Are you a new business? Or an existing business interested in our services?Get a quote
HMRC recently published guidance on the eligibility requirements for the Job Retention Bonus.
From February 2021, employers will be able to claim the Job Retention Bonus through the gov.uk website. The Job Retention Bonus will be a one-off payment of £1,000 to the employer for every eligible employee that is claimed for. The bonus will be taxable, so the business must include the whole amount as income when calculating their taxable profits for corporation tax or self assessment.
The guidance states that an employer will be able to claim the Bonus for any employees that were eligible for the Coronavirus Job Retention Scheme (CJRS). Where a claim for an employee was incorrectly made, a Job Retention Bonus will not be payable.
All employers are eligible for the scheme, including recruitment agencies and umbrella companies.
The guidance can be read in full here.
HMRC have stated that additional guidance on the Job Retention Bonus will be published by the end of September.
Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.Contact