ICAEW’s Tax Faculty is urging employers and agents to attend a free webinar on 7 May outlining how to calculate grant entitlement under the final phase of the Coronavirus Job Retention Scheme, rather than risk under or overclaiming.
Claims under the Coronavirus Job Retention Scheme (CJRS) are changing from July with employers having to make increasing contributions to cover staff salaries. From 1 July 2021 the grant will be reduced to 70% of salary for hours not worked and from 1 August 2021 it will be reduced again to 60%.
Each employee must though continue to be paid 80% of their reference pay up to the £2,500 cap and for hours worked in accordance with their employment contract. So employers will be paying some salary costs for the furloughed hours, as well as the total cost of all employers' NIC and the auto-enrolled pension contributions.
The calculations required to make an accurate claim are complex and with a penalty regime in place for overclaims it is important for employers and their agents to understand how to make these calculations.
On 7 May at 12:00, ICAEW’s Tax Faculty is hosting a webinar that is free to all which will outline all of the changes and provide practical support on making calculations.
Anita Monteith will be joined by Kate Upcraft, respected tax author, lecturer and consultant, who will be outlining worked examples to illustrate the calculations.
Don’t miss out on this opportunity to get support on making claims under the CJRS, register now!
Hear more at Virtually Live!
ICAEW's flagship digital conference returns for 2021 and includes sessions on tax. Hear from experts including Rebecca Benneyworth and ICAEW's Anita Monteith.
ICAEW Know-How from the Tax Faculty
This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.