Coronavirus
Re: Coronavirus
UN says world faces worst crisis since WW2
Yeah, should all be done and dusted by Easter weekend <rolls eyes>
Yeah, should all be done and dusted by Easter weekend <rolls eyes>
- integrale_evo
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Re: Coronavirus
- integrale_evo
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- NotoriousREV
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Re: Coronavirus
EFA.
Middle-aged Dirtbag
Re: Coronavirus
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.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.
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
- Sundayjumper
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Re: Coronavirus
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"
Re: Coronavirus
well that’s just bad management.Sundayjumper wrote: ↑Wed Apr 01, 2020 1:23 pmIndeedy.
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
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Re: Coronavirus
Depends if the work you're doing is worth more than the furloughing cover !Broccers wrote: ↑Wed Apr 01, 2020 12:17 pmThat's true if I decide not to do any work at all.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.
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.
Re: Coronavirus
Shortly after our exchange they blanket emailed how to proceed - actually earning their money for onceSundayjumper wrote: ↑Wed Apr 01, 2020 1:30 pmDepends if the work you're doing is worth more than the furloughing cover !Broccers wrote: ↑Wed Apr 01, 2020 12:17 pmThat's true if I decide not to do any work at all.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.
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.
Currently setting up various bank accounts just in case....
- Sundayjumper
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Re: Coronavirus
Sorted
Re: Coronavirus
Speaking of houses - cant see this being any better than 2008.
Re: Coronavirus
Just worked out thats 667ish pounds a month. Happy days.Carlos wrote: ↑Wed Apr 01, 2020 1:11 pmYep 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.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.
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
- teacherboy
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Re: Coronavirus
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
Re: Coronavirus
I revert back to post one - is this about money or health? Its a leveller tho.
- Swervin_Mervin
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Re: Coronavirus
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.
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.
Re: Coronavirus
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.
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.