Coronavirus

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Craig64
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Re: Coronavirus

Post by Craig64 »

PaulJS wrote:
Wed Mar 25, 2020 8:09 pm

Yes, technically you are absolutely correct. However, in reality, many directors are the only shareholder and are 'employed ' by a company over which they have sole ownership and control. They are therefore employed by themselves in a roundabout way - I think it is semantics.

The point is that in order to work as a contractor you have to set yourself up as a limited company for which you work. This company only has the resources and revenue behind it that you, as the sole employee, generate. Granted, you probably qualify for the 80% salary grant but, given how the vast majority of contractors structure their income ( on the advice of their accountant) this won't help much!

I guess the point I was really making was that there is a danger that directors who take nominal salaries and top up with dividends will be hoisted by their own tax efficient petard!



It will be interesting to see what solution the government comes up with.

Cheers,

Paul
Thank you for the clarification, and I get the valid point that you made.
Today’s announcement of the new package for self employed people, in my opinion seems very fair in such difficult circumstances.
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Craig
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Re: Coronavirus

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Thegreyman wrote:
Thu Mar 26, 2020 7:42 pm
Well the Chancellor announced the self employed support package. On the face of it seems comparable to that announced for company employees. Are there any self employed people on the forum, what do you think?

One thing he also hinted at was that going forward, there may be some equalisation/alignment of tax treatment between the employed/self employed as a quid pro quo of giving the self employed access to this money.
Yes, being self employed here, I agree that scheme does seem comparable to that announced for company employees. I also think that it seems very fair. I also picked up on the hint made, although when this lot is all over, I think we will all get clobbered financially by way of extra taxation, and a return to austerity measures.
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Re: Coronavirus

Post by what-time-is-it »

PM Boris Johnson confirmed to have tested positive.
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Re: Coronavirus

Post by scooter »

I wish him a speedy recovery along with all who have contracted this terrible virus.

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Re: Coronavirus

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scooter wrote:
Fri Mar 27, 2020 4:30 pm
I wish him a speedy recovery along with all who have contracted this terrible virus.

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I absolutely echo scooter's thoughts
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Re: Coronavirus

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Viognier wrote:
Fri Mar 27, 2020 4:31 pm
scooter wrote:
Fri Mar 27, 2020 4:30 pm
I wish him a speedy recovery along with all who have contracted this terrible virus.

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I absolutely echo scooter's thoughts
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Re: Coronavirus

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Add me to the list.

It is interesting that the media are already raising questions as to whether the very top leaders of our UK Government have been negligent in failing to follow the very advice, that they have been urging us, the masses, to follow.

I have mixed feelings on this. I can see the validity of the questions. However, these people have monumental responsibilities on their shoulders, and I can understand how personal safety thoughts may have slipped, whilst in the middle of such a huge crisis.

I have big concerns about the lack of personal protection equipment available to all those who are still having lots of close contact with people in their daily roles. That includes all health care workers of course, but many other sectors, especially including retail staff and post counter workers.

I hope that all of these people will soon have access to such equipment to help keep them and their families safe.
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Re: Coronavirus

Post by what-time-is-it »

Beaverbrooks suspends online orders.

We hope you’re keeping safe during these difficult times.

Following our store closures on Monday, we’ve been working hard to do what’s right by all of our colleagues, as well as our customers and communities. We’ve been reviewing our position daily.

Sadly, we feel it’s now the right time to take additional steps and so again, with a heavy heart, we’ve decided to close our website and warehouse operations until further notice too.

Whilst the Government has said online retailers can and should operate as normal, we no longer feel this is the right thing to do for the small number of people that are left working in our warehouse. As always, our colleagues and Beaverbrooks family remain our number one focus right now, and we need to keep them and their families safe.

We will be working hard to fulfil any existing orders made before 3pm today, but delivery may take slightly longer than usual. We won’t be able to take any new orders or returns after this point, until further notice.

As we all stay at home, adjust to our ‘new normal’ and get through this together, we still want to be there for you and we’d still love to hear from you.

Please keep checking our website, blog and social channels in the coming weeks, we want to stay connected and keep celebrating special moments together, as in times like these, love is more important than anything.

We can’t wait for the moment we throw open our Beaverbrooks doors again and welcome you all back.
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Re: Coronavirus

Post by Thegreyman »

^^^on the basis orders have dropped off a cliff, it probably makes economic sense for them, and most companies, to shut down operations and furlough staff in order to get the £2,500 pm government funding. This is only available to a company if the employee does absolutely no work whatsoever for them whilst furloughed.

My son is being furloughed from his p/t retail job (he's a student and university already packed up for the year). My company are also starting to furlough people.
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Re: Coronavirus

Post by StrapMeister »

Craig64 wrote:
Thu Mar 26, 2020 7:54 pm
Thegreyman wrote:
Thu Mar 26, 2020 7:42 pm
Well the Chancellor announced the self employed support package. On the face of it seems comparable to that announced for company employees. Are there any self employed people on the forum, what do you think?

One thing he also hinted at was that going forward, there may be some equalisation/alignment of tax treatment between the employed/self employed as a quid pro quo of giving the self employed access to this money.
Yes, being self employed here, I agree that scheme does seem comparable to that announced for company employees. I also think that it seems very fair. I also picked up on the hint made, although when this lot is all over, I think we will all get clobbered financially by way of extra taxation, and a return to austerity measures.
Well I'm spitting feathers :-x
No help for me, or others in my position, as a Freelance Contractor earning over £50K a year and paying myself a dividend as a Company Director.
Cheers Government :down:
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Re: Coronavirus

Post by Bungle-ator »

StrapMeister wrote:
Mon Mar 30, 2020 1:08 pm
Craig64 wrote:
Thu Mar 26, 2020 7:54 pm
Thegreyman wrote:
Thu Mar 26, 2020 7:42 pm
Well the Chancellor announced the self employed support package. On the face of it seems comparable to that announced for company employees. Are there any self employed people on the forum, what do you think?

One thing he also hinted at was that going forward, there may be some equalisation/alignment of tax treatment between the employed/self employed as a quid pro quo of giving the self employed access to this money.
Yes, being self employed here, I agree that scheme does seem comparable to that announced for company employees. I also think that it seems very fair. I also picked up on the hint made, although when this lot is all over, I think we will all get clobbered financially by way of extra taxation, and a return to austerity measures.
Well I'm spitting feathers :-x
No help for me, or others in my position, as a Freelance Contractor earning over £50K a year and paying myself a dividend as a Company Director.
Cheers Government :down:
With any luck your losses will stay under £20k and might only lose around the same amount that you would've paid in tax anyway. If you've been operating this way for a lengthy period then I'm sure you'll still have more in your pocket than you would've with all your previous earnings declared.
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Re: Coronavirus

Post by Craig64 »

StrapMeister wrote:
Mon Mar 30, 2020 1:08 pm
Well I'm spitting feathers :-x
No help for me, or others in my position, as a Freelance Contractor earning over £50K a year and paying myself a dividend as a Company Director.
Cheers Government :down:
One aspect of the necessary UK lock down that troubles me, is that the very people, who forced the overnight closure of countless thousands of businesses, did so, in the knowledge that their own government salaries safely remain at full pay.

Should they be taking zero pay for a few months, living off savings and state benefits/grants, to demonstrate that we really are, genuinely all in it together?
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Re: Coronavirus

Post by StrapMeister »

Bungle-ator wrote:
Mon Mar 30, 2020 6:05 pm
StrapMeister wrote:
Mon Mar 30, 2020 1:08 pm
Craig64 wrote:
Thu Mar 26, 2020 7:54 pm


Yes, being self employed here, I agree that scheme does seem comparable to that announced for company employees. I also think that it seems very fair. I also picked up on the hint made, although when this lot is all over, I think we will all get clobbered financially by way of extra taxation, and a return to austerity measures.
Well I'm spitting feathers :-x
No help for me, or others in my position, as a Freelance Contractor earning over £50K a year and paying myself a dividend as a Company Director.
Cheers Government :down:
With any luck your losses will stay under £20k and might only lose around the same amount that you would've paid in tax anyway. If you've been operating this way for a lengthy period then I'm sure you'll still have more in your pocket than you would've with all your previous earnings declared.
Contractors “ignored” in COVID-19 support package
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https://www.contractorweekly.com/tax-a- ... -293154465
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Re: Coronavirus

Post by jtc »

these workers often pay themselves a low salary and top up their income through dividends for tax efficiency, the Government’s help may not amount to much. This is because the 80% contribution will only be made on PAYE earnings.
As above - the advantage of years of not paying PAYE tax is the offset to not being able to claim a few months of grant money right now.
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Re: Coronavirus

Post by Bungle-ator »

StrapMeister wrote:
Wed Apr 01, 2020 8:35 am
Bungle-ator wrote:
Mon Mar 30, 2020 6:05 pm
StrapMeister wrote:
Mon Mar 30, 2020 1:08 pm

Well I'm spitting feathers :-x
No help for me, or others in my position, as a Freelance Contractor earning over £50K a year and paying myself a dividend as a Company Director.
Cheers Government :down:
With any luck your losses will stay under £20k and might only lose around the same amount that you would've paid in tax anyway. If you've been operating this way for a lengthy period then I'm sure you'll still have more in your pocket than you would've with all your previous earnings declared.
Contractors “ignored” in COVID-19 support package
30th March 2020 Written by Contractor Weekly
https://www.contractorweekly.com/tax-a- ... -293154465
There's no real gripe here. It's irrational to expect to take out if you don't put in. Previously claimed earnings are all they can base a payment on.
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