Claiming the Job Retention Bonus
As readers will no doubt be aware the present Coronavirus Job Retention Scheme is due to cease at the end of October 2020. However, there is a bonus claim that certain employers can make next year if they retain employees beyond the present 31 October 2020 deadline.
The Job Retention Bonus (JRB) is subject to its own set of rules. These are copied in below from the GOV.UK website:
Job Retention Bonus
The Job Retention Bonus allows employers to claim a one-off payment of £1,000 for every employee they have previously received a grant for under CJRS and who remains continuously employed through to the end of January 2021.
To be eligible, the employee must have received earnings in November, December and January and must have been paid an average of at least £520 per month, a total of at least £1,560 across the three months.
Employers will be able to claim the bonus after they have filed PAYE information for January 2021, and the bonus will be paid from February 2021.
More detailed guidance, including how you can claim the bonus online, will be available by the end of September.
What employers need to do now
If employers intend to claim the Job Retention Bonus, they must:
- ensure all employee records are up to date
- accurately report employees’ details and wages on the Full Payment Submission (FPS) through the Real Time Information (RTI) reporting system
- make sure all CJRS claims have been accurately submitted and they have told us about any changes needed (for example if they’ve received too much or too little).
Readers who are still undecided on the position of staff when the present CJRS closes later this year will need to factor the JRB into their calculations.
Planning for staff retention or lay-offs when government support ceases without a doubt exposes employers and employees to stressful choices. Pleas call if you want to discuss your options. We can help.
- Ready for the new tax year? Follow our tips - March 22, 2023
- Chancellor targets business growth in Spring Budget - March 20, 2023
- Budget summary 15 March 2023 - March 16, 2023
- Leaving your business? Why you should plan an exit strategy - March 10, 2023
- Thinking of ditching the 9-5 and going self-employed? - March 8, 2023
- Why close a limited company - March 7, 2023
- A reminder – points add up to penalties from 1 January 2023 - March 2, 2023
- Tax Diary March/April 2023 - March 1, 2023