Free Furlough Planner for Sheffield Businesses
05 August 2020
Business Sheffield have been heavily involved in supporting thousands of businesses since Covid-19 hit the UK, via phone calls, email enquiries, 1-2-1 Zoom appointments and virtual workshops. Some of the conversations with businesses have been heart-breaking, others inspiring.
One thing which has become clear is that timely and informed decision-making is critical for business owners as they adapt to changing circumstances and good information on which to base decisions, affecting future cashflow/profit, is now more vital than ever.
A key government support mechanism for employers has been the Job Retention Scheme, more commonly known as furlough. Employers need to know the impact on their profit, and importantly cash, as this support scheme winds down before closing at the end of October. One of our Growth Advisors, Steve Carroll, has developed a simple spreadsheet tool to help model this. You can download the FREE Furlough Planner HERE.
This Excel model has space for up to 50 individual employees. For each employee is an input of gross salary, a drop down for 100%/80% pay and yes/no for each month as to whether they are still on furlough. The planner then works out the monthly furlough repayment due from HMRC, net pay and all other employee profit and cash elements for each month.
The aim of the tool is to give the ability to quickly model different scenarios and provide headline monthly totals and summaries. If you need a bit more information about how this works, Steve has also created a video tutorial on how to use the Job Retention Scheme Planner, view it here on his website. https://www.porterdale.co.uk/shop/covid-19-cashflow-template-job-retention-scheme-planner
If you need specific figures for an individual employee’s tailored furlough periods, NI codes etc. another free resource is the gov.uk website which has a useful calculator: https://www.gov.uk/guidance/calculate-how-much-you-can-claim-using-the-coronavirus-job-retention-scheme#calc
Steve Carroll is one of a team of experienced Growth Advisors working for Business Sheffield with a current focus on helping businesses recover from the economic impacts of Covid-19. Steve heads up Porterdale Business Consultancy where alongside Business Sheffield his roles include working with Managing Directors as a part-time Finance Director to build cashflow confidence. For more information visit: www.porterdale.co.uk
If you need further guidance with the Job Retention Scheme, any of the other government schemes or general business support, you can also get in contact with the Business Sheffield Team to book a FREE appointment with a specialist advisor like Steve. Contact us by telephone on 0114 224 5000 or email: BusinessSheffield@sheffield.gov.uk