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    FAO Outsider

    Posted by Dilligaf on 24/3/2020, 12:58:38

    Is the 80% of salary that the government will pay for workers that can’t work a tax-free sum or will it be taxed as well.

      Re: FAO Outsider

      Posted by The Outsider on 24/3/2020, 14:07:07, in reply to "FAO Outsider"

      As far as I am aware, it will still be paid through the normal PAYE/NIC schemes as suggested by EE below.

      HMRC guidelines say the following.

      Support for businesses through the Coronavirus Job Retention Scheme

      Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.

      Eligibility

      All UK businesses are eligible.

      How to access the scheme

      You will need to:
      •designate affected employees as ‘furloughed workers,’ and notify your employees of this change - changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation
      •submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required)

      HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.

        Re: FAO Outsider

        Posted by Dublin Tony on 24/3/2020, 13:51:06, in reply to "FAO Outsider"

        It's 80% because 20% counted as tax payed.

          Re: FAO Outsider

          Posted by EastEnder on 24/3/2020, 13:56:22, in reply to "Re: FAO Outsider"

          According to latest guidelines.. employers pay 80 per cent of wages.. deduct tax from it..and then claim the money back from the govt.

          Employers can top up the other 20 per cent if they want to.

          So basically you either get 80 per cent of your salary, and pay tax on it..or 100 per cent of your salary and pay tax as normal.

          Re: FAO Outsider

          Posted by HH on 24/3/2020, 13:50:49, in reply to "FAO Outsider"

          I thought it was 80% of net earnings?

            Re: FAO Outsider

            Posted by deeuu on 24/3/2020, 13:05:02, in reply to "FAO Outsider"

            Great question.

              Re: FAO Outsider

              Posted by Z on 24/3/2020, 13:11:30, in reply to "Re: FAO Outsider"

              +1 Question of the week contender and so much more interesting than the stock market .

                Re: FAO Outsider

                Posted by EastEnder on 24/3/2020, 13:08:58, in reply to "Re: FAO Outsider"

                It will be taxed surely ot otherwise people would be better off than when they are working.

                  Re: FAO Outsider

                  Posted by Herts Mig on 24/3/2020, 13:47:18, in reply to "Re: FAO Outsider"

                  I thought as it was 80% of wages with a max of 2.5k the 20% was the tax as that’s the basic rate for 30k or less

                    Re: FAO Outsider

                    Posted by EastEnder on 24/3/2020, 13:49:14, in reply to "Re: FAO Outsider"

                    Don't think the tax side of it has been properly clarified - bear in mind also pension contributions to consider too.

                    If anyone would know it would be Outsider but not sure even govt. have clarified how it works yet.

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