Job Retention Scheme and Self-Employment Income Scheme

Job Retention Scheme: The Chancellor has just announced the proposed changes to the Furlough system that will take place from 1 August 2020:

• 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.

 
The scheme will then end.

Self-Employment Income Scheme: The Chancellor also announced that the Self-Employment Income Scheme will be extended, with applications opening in August for a second and final grant. This will be paid out in a single instalment, covering three months’ worth of average monthly trading profits. This final grant will be 70% of average monthly trading profits up to a total of £6,570.
 
Notably there was no announcement for support for people whose businesses is structured as a registered company.
 
https://www.gov.uk/government/news/chancellor-extends-self-employment-support-scheme-and-confirms-furlough-next-steps
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