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Post Info TOPIC: Job Rentention Scheme - Have I got it right?
Leger


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Job Rentention Scheme - Have I got it right?
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Can anyone just check and tell me if I've understood this calculation correctly.

Current salary £3500 a month.  80%  would be a salary of £2800 subject to tax and NI.   Net pay April £2207   Is that the refund or is the refund £2500 and the employer calculates it as £2800 less tax? I'm sure its the latter but just want to clarify.



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John 

 

 

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Cheshire


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It is the lower of 80% of the regular wage and £2500.

PLUS the associated costs - ER NI and minimum auto enrolment ER pension contribution on that wage. Excluding fees, commission and bonuses.

So maxmim cap of £2500 + £245 + £59 = £2804.

Is my understanding

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


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Cheshire wrote:

It is the lower of 80% of the regular wage and £2500.

PLUS the associated costs - ER NI and minimum auto enrolment ER pension contribution on that wage. Excluding fees, commission and bonuses.

So maxmim cap of £2500 + £245 + £59 = £2804.

Is my understanding

 Thanks Doug

Thanks Doug, I was aware of ER and Pension, should have mentioned that as well, was looking at the employee side.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Cheshire


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Leger wrote:
Cheshire wrote:

It is the lower of 80% of the regular wage and £2500.

PLUS the associated costs - ER NI and minimum auto enrolment ER pension contribution on that wage. Excluding fees, commission and bonuses.

So maxmim cap of £2500 + £245 + £59 = £2804.

Is my understanding

 Thanks Doug

Thanks Doug, I was aware of ER and Pension, should have mentioned that as well, was looking at the employee side.

 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Cheshire


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I think you have been on the beer again ^^^^^^^^^

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
Leger


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EDITED 

Me, What did I put wrong?



-- Edited by Leger on Thursday 2nd of April 2020 05:49:43 PM

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John 

 

 

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Shamus


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Leger wrote:

EDITED 

Me, What did I put wrong?



-- Edited by Leger on Thursday 2nd of April 2020 05:49:43 PM

Thanks DOUG!!!! lol... Someone's going to be in trouble with Joanne

 



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Shaun

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Leger


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Oh shhhiiiitttt!!

And I still never spotted it.  The problem is that my avatar is very similar to Dougs, so I saw my avatar and thought it was Doug replying.

So so sorry Joanne, you will probably never ever forgive me.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Artois


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Leger wrote:
Cheshire wrote:

 

Thanks Doug

Thanks Doug, I was aware of ER and Pension, should have mentioned that as well, was looking at the employee side.

 My pleasure John, glad I could help out biggrin (No more cakes for you) biggrin



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Doug

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