HM Revenue & Customs (HMRC) has advised the Treasury Committee that it’s aiming to pay employers four to six working days after submission of their claim.
The online portal is scheduled to open on April 20th, 2020. When it does, employers who submit their claim immediately should receive their first reimbursements by the end of April 2020. Employers will then be able to claim 14 days before payments are due to employees.
When applying, requirements apply, including:
- The requirement for the employee to have been on the payroll on March 19th. This will prevent employers from making up new employees.
- The requirement for an employer to have already been authenticated by HMRC. The submission to HMRC also needs to have been made before March 19th.
- A four to six-day processing period to make background checks.
- Checks made after payment of the grant to verify a claim was real.
Guidance sets out that you will need to submit information to HMRC on who your furloughed workers are. Once HMRC have received your claim and you’re eligible for the 80% wage cost grant, they will pay it via BACS payment to a UK bank account.
The government is creating an online portal to be used to submit the necessary information. You can only make one claim at least every three weeks.
When applying, you will need:
- Your EPAYE reference number.
- The number of employees being furloughed.
- The claim period (start and end date).
- Amount claimed (per the minimum length of furloughing of three weeks).
- Your bank account number and sort code.
- Your contact name and phone number.
Need our help?
For further complimentary advice on this from an expert, our advisors are ready to take your call any time day or night. Call us on 0800 917 0771 or request a callback here.