Government Furlough Scheme now live
I hope you are all keeping well and enjoying the weather!
The government have launched their furloughed pay scheme claim procedure for employees today. Firms can now claim 80% of normal pay for their employees if they have chosen to furlough them as part of the response to the Covid virus. If you have been furloughed, check with your employer to ensure they have put a claim in. We can assist them with the process if required. They can claim 80% of employees normal pay, plus the same percentage for employers NI and pension contributions. Payments are expected to be released 6 working days after the form is submitted. The Self Employed scheme is still not yet live and is not expected to be launched until June. MARKET UPDATE Markets have continued to rally since our last update - the FTSE 100 Index now stands at 5782, up 15% on the low point 4 weeks ago. Still some way to go to get back where the index was, but progress is at least being made OPTIONS AVAILABLE Remember that you can still apply for a 3 month mortgage repayment holiday with the majority of lenders, and also most local councils are offering a 3 month delay on council tax payments. There is still no scheme for company directors who pay themselves salary + dividend and are off work due to the virus but we will let you know should this appear. As ever, stay safe and we will keep you updated. We're working on a new 'flash briefing' series via Alexa, the virtual assistant. this allows us to broadcast a brief update on a regular basis using Alexa; you can then access it simply by asking Alexa to "Play my flash briefing". I'll let you know when this is available. More updates soon