OV9

UN says world faces worst crisis since WW2

Yeah, should all be done and dusted by Easter weekend <rolls eyes>

DaveE wrote: Wed Apr 01, 2020 12:33 pm UN says world faces worst crisis since WW2

Yeah, should all be done and dusted by Easter weekend <rolls eyes>

who are you quoting on that second sentence?

That was trumps plan a week or so ago.

Rich B wrote: Wed Apr 01, 2020 12:45 pm

DaveE wrote: Wed Apr 01, 2020 12:33 pm UN says world faces worst crisis since WW2

Yeah, should all be done and dusted by Easter weekend <rolls eyes>

who are you quoting on that second sentence?

Quoting Trump from about a week ago

DaveE wrote: Wed Apr 01, 2020 12:48 pm

Rich B wrote: Wed Apr 01, 2020 12:45 pm

DaveE wrote: Wed Apr 01, 2020 12:33 pm UN says world faces worst crisis since WW2

Yeah, should all be done and dusted by Easter weekend <rolls eyes>

who are you quoting on that second sentence?

Quoting Trump from about a week ago

Trump : No, I didn’t say that.
Americans : ok, our mistake. GOD BLESS THE USA!

Just pray it away

Rich B wrote: Wed Apr 01, 2020 12:52 pm

DaveE wrote: Wed Apr 01, 2020 12:48 pm

Rich B wrote: Wed Apr 01, 2020 12:45 pm who are you quoting on that second sentence?

Quoting Trump from about a week ago

Trump : No, I didn’t say that. I’ve never even met Easter. I barely know him.
Americans : ok, our mistake. GOD BLESS THE USA!

EFA.

Sundayjumper wrote: Wed Apr 01, 2020 12:10 pm No. As a company director you are an employee of the company. You’ll be able to furlough yourself and get cover for the PAYE salary you’ve been paying yourself, just not the dividends part.

Yep but most of these company directors (99%+) have a salary of £8k to £12.5k per year. Forloughing won't reflect their actual declared income as what can be demonstrated by the HMRC Tax Calculation formerly called a SA302.

Also my wife has a slightly higher profit from property than being self employed and as income from property is not self employment she is not deemed to be self employed as regards the government support.

You've just got to suck it up and survive. It's just another (unforeseen) risk of being self employed

Carlos wrote: Wed Apr 01, 2020 1:11 pm You've just got to suck it up and survive. It's just another (unforeseen) risk of being self employed

Indeedy.

You're still in a better position than my wife's friend & her husband. They run a moderately successful electrical contracting company and last year took ALL of the money out of the business to build their new house. It was a lot. They now don't have the cash to pay their 20+ employees. It'll be a tricky conversation that one - "ummm, we can't pay you, sorry, we spent it all on our new house"

Sundayjumper wrote: Wed Apr 01, 2020 1:23 pm

Carlos wrote: Wed Apr 01, 2020 1:11 pm You've just got to suck it up and survive. It's just another (unforeseen) risk of being self employed

Indeedy.

You're still in a better position than my wife's friend & her husband. They run a moderately successful electrical contracting company and last year took ALL of the money out of the business to build their new house. It was a lot. They now don't have the cash to pay their 20+ employees. It'll be a tricky conversation that one - "ummm, we can't pay you, sorry, we spent it all on our new house"

well that’s just bad management.

Broccers wrote: Wed Apr 01, 2020 12:17 pm

Sundayjumper wrote: Wed Apr 01, 2020 12:10 pm No. As a company director you are an employee of the company. You’ll be able to furlough yourself and get cover for the PAYE salary you’ve been paying yourself, just not the dividends part.

That's true if I decide not to do any work at all.

Depends if the work you're doing is worth more than the furloughing cover !

You can still do necessary admin work to keep the company ticking over but anything else... maybe think laterally wrt to the invoicing. Your accountant will be able to advise on that.

Sundayjumper wrote: Wed Apr 01, 2020 1:30 pm

Broccers wrote: Wed Apr 01, 2020 12:17 pm

Sundayjumper wrote: Wed Apr 01, 2020 12:10 pm No. As a company director you are an employee of the company. You’ll be able to furlough yourself and get cover for the PAYE salary you’ve been paying yourself, just not the dividends part.

That's true if I decide not to do any work at all.

Depends if the work you're doing is worth more than the furloughing cover !

You can still do necessary admin work to keep the company ticking over but anything else... maybe think laterally wrt to the invoicing. Your accountant will be able to advise on that.

Shortly after our exchange they blanket emailed how to proceed - actually earning their money for once

Currently setting up various bank accounts just in case....

Sorted

Speaking of houses - cant see this being any better than 2008.

Carlos wrote: Wed Apr 01, 2020 1:11 pm

Sundayjumper wrote: Wed Apr 01, 2020 12:10 pm No. As a company director you are an employee of the company. You’ll be able to furlough yourself and get cover for the PAYE salary you’ve been paying yourself, just not the dividends part.

Yep but most of these company directors (99%+) have a salary of £8k to £12.5k per year. Forloughing won't reflect their actual declared income as what can be demonstrated by the HMRC Tax Calculation formerly called a SA302.

Also my wife has a slightly higher profit from property than being self employed and as income from property is not self employment she is not deemed to be self employed as regards the government support.

You've just got to suck it up and survive. It's just another (unforeseen) risk of being self employed

Just worked out thats 667ish pounds a month. Happy days.

duncs500 wrote: Wed Apr 01, 2020 10:37 am Confirmed 25% pay cut as of today.

duncs500 wrote: Wed Apr 01, 2020 10:37 am Confirmed 25% pay cut as of today.

Wife has just been asked to drop down to 64% of current salary This apparently is part of a company wide reduction.
She's a divorce lawyer and just today officially taken on a partnership role - no equity in firm thankfully as they do salaried partners..... the rest of them have equity in but get to take dividends out of the business when times are good, trouble is in law everything is grinding to a halt as no-one has any money anymore to continue with divorces in process, house purchases have stopped so that conveyancing gone, commercial property is going to go down the toilet shortly as no-one in right mind will build anything new atm.

We should be ok as even with that reduction she still nets more than I do

I revert back to post one - is this about money or health? Its a leveller tho.

We're still trickling along. Furloughed our 1 non-director member of staff from this month though. Still got a few small sites coming in, and thankfully a few of our bigger clients are seeing this as an opportunity to hopefully bag planning permissions. That's fine in theory but you can't traffic survey at present, so you can't assess the impact of development...

We're fecking thankful that we're all fairly conservative and after an incredible first 15mo we retained the profit within the business. It hopefully means that we should be able to keep things going for a while even if the work dries up. That said, I think if we start working fewer hours we will consider paying ourselves less. Much less though and we might as well furlough as we're all on basic + dividends.

Going bust would be better being prudent I'm sad to say.

Tomorrow I'm opening up c19 print solutions ltd, load it with debt and let it fail when my customers do not pay. Played by the rules for a long time but it's not worth it.