Furlough Explained: Answering SMEs Burning Questions

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

From September the government contribution towards wages is reducing 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 31st 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 SMEs are asking us.

With changes taking place each month it can be confusing to keep on top of what the changes mean to your business and your employees, plus what you need to do.

This guide will help to answer all the common questions we are being asked, plus to provide an ‘at a glance’ summary of the key dates and what support is available from the government in an info-graphic.

Amongst other things, the guide includes key dates, bringing people back from furlough, record keeping and mental well-being, calculating holiday pay, plus eligibility criteria and guidance if you are considering redundancies.

Please read our full guide here.

Here to Help

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