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Introduced as part of the Chancellor’s Spring Budget, employers with fewer than 250 employees can now seek a refund from the government for the cost of providing 2 weeks of coronavirus-related Statutory Sick Pay (SSP) per employee.
As part of this, the Treasury launched a new online service that enables employers to recover SSP payments made to their employees.
Employers are eligible if they have a PAYE scheme that was created and started before 28 February 2020, and they had fewer than 250 employees before the same date. The Government states that the claimable rebates cover up to 2 weeks of SSP and is payable if an employee is unable to work due to the following reasons:
The scheme also covers the following employment contracts:
If you use an agent who is authorised to do PAYE Online for you, they will be able to claim on your behalf. You should speak to your agent about whether they are providing this service. Once you’ve made an application, your claim will be checked, and if valid, paid into the account you supplied within 6 working days.
You can apply through the Government's website, here.
Author: Sacha Bright & Oliver Murphy
Disclaimer
To the best of our knowledge, the information we have provided is correct at the time of publishing. Sacha Bright is not a solicitor or accountant and we recommend that you seek professional advice on any topic discussed. Nextfin is not liable for any damages arising from the use of or inability to use this site or any material contained in it, or from any action taken as a result of using the site.
Tagged: sme coronavirus sick pay entrepreneur business finance alternative finance
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