The COVID-19 pandemic has created an incredibly unusual and challenging set of circumstances for everyone here in the United Kingdom. The political response has been mixed, but it is clear that the government is doing everything that it can to protect and bolster our economy while minimising community transmission. Part of this has been the furlough scheme. While a large part of the British population was furloughed, some for months, the Chancellor has announced changes to the furlough scheme that allows for a gradual or partial return to work. 

It seems the Chancellor’s intention with the updates to the furlough scheme is to allow businesses to retain as many employees as possible, even if they might not be able to afford to continue paying full salaries for these employees. By paying for hours not worked, the government is attempting to keep as many people in partial employment as possible, while enabling companies to retain their staff, despite substantially reduced business. As it currently stands, the scheme is going to last until the end of October, and employers are going to gradually be expected to cover more and more of their employees’ wages. 

This new Coronavirus Job Retention Scheme creates a unique set of challenges and responsibilities for employers. If you are an employer or work in management, you may be wondering how best to manage these changes and plan your employees’ return to work and how best to take advantage of the scheme. It’s clear that the government has intended for the scheme to be as accessible as possible, so we are encouraging all eligible businesses to use it as extensively as they can. 

If you are unsure of how you can best make use of the Coronavirus Job Retention Scheme to limit the impact of COVID-19 on your business and staff, we are more than happy to assist. We recognise that this period has caused considerable insecurity and uncertainty for businesses, and we feel that the best way to move past the economic impact of COVID-19 is by staying as active as possible. By retaining as much of your customer base as you can, you can limit the effects of COVID-19 on your business and profits and ensure a speedy recovery once things begin to return back to normal. If you require assistance with financial planning, tax planning, or using the new Coronavirus Job Retention Scheme, feel free to contact David Beckman & Co Ltd at [email protected]. You can also see our website for more information at www.dbeckman.com.