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Discuss Being self employed and the coronavirus in the COViD-19 / Coronavirus Community Help Forum area at ElectriciansForums.net

SparkyChick

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My son is self employed, but is director of his company as his business partner. He’s worried this scheme won’t cover him?
Is he on the payroll of the company?

If so, he can be an unpaid director and furlough himself (this is according to my accountant), but he made need to access finance to cover the ongoing business overheads.
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it's not just 80% of wages we need. we still have overheads to pay, even if only road tax,insurances, phone. how can govt. expect us to survive if we can't keep the business overheads paid? van sitting outside not moving still costs, even worse if it's on finance or lease.
Same here Tel, whilst on PAYE the business has still got overheads to cover. Right now, I'm not sure how I'm going to access the other financial support as I've been unable to get through to the advice lines.
 
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Midwest

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I understand that; but it’s still realistic. Nothing is going to pay you for what you had before. Hopefully it will only last a while.
 

Midwest

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Is he on the payroll of the company?

If so, he can be an unpaid director and furlough himself (this is according to my accountant), but he made need to access finance to cover the ongoing business overheads.
Don‘t know, not spoken to him other than phone texting etc; we’re self isolating from each other, as he has young child, and I work in a carehome. He has a good accountant, so hopefully will get good advice.
 

ipf

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Roll on June then.
Once we get past the worst of it, hopefully by June, we might start getting a bit of cash through......only about 10 weeks off.:rolleyes:
From initial soundings, I don't feel too bad about it, though.....a 3 month chunk in June.
It's bloody hard work for those in charge, too, I think.
 

snowhead

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And the bit that may have been missed for S/E is you are allowed to continue to work, assuming there is some available, unlike employees on Furlow who cannot.
 

NDG Elecs

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Roll on June then.
Once we get past the worst of it, hopefully by June, we might start getting a bit of cash through......only about 10 weeks off.:rolleyes:
From initial soundings, I don't feel too bad about it, though.....a 3 month chunk in June.
It's bloody hard work for those in charge, too, I think.
I read June at the earliest.... People could be waiting til July or August.. I think Trumps idea was a much better one. Many folks will be absolutely desperate by the end of April if not earlier.
 

ipf

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And the bit that may have been missed for S/E is you are allowed to continue to work, assuming there is some available, unlike employees on Furlow who cannot.
There's going to a hell of a lot of work for the accountants.
They'd better start preparing for another load of grants later to pay for that little lot..;)
 
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Baddegg

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I read June at the earliest.... People could be waiting til July or August.. I think Trumps idea was a much better one. Many folks will be absolutely desperate by the end of April if not earlier.
Agree he’s saying June but I doubt you’ll see anything before August.....sounds like they’ll give you a lump sum calculated on previous years you’ll add this to 20/21 tax returns and pay tax accordingly......it’s not gonna stop the spread as people will have to go and earn, assuming they can find the work of course....that in turn will drive down prices, encouraging cash payments, resulting in less income for the revenue
 

Baddegg

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If we’ve all been good and put our tax away as it’s earned....calculate what you’ll be getting and take it out of that then put back when lump sum comes?
 
Whilst I’m being paid, so not currently being effected, 80% isn’t bad for the self employed, same as those on PAYE.

My son is self employed, but is director of his company as his business partner. He’s worried this scheme won’t cover him?
Directors are typically (but not always) employees of the company as well, although if they pay a low salary topped up by dividends then this is still likely to be something of an issue.
 

Midwest

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Directors are typically (but not always) employees of the company as well, although if they pay a low salary topped up by dividends then this is still likely to be something of an issue.
It’s his (personal) business, so won’t go into detail, but the Chancellor’s scheme is no good for him apparently.
 

telectrix

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what about self=employed pub landlords in tenanted pubs, tied to brewery. how will they pay rent when closed? 80% of profits won't help there.
 
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