HMRC publishes guidance on claiming Job Retention Bonus

HMRC recently published guidance on the eligibility requirements for the Job Retention Bonus.

From February 2021, employers will be able to claim the Job Retention Bonus through the gov.uk website. The Job Retention Bonus will be a one-off payment of £1,000 to the employer for every eligible employee that is claimed for. The bonus will be taxable, so the business must include the whole amount as income when calculating their taxable profits for corporation tax or self assessment.

The guidance states that an employer will be able to claim the Bonus for any employees that were eligible for the Coronavirus Job Retention Scheme (CJRS). Where a claim for an employee was incorrectly made, a Job Retention Bonus will not be payable.

All employers are eligible for the scheme, including recruitment agencies and umbrella companies.

The guidance can be read in full here. HMRC stated that additional guidance on the Job Retention Bonus will be published by the end of September.

acca.png sage-acc-club.png
About us

PPK Accountants Limited was established in 2001

We continue to build on our enviable reputation for providing excellent advice and first class service to our business and personal clients alike...

Contact details

0118 979 8888

PPK Accountants Limited, Sandhurst House, 297 Yorktown Road, Sandhurst, Berkshire GU47 0QA

© 2020 PPK Accountants Limited. All rights reserved. We use cookies on this website, you can find more information about cookies here. powered by totalSOLUTION

Company registration number 04400644. Registered in England at the above address. ACCA reference number 8010727.
Registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants.
Director: James Brooks FCCA MAAT