Furlough Scheme Extended and other Budget Updates
Posted on 3rd March 2021 at 21:02
Following the Chancellors' Budget today here's a round-up of the latest including furlough:
The Coronavirus Job Retention Scheme (aka Furlough Scheme) has been extended until the end of September 2021. This enables employers to furlough employees with the Government paying up to 80% of wages. The scheme will remain in its current form until July 2021, at which point businesses using it will be required to make a contribution to the hours spent on furlough (10% in July, 20% in August and September). Employers will continue to pay NI and pension contributions as per current arrangements.
£5bn has been pledged to enable high street firms to re-open.
£408m has been allocated to museums, galleries and theatres to help them re-open once restrictions have been lifted in these sectors.
£150m will be given to community groups to help take over pubs in danger of closing
£126m will be invested into apprenticeship schemes with the Government paying £3k per trainee and a new flexi-job apprenticeship will enable apprentices to work with a number of different employers in one sector
The Help to Grow scheme will give businesses access to free on-line courses to help boost productivity.
And the sting in the tail - Corporation Tax will increase from 19% to 25% from April 2023 for companies whose profit exceeds £250k and for companies whose profits fall between £50k and £250k, this will be tapered.
We provide regular updates on today's rapidly changing business climate to our clients as part of our service and can refer you to our trusted network of other providers of funding and funded services such as apprenticeships.
For more information on #furlough, #flexifurlough or #apprenticeships for your business - please contact your Humber HR Consultant. Or drop us an email to schedule a chat - hello@humberhrpeople.co.uk
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