Changes to the furlough scheme from 1 July 2021: What you should know

Changes to the furlough scheme from 1 July 2021: What you should know

The Coronavirus Job Retention Scheme is due to end on 30 September 2021. In order to phase out the scheme as we approach the end of September, the level of government grant will reduce and the amount employers need to contribute towards the cost of furloughed employees’ wages, will increase in stages.  

From 1 July 2021, the level of grant will be reduced and employers will be asked to contribute towards the cost of the furloughed employees’ wages.

To be eligible for the grant employers must continue to pay their furloughed employees 80% of their wages, up to a cap of £2,500 per month for the time they spend on furlough.

The table below shows the level of government contribution available in the coming months, the required employer contribution and the amount that the employee receives per month where the employee is furloughed 100% of the time.

Wage caps are proportional to the hours not worked.

Employers can continue to choose to top up employees’ wages above the 80% total and £2,500 cap for the hours not worked at their own expense. 

For more information, contact Zyla Accountants:

+44 7535 6176 81 or

Email us: [email protected]

 

Equal parental leave: Breaking stereotypes at the workplace

Equal parental leave: Breaking stereotypes at the workplace

The vast majority will agree that kids benefit from having parents around, particularly in their early years. However, with regards to equal parental leave, proof shows fathers might be failing to do so. Moms in the UK can move 37 weeks of parental leave to their spouses. However, they lose this from their own rights meaning the two parents can’t take it together. Now, it becomes a problem.

Equal parental leave helps both parents to bond together with their children and raise them in an ideal way. That is why it’s essential to offer six months of paid parental leave, regardless of somebody’s gender, sexuality or whether they’ve adopted or given birth, to make the policy outstanding in the UK. 

How did John Lewis do their part in achieving the goal?

The John Lewis Partnership (JLP) has started offering the same level of parental leave to the workers. It is the most recent British business, and the top retailer to do so.

This company will offer the entirety of its 80,000 labour force a half year’s paid parental leave, in a move invited by equality campaigners who contended the UK government’s present shared poorly crafted parental leave policy.

Dame Sharon White (Chair of the John Lewis Partnership), “We want to be there for our partners to support them in important life moments, whether that’s stepping into the world of work for the first time, or becoming a parent,”

Beginning from this Autumn, newly become parents who have worked with the organisation for over a year will get 26 weeks paid leave, with the initial 14 weeks at full salary and the following 12 at half pay.

Adrienne Burgess (Joint chief executive of the Fatherhood Institute) said: “It’s great to see John Lewis joining the ranks of top employers giving each new mother and father individual entitlement to well-paid leave for parenting. Top employers like John Lewis are leapfrogging the government’s failing shared parental leave system to give families what they really want and need.”

What can small businesses do?

Work-life balance

Employees should enjoy coming to work every day and not be too worried over their responsibility or deadlines they need to meet.

We firmly believe that an equivalent paternity leave strategy will permit them to feel satisfied and ensure they positively deal with the physical and mental health of both themselves and their families. It helps in enhancing work-life balance and improves the productivity of your employees. 

Time given to work is just about as significant as the time given to family, which is the reason we need the dads and moms to have the chance to bond and invest satisfactory energy with the kids, particularly when they are babies.

Accomplishing gender balance 

In order to achieve gender equality, we should initially allow and uphold men to co-parent and offer childcare duty. A study done by Jobbio shows that 84% of new dads accept there isn’t sufficient training around paternity leave while just 49% of fathers took their assigned paternity leave in 2017. 

Offering equivalent parental leave to all parents permits to get better gender equality in the work environment while additionally helping make it the standard for fathers and mothers to get a more dynamic part in their child’s lives. Moreover, it additionally permits moms to be liberated from that traditional job and stereotype within the society.

Closing Note: 

Firms must make sure that their workers are aware of their benefits and know that leveraging these benefits won’t hurt their career growth inside the firm. Employers must talk about the leaves to bond with new children and guarantee they have all the help they need while doing as such. 

Zyla Accountants feels immensely proud to offer equal parental leave to both parents. We understand the availability of both parents in a newborn’s life. 

For more information, contact us at:

+44 7535 6176 81 

[email protected]

Also read: Zyla Accountants partnered with Fluidly

Zyla Accountants partnered with Fluidly

Zyla Accountants partnered with Fluidly

We’re excited to be partnering with Fluidly to help you obtain the business funding you need. Zyla Accountants and Fluidly will work together and help organisations of all shapes and sizes with one objective: to help entrepreneurs take responsibility for their financial future to stress less and work better. 

We will help make cash flow forecasting less complex and work with organizations to get the cash they need. We will pair you with the UK’s top lenders to get you pre-qualified funding grants in merely 30 seconds. 

What is Fluidly and how cash flow forecasting helps businesses?

Fluidly is a multi-award-winning firm established in 2017 by businessman Caroline Plumb OBE, who wanted to give a solution for an issue all entrepreneurs know well: cash flow management. From being named Xero’s application of the year to various listings in the FinTech 50. Fluidly has been granted a £5m BCR award for their innovation, and have raised over £12m investment. 

Fluidly has partnered with 500+ accounting firms (including top 100 practices) and over 30,000 companies to help make cash flow forecasting more manageable. 

They help you manage the money in business with comfort, so you can easily understand your cash position and get access to the finance you require instantly.

Why is cash flow forecasting important?

Cashflow management is an integral function for sustaining a business. However, in the middle of the daily work of maintaining a smooth business workflow, your cash circumstance can go ignored, particularly when you’re feeling an overload of work. In tough times, key regions which can cause cash to plunge include: 

  • Late payments
  • less demand of your product or services 
  • The fluctuating expense of materials 
  • Bad tax planning 
  • An excess of stock 

You can utilise a cash flow forecast to anticipate when your business could run out of cash; so you can decide in advance, such as reducing expenses or applying for a loan. A forecast permits you to make the right decisions at the right time and ensure the cash you are supposed to get and payout within the specific time period. 

How this partnership benefits the end client?

Zyla Accountants put stock in delivering reliable and personalised accounting & bookkeeping services that positively affect your business. They’re not only here to ensure you’re fulfilling your accounting deadlines – they likewise assist you with working your funds in a more proficient manner, so you can develop your business certainly and sustainably. The flexible and modern accounting approach makes Zyla Accountants a dream to work with. They approach each accounting task in detail and expect to answer all queries within 24 hours, so your work never stops. 

Whether you’re searching for invoice finance or a government-backed Recovery Loan, Fluidly and Zyla’s specialists will work alongside you to ensure you receive the finance you lack at the right time for your business.

Fluidly has a goal to help companies work better by eliminating their cash flow stresses, and this partnership will give thousands of organisations access to the right funding to help them thrive.

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