With the Covid19 crisis now hitting the world economy, the reality is London is becoming a new epi-centre. Therefore the announcement by the new Chancellor, Rishi Sunak, of a series of packages to help business, the hope is that this will mean that businesses that were facing oblivion now have a viable way forward. While the package outlined by him will have its critics, the fact that businesses of all sizes, in all sectors will have the opportunity to furlough employees means they can reduce their costs at a time when income may well drop considerably.
On this point specifically, the advice from Thomas Gibbs, Tax Partner at Hillier Hopkins is that for recruiters specifically, regardless of their size, they will be able to specify consultants they want to furlough, where HMRC will pay their salaries up to £2,500 per month. Businesses will not need to pay the National Insurance contributions where along with this, businesses can defer their next VAT payment into 2021. For recruiters who are self-employed, along with the VAT deferment, they will be able to delay their next Self-Assessment payment due from July to January 2021.
With that, for managers and owners of recruitment firms still needing to trade through this period, the next step is identifying which clients will continue to recruit and what opportunities there may be. To help recruiters with this, we are launching our own index, the Covid19VacancyTracker. In this tracker we will be:
- Compiling vacancies by sector, as published by us on the business day after the day in question.
- For now, vacancies are only included if they are from Greater London.
- Only Company websites are monitored, no job boards to avoid duplication. For more information about coverage contact us.
- Jobs included are for specialist sector roles and general management functions £30k+.
- For a full list of the Professional categories included please ask.
We will be updating this daily, as a way of giving recruiters a KPI by sector to view vacancy volume. If our clients would like more detailed information to help with resource allocation, please contact me, we can see what we can share for no additional cost. Areas we can further break down include: