The Corona Virus has been devasting globally, the UK is no exception. We have been told by the UK Government that we should stay at home in order to protect the NHS and ultimately, save lives, but this leaves our finances incredibly thin. The UK Government has came up with a number of ways to try and secure our financial future, or at least…reduce the pressures, financially.

Today, the Corona Virus Job Retention Scheme system goes live.

It is there for Ltd company directors to furlough either themselves, their staff or both.

If you need to furloughed, you have to furlough for a minimum of 3 weeks.

You can Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19).

There are a number of things that you will need in order to complete your application:

To make a claim, you will need:

  • to be registered for PAYE online
  • your UK bank account number and sort code
  • your employer PAYE scheme reference number
  • the number of employees being furloughed
  • each employee’s National Insurance number
  • each employee’s payroll or employee number (optional)
  • the start date and end date of the claim
  • the full amount you’re claiming for including employer National Insurance contributions and employer minimum pension contributions
  • your phone number
  • contact name

You also need to provide either:

  • your name (or the employer’s name if you’re an agent)
  • your Corporation Tax unique taxpayer reference
  • your Self Assessment unique taxpayer reference
  • your company registration number

To apply for the Corona Virus Job Retention Scheme click Here

(Information obtained from https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme)

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