Self-employed & Coronavirus

[Hart of the Matter]

I am a director of my own limited company and pay myself a minimum salary (£719 a month) and top up with dividends. My business has stopped overnight. Can i claim anything?

 

[Shaelumstash]

I have been sent a copy of the Coronavirus bill for self employed tonight.

I have a picture but not sure how to add and trying to find a link

long story short.

80% of monthly net earnings averaged over 3 years
Or £2,917
whichever is lower

Here it is mate.

Fingers crossed it gets passed this week.

https://publications.parliament.uk/...5rQYhdeTP-ednx01KVzbt1xgC3k1QlWC3t2rlSOyiZ1u8

 

[kippax4ever]

Thanks. He’s not actually barred from working but how many potential customers will want someone coming to the house to quote for a job? Very few, I fear.

He’ll have to get smart and quote remotely wherever possible, making it known there will be no close contact. I still think the volume of business will be severely impacted, particularly with a lot of people’s disposable income being hit.

To be fair,its only a quote so he can mask up,but doing the work will be almost impossible with current situations,
But on the bright side when this passes over if there happy with the quote the work will be there mate..

 

[The Northern Baptist]

I am a director of my own limited company and pay myself a minimum salary (£719 a month) and top up with dividends. My business has stopped overnight. Can i claim anything?

I’d have thought 80% of £719 is what you would get

 

[the plasterer]

Where you based out of fella?

Chester

 

[PragueBlue]

I’d have thought 80% of £719 is what you would get

Maybe they would include 80% of the average dividends as well, or is it only salary?

 

[lancs blue]

Maybe they would include 80% of the average dividends as well, or is it only salary?

I really can't see HMRC including dividends, the minimum salary is used to keep NI payments down - it's a choice most make when running a one-man limited company but people have to accept that they may lose out in the current circumstances.

 

[sky tot]

Morgan went on to ask about construction workers: “Other than to make secure building sites in Britain today, is there any other reason why builders should be going to work?”

“Yes there is some essential work that needs to continue,” Gove replied.

But Morgan wasn’t sure all construction was essential and demanded clarification on what was necessary building work.

“Doing up your extension is not essential to the safety of the nation,” he insisted.

Gove claimed “people will exercise there own common sense,” and he had “confidence” the British people knew what was best.

 

[Hart of the Matter]

I really can't see HMRC including dividends, the minimum salary is used to keep NI payments down - it's a choice most make when running a one-man limited company but people have to accept that they may lose out in the current circumstances.

Cheers mate. I thought that would be the case. Thats the choice i made. I dont expect the dividends to be supplemented but it is one hell of a hit...

 

[Tuearts right boot]

I am a director of my own limited company and pay myself a minimum salary (£719 a month) and top up with dividends. My business has stopped overnight. Can i claim anything?

Give it a week to calm down then phone your accountant.