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HMRC has published further details on how the new Coronavirus Job Retention Scheme will work in practice. It had already been announced that the new scheme will see the government cover up to 80% of wage costs, up to a cap of £2,500 per month, for each employee that has been furloughed (on a leave of absence). The scheme will run for at least 3 months, backdated from 1 March 2020, but will be extended if necessary.
It is unclear if HMRC will rely on their published guidance or if we will see new legislation introduced. For now, the additional guidance for businesses seeking to claim support for employee’s wages includes additional information that had not been announced. HMRC expects the new online service to be available by the end of April 2020.
The main points covered in the new guidance are as follows: