Govt announces the Job Retention Bonus Scheme
Employees will need to:
- earn at least £520 per month (above the Lower Earnings Limit) on average for November, December and January
- have been furloughed by you at any point and legitimately claimed for under the Coronavirus Job Retention Scheme
- have been continuously employed by you up until at least 31 January 2021.
Employers will be able to claim the bonus from February 2021 once accurate RTI data to 31 January has been received. More information about this scheme will be available by 31 July and full guidance will be published in the Autumn.
Other new measures announced
The Chancellor also announced other measures, including:
- the Eat Out to Help Out Scheme – during August, diners can get 50% off Monday to Wednesday on meals and non-alcoholic drinks, up to £10 per person, when eating at participating restaurants, bars, cafes and other establishments that have registered
- VAT reduction – from 15 July until 12 January 2021, the UK government will cut VAT from 20% to 5% on any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol. Check out this article. This VAT reduction also applies to all holiday accommodation in hotels, B&Bs, campsites and caravan sites, as well as attractions like cinemas, theme parks and zoos.
- an increase in the Stamp Duty Land Tax (SDLT) threshold in England and Northern Ireland – increasing the threshold under which no SDLT is paid on the purchase of a main home from £125,000 to £500,000, with immediate effect until 31 March 2021.
Claiming for employees furloughed on or before 30 June
You need to claim by 31 July for employees furloughed through the Coronavirus Job Retention Scheme (CJRS) for periods ending on or before 30 June.
Get ready for changes from 1 August
You will no longer be able to use a CJRS grant to cover National Insurance (NI) and pension contributions for furloughed employees from 1 August. You can submit your August claim in advance, from 20 July.