Details still to follow, but businesses are to be able to reclaim 80% of furloughed workers salary costs, up to £2,500 per month. Applications will be through an online portal supposedly during the week beginning 23rd March. Effectively, rather than making staff redundant, this is a measure to keep staff employed despite not being able to afford salaries. There may well be opportunities for "1 person companies" here by increasing salaries from the current minimal one that has been advice for many years. But at this point, too early to say what to do. There is a very good article by one of the tax experts at Francis Clarke here that has more questions than answers over this topic. So we just need to wait and see. How to access the scheme You will need to: designate affected employees as ‘furloughed workers,’ and notify your employees of this change - changing the status of employees remains subject to existing employment law and, depending on the employment contract,...
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