Job Retention Bonus (JRS)

HMRC have announced more details on the Job Retention Bonus scheme they set forth in July. The JRS allows an employer to claim a one-off payment of £1000 per employee furloughed and claimed for through the CJRS and kept employed until at least 31^st January. This money is to be paid to the employer and it does not have to be passed on to the employee.

Employers can claim this money post 15^th February through to 31^st March 2021 subject to the following conditions:

• Employees must have been paid at least the minimum income threshold of £1,560.00 in the thirteen week pay period between 6 November 2020 & 5 February 2021.
• Employees must be receiving taxable income throughout the pay period.
• Employees must not be serving contractual or statutory notice pay at the time of the claim.
• Employees on the JSS can be claimed for.
• Any employee can be claimed for. This includes company directors if they have been part of a furlough claim. It also includes employees back in full-time employment after a period of furlough.

It should be noted that the bonus is taxable for Income Tax & Corporation Tax purposes.

Disclaimer - All information in this post was correct at time of writing.