{"id":415,"date":"2016-04-20T15:30:39","date_gmt":"2016-04-20T15:30:39","guid":{"rendered":"http:\/\/tommustester.wpengine.com\/?p=63"},"modified":"2021-07-25T22:51:05","modified_gmt":"2021-07-25T22:51:05","slug":"common-mistakes-when-starting-out-a-business-tips-from-our-clients","status":"publish","type":"post","link":"https:\/\/www.rgsaccountants.co.uk\/index.php\/2016\/04\/20\/common-mistakes-when-starting-out-a-business-tips-from-our-clients\/","title":{"rendered":"Managing your finances during COVID-19"},"content":{"rendered":"\t\t
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HELP FOR BUSINESSES – PAYROLL \/ VAT \/ CASH GRANTS<\/span>
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A package of support has been put together to help businesses in the UK. Full details can be found at: <\/span>https:\/\/www.gov.uk\/government\/publications\/guidance-to-employers-and-businesses-about-covid-19<\/span><\/a><\/p>\n

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EMPLOYERS & EMPLOYEES<\/strong><\/span><\/h2>\n

For employers, this is a difficult time as they face lay offs and redundancies. The Government wants to keep people in work and to that end, has set up a job retention scheme allowing 80% of salaries to be reimbursed and this will be back dated to 1 March 2020 for up to three months (longer if necessary).<\/span><\/p>\n

All UK businesses are eligible.<\/span><\/span><\/span><\/strong><\/p>\n

You will need to:<\/span><\/span><\/div>\n
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  1. Designate affected employees as \u2018furloughed workers,\u2019 and notify your employees of this change – changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation<\/span><\/span><\/li>\n
  2. Submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required)<\/span><\/span><\/li>\n
  3. HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of \u00a32,500 per month and is working urgently to set up a system for reimbursement.<\/span><\/li>\n<\/ol>\n

    Things to Note: <\/span><\/span><\/h4>\n