Business grants Coronavirus

[64degrees]

As a uk ltd company with no business premises (work out of the van and do paperwork at home) it seems am not eligible for government grant offered to businesses with premises, at the same time not classed as self employed (as I take a wage from the business) anyone know what government help I can access? Not keen on taking a loan…

 

[Jim09876]

I thought your home is your premises at companies house? Same here, funny how they have no problem claiming our tax though!

 

[64degrees]

I thought your home is your premises at companies house? Same here, funny how they have no problem claiming our tax though!

Didn’t think I was the only one ! Although your address is the registered office, no business rates are payable, so ineligible
Thanks for the reply, have asked the accountant and will post any advice.
Strange days, keep you and yours safe

 

[Mrb]

You would be eligible for the 80% to £2500 wage allowance package.
The only downfall will come if you take a portion of your income as dividends.

But I believe this would mean you would need to stop working completely.

 

[shyguy2005]

View: https://m.youtube.com/watch?v=1avPs2nciAY

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I assume your eligible for 80% of whatever you pay yourself excluding dividends.
so if pay yourslef minimum £8k a year then it’s 80 % of that(£6400) divide by 12 gives you £533 a month??

 

[Stanios]

These are strange times. They are just creating a headache for themselves because many will try to find ways of claiming whatever hand out there is. When you create a situation where the handouts are based on arbitrary dates, thresholds, and empoyment status at the end of the day we all do same job have same morgage bill to pay no one will see this as fair and there will be no end of this system being cheated.

 

[64degrees]

View: https://m.youtube.com/watch?v=1avPs2nciAY

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I assume your eligible for 80% of whatever you pay yourself excluding dividends.
so if pay yourslef minimum £8k a year then it’s 80 % of that(£6400) divide by 12 gives you £533 a month??

That looks like the case, but as s sole director can’t really ‘furlough’ myself, just the lads I employ, as ANY business activity (working on a website, speaking to the accountant etc) would count as working.
Keep safe all 👍

 

[Harvest Fields]

They have said that a director of the company on furlough would not be prosecuted for minimum works as they said it isn’t practical for you to not work to keep the business ticking over.

 

[Mrb]

They have said that a director of the company on furlough would not be prosecuted for minimum works as they said it isn’t practical for you to not work to keep the business ticking over.

I spoke to my accountant about an hour ago who told me I can “furlough” myself but I can not carry out any work in any capacity including answering emails, phone calls and even using the van!

 

[snowhead]

I spoke to my accountant about an hour ago who told me I can “furlough” myself but I can not carry out any work in any capacity including answering emails, phone calls and even using the van!

That statement can't be exactly correct your accountant needs to consult with someone.

You or whoever as the Director make the furlough agreements with the employees, the final one being for yourself.
If a Director cannot do ANY work how are the employees and the Director going to get out of Furlough and back to PAYE when the time comes?

Also the furlough for a director is for the Salary, if a Director is also paid partly in dividends for his / her work then they should be able to work for the proportion that the dividends represent.

 

[SimonG]

Director can furlough himself as an employee and continue administration duties. Just lay off the spinners.
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Spanners even, flaming auto correct.

 

[Harvest Fields]

Director can furlough himself as an employee and continue administration duties. Just lay off the spinners.
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Spanners even, flaming auto correct.

Though so as above mate.

 

[SimonG]

The problem comes with directors employing tax limitation. Pay themselves a wage just under the tax threshold and take the rest in dividends.

 

[Harvest Fields]

The problem comes with directors employing tax limitation. Pay themselves a wage just under the tax threshold and take the rest in dividends.

Which they then pay 10 percent on and not 20

 

[SimonG]

Which they then pay 10 percent on and not 20

Thought it was 7 percent on dividends and 13 percent corporation tax. But doesn't effect me as a sole trader 👍

 

[mutley racers]

Are any sole traders taking this up and stopping working or are you just protecting yourselves? What works are you doing if any? Just breakdowns, cp12's and services ot still working as normal? Cheers
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I am an Asthmatic so fall under the high risk category so should be isolating for 12 weeks. If I isolate for 12 weeks do I get paid 80% for this period? Thanks guys
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The video explains it all. Thanks

 

[plumb_know]

HI Everyone,

How is the furlough working as my accountant told me the business will have to pay wages as normal and government reimburse. Is this right?? anyone know how long it will take to reimburse? Also i have read apprentices can be put on break Unpaid??

Advice appreciated