Demystifying furlough: a handy guide to help SMEs

Over recent months the government has announced a number of changes to the Coronavirus Job Retention Scheme – more commonly referred to as 'furlough'.

From 1st September the government contribution towards wages reduced from 80% to 70% up to a maximum of £2,187.50 per month; in October this reduces further to a government contribution of 60% up to a maximum of £1,875. From November the government will not make any financial contribution as the scheme closes on 31^st October.

For many SMEs, the scheme itself and the changes that are taking place each month are creating some confusion. That's why we have created a handy guide to answer some of the common questions that our clients are asking us, such as what the changes mean to their business and their employees, plus what they need to do.

This helpful guide provides an 'at a glance' summary of the key dates and what support is available from the government. It also includes advice on bringing people back from furlough, record keeping and mental well-being, calculating holiday pay, plus eligibility criteria and guidance if you are considering redundancies.

You can access the guide here: Furlough Guide

In this year of uncertainty many businesses will be facing unique challenges. With so many changes to taxation and grants and with other measures having been introduced, it can be difficult to keep on top of your entitlements and indeed your obligations.

Please do get in touch if you would like to receive some guidance or advice that is specific to your business and your circumstances. Contact us on 01273 480480.