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The Chancellor’s £30bn plan to protect jobs and boost the economy in the wake of the coronavirus outbreak doesn’t include everything on contractor’s wishlist, but some of the measures will be welcome.
The ‘mini budget’ includes plans to reward employers that bring back furloughed workers, increase the threshold on stamp duty and cut VAT in some key at-risk sectors.
Umbrella.co.uk staff are still working hard to support our contractors and agency partners from home. We would like to thank you all for your patience and look forward to being safely back together in the office. If any of our agency partners would like some virtual team training or are just missing our faces, our business development team is available to support our agency partners. If you are a contractor with a query, be assured that our full customer service team is active. So, get in touch, they’re waiting to help you!
Many industries have been rocked by the ongoing coronavirus pandemic. As the smallest entity in supply chains, contractors will be among the hardest hit by the virus lockdown.
For many contractors, the Coronavirus Job Retention Scheme (CJRS) has been a valuable source of support when other work has dried up.
Because umbrella companies employ umbrella contractors on a PAYE system, contractors have had the opportunity to receive furlough payments since the scheme was announced.
Government guidance issued on 4 April confirms that Company Directors are eligible to be furloughed and receive support through the Coronavirus Job Retention Scheme (CJRS). This is welcome news as Directors could get paid 80% of wages, up to a monthly cap of £2,500.
If the furlough option is followed, the Director may not work for a minimum 3 week period and may only carry out statutory duties set out in the Companies Act 2006. The decision to furlough should be formally adopted as a decision of the company, noted in the company records and communicated in writing to the Director(s) concerned.
If you require further information regarding furlough, please email furlough@umbrella.co.uk or follow the following useful links:
Keep well and stay safe. We will continue to update you with any relevant information.
