HMRC has provided further guidance for the Job Retention Bonus including the eligibility criteria and when you can claim the bonus.
A one-off payment of £1,000 for every eligible employee furloughed or continuously employed until at least 31 January 2021 can be claimed by you or your clients.
It can be claimed for through the Coronavirus Job Retention Scheme (CJRS).
It is pertinent to mention that employers need not pay this money to their employees.
Employees must earn at least £1,560 between 6 November 2020 and 5 February 2021 to be eligible to claim the bonus.
They must also have received earnings in November, December, and January tax months.
It is also important that employees must not be serving a contractual or statutory notice period on 31 January 2021.
Bonus can be claimed from 15 February until 31 March once you or your clients have submitted PAYE information for the period up to 5 February 2021.
Further information regarding the claim will be shared by the end of January.
Yes. Employers can still claim the Job Retention Bonus if they make a claim through the Job Support Scheme.
However, they must meet the eligibility criteria for both.
To find out more information about the scheme, please search ‘Job Retention Bonus’ on GOV.UK
Aurangzaib Chawla is a UK-based tax advisor and Managing Partner at Lanop Business & Tax Advisors. With nearly two decades of experience, he supports individuals, landlords, and SMEs with proactive tax planning and compliance. Known for simplifying complex tax legislation, Zaib helps clients minimise liabilities while building sustainable, tax-efficient strategies for long-term success.
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At Lanop, I am providing my services as the Managing Partner and Tax Specialist. My expertise includes helping medium and small-scale businesses in their accountancy and legal requirements, business start-up support, strategic review, payroll system review and implementation, VAT and tax compliance to cloud accounting. I am also an expert in financial reporting, identifying and monitoring risks, strategic business development, client retention, market acquisition and deals closure by carefully planning my sales cycle.
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