Coronavirus Job Retention Scheme – Furlough – UPDATE
From July, any NumberMill contractors who have been paid furlough by NumberMill previously will be able to accept work from you the agency, whilst if it isn’t as much work as pre Covid times, NumberMill will still be able to top up their income via the Governments Furlough Scheme. No more concern that Furlough may result in contractors being discouraged from working!
Encourage your temps to work with no fear that they will lose their Furlough!
We applaud Rishi Sunak’s latest furlough statement as a valuable contribution to helping the nation back to work.
The fact that furlough payments can run in conjunction with a return to part-time working helps agency, worker and the wider economy alike.
We have always stood by our Furlough commitments as the only ethical way to proceed and are pleased to have played our own part in helping our contractors throughout lockdown.
Now the challenge is to get the economy kick-started as we all start to come to terms with the ‘new reality’.
We are positive about the future and look forward to continued collaboration with our existing clients and forging effective relationships with new ones!
NumberMill are committed to continue to pay furlough where eligible, and encourage end hirers, agencies and contractors to get contractors back working. We are currently working with our advisers and software providers to see how we can facilitate the new rules.
The scheme updates also mean that the following will apply for the period people are Furloughed:
June and July:
The government will pay 80% of wages up to a cap of £2,500 as well as employer National Insurance (ER NICS) and pension contributions.
Employers are not required to pay anything.
August:
The government will pay 80% of wages up to a cap of £2,500.
Employers will pay ER NICs and pension contributions – for the average claim, this represents 5% of the gross employment costs the employer would have incurred had the employee not been furloughed.
September:
The government will pay 70% of wages up to a cap of £2,187.50.
Employers will pay ER NICs and pension contributions and 10% of wages to make up 80% total up to a cap of £2,500.
For the average claim, this represents 14% of the gross employment costs the employer would have incurred had the employee not been furloughed.
October:
The government will pay 60% of wages up to a cap of £1,875.
Employers will pay ER NICs and pension contributions and 20% of wages to make up 80% total up to a cap of £2,500.
For the average claim, this represents 23% of the gross employment costs the employer would have incurred had the employee not been furloughed.
Additional information from our previous mailshots
Furlough for our recruitment agency clients
We are also assisting many of our agency clients with their claims.
If you require assistance, please get in contact with using the details below.
Furlough for our PSC contractor clients
NumberMill have successfully made claims as agents for our PSCs and Gold Book keeping contractors.
As such, if you know any contractors that require aid with furlough claims for their PSC then they can also get in contact using the same details below.
Bank loans and grants
NumberMill have assisted a number of agencies with applying for Government backed bank loans and rates grants. Producing cash flow and business projections.
If you have been disappointed with your accountants expertise on these matters give us a call for a no obligation discussion.
IR35
Although it doesn’t feel too relevant now, maybe now is the time to prepare for
April 2021. NumberMill a offer Flex and Protect solution that allows an easy switch from Limited Companies to Umbrella and vice versa.
Umbrella
Employment you and your contractors can trust. We didn’t let you down and we won’t let you down.
Get in contact with us for a no obligation discussion about our services.
