You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
01252 214004 email@example.com Client Portal Login COVID-19
The government's Coronavirus Job Retention Scheme (CJRS) begins winding down from 1 July.
Around 1.5 million workers are still on furlough and the change will affect thousands of firms across the country.
Furloughed staff will continue to receive 80% of their wages, but employers will now pay 10% of that amount.
However, according to the Institute for Fiscal Studies (IFS), the bill for employers keeping a member of staff on the scheme will rise significantly, putting jobs at risk.
The IFS said the cost would rise from £155 per month, which covers costs such as national insurance contributions (NICs), to £322 in July and £489 in August and September.
Tom Waters, Senior Research Economist at the IFS, said: 'The furlough scheme does need to be wound down as the economy recovers, rather than attempting to keep every job on life support. But this does mean that some will end up unemployed.'
Further details of changes to the CJRS can be found here.
Why not contact 1st Call Accounts today for more information or a FREE no obligation quote.
On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm.
HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return.