The government published further guidance on the Job Retention Bonus on 2 October 2020.
In summary:
- Claims can be made between 15 February and 31 March 2021, with further guidance to be issued in January 2021.
- The Bonus is a £1,000 payable in respect of each eligible employee that was furloughed and has remained continuously employed until 31 January 2021. The bonus is taxable income for the employer.
- No part of the bonus is required to be paid to the employee, it is a bonus for the employer.
- An eligible employee is an employee:
- In respect of whom an eligible claim was made through the Coronavirus Job Retention Scheme
- Is continuously employed from the end of the claim period of your last Coronavirus Job Retention Scheme claim for them, until 31 January 2021
- Is not serving a contractual or statutory notice period as at 31 January 2021 (this includes people serving notice of retirement
- Is paid the “minimum income threshold” for the Bonus
- The minimum income threshold is £1,560 (gross taxable pay) for the three tax months, 6 November 2020 to 5 February 2021. For each month there must be at least one payment of taxable earnings recorded through RTI.
Please select this link for full details – https://www.gov.uk/guidance/check-if-you-can-claim-the-job-retention-bonus-from-15-february-2021
Please contact Mark Wildi or Sherry Taylor for more information; on 01689 877081 or complete our online form.
Registered as Auditors in the United Kingdom by the Association of Chartered Certified Accountants.
