Quick Picks: End of Furlough Scheme

As we approach the end of October, it heralds the final month of the Coronavirus Job Retention Scheme(otherwise known as the Furlough Scheme). Businesses with employees still on furlough will have to take a call on whether to keep the employees on their payroll, potentially through the Coronavirus Jobs Support Scheme which was introduced by the Chancellor as part of the Winter Economy Plan, or at their own cost if the latter isn’t applicable, or to take the unfortunate call of axing them.

Employers can still file for claims until 20 November 2020 with those who claimed an insufficient sum earlier having until 30 November 2020 to file for an additional sum on reasonable grounds. Businesses must also be wary of returning overclaimed furlough money in situations where they have claimed more than the sum applicable to them to avoid incurring fines as HMRC ramps up investigations against fraudulent claims on government schemes which have operated throughout the pandemic.

To get a better understanding of how to navigate through this crisis and maintaining the value generating ability of your business, get in touch with Cheylesmore Accountants to realise the full range of support options which your business can avail and rest assured of being able to extract the maximum value from your accountants.