) spent days making plans based on the furlough scheme coming to an end.

But it seems as if the Chancellor had no idea that the government was planning a 4-week national lockdown.

Now the furlough scheme (originally supposed to finish on Saturday) has been extended until some time in December. The government will pay 80% of hours not worked (capped at £2,500) and the employer will contribute full pay for hours worked plus full NIC and pension contributions. This will apply throughout the UK for employees who were on the payroll by 30 October.

How much more of this can business owners take?

If you want some more details on this we would be happy to help, so get in touch with your local AIMS Accountant today.