What the Chancellor’s Mini Budget Means for Small Businesses

The Chancellor has unveiled a £30bn plan to protect jobs and boost the economy in the wake of the coronavirus pandemic, but what will this ‘mini budget’ mean for contractors’ small businesses in the UK?

Payroll furlough tools added to FreeAgent and Xero

The UK’s Coronavirus Job Retention Schemes provides a lifeline for businesses struggling to come to terms with the pandemic.

Eligible employees can be ‘furloughed’ and the government will pay 80% of their pay, up to £2,500 per month. Employers can also top this pay up to 100% if they wish.

You can find out more details about the scheme on the government website.

To make it easier for businesses to access this scheme, Xero and FreeAgent have added new tools to their payroll systems.