Government PAYE Wages / 80% Scheme Thing

[SimonG]

I was given this yesterday but unsure how to claim.

House of Commons Public Bill Committee Amendments: Coronavirus Bill pages 14-18 - https://publications.parliament.uk/pa/bills/cbill/58-01/0122/amend/coronavirus_daily_cwh_0320rev.14-18.html?fbclid=IwAR1hsYJtr6PxB5J_bb1NLctI838w71CZcKI-zlTumC790B78udlVvlxMRbw

Hasn't been signed off yet by parliament.

 

[Lofty24]

Hasn't been signed off yet by parliament.

I know but as it's emergency legislation hopefully it will not be long buddy.

 

[RSD]

Anyone know what the position is regarding the 80% Salary for a Sole Director of a Ltd Company?

 

[Stanios]

Soo what happens if you have a ltd company? Standard set up is for directors pay themselves the 8k a year wage and rest in dividends. We aren't classed as self employed just employed with an 8k a year salary.

 

[plumb_know]

Hi everyone,

I am in the same boat with limited company. Anyone know how long it will take to reimburse as cant see employers paying out wages if it will take too long to be reimbursed especially as we all don't know what business will be like after. My accountant is saying they are waiting for the government to actually put in place measure to claim these schemes they are offering and i have customers who have basically saying banks have ignored their requests for loans etc.

I know people already getting laid off and can see a lot of companies laying off if lockdown continues after 3 weeks.

Who is going to get a loan and pay interest with no work coming in??

Any info appreciated

 

[snowhead]

End of April ;

[Withdrawn] Check if you can claim for your employees' wages through the Coronavirus Job Retention Scheme

Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19).

www.gov.uk

 

[ShaunCorbs]

If your se you will receive a letter from the hmrc saying your eligible if your ltd it’s more complicated and best speak to your accountant

 

[plumb_know]

Thanks snow head, very cagey the way i read it though, don't like the words EXPECT & thats only for you to make a claim does not say how long claim will take to be processed and money to be in your bank account. Also if you are eligible so could pay this and next wages to everyone and they find some reason your not eligible and then your stuffed, can see why big companies are just laying people off not worth the risk.

 

[RSD]

Hi everyone,

I am in the same boat with limited company. Anyone know how long it will take to reimburse as cant see employers paying out wages if it will take too long to be reimbursed especially as we all don't know what business will be like after. My accountant is saying they are waiting for the government to actually put in place measure to claim these schemes they are offering and i have customers who have basically saying banks have ignored their requests for loans etc.

I know people already getting laid off and can see a lot of companies laying off if lockdown continues after 3 weeks.

Who is going to get a loan and pay interest with no work coming in??

Any info appreciated

Still in limbo, as this is what my Accountant says:-
"However, there remain questions – is it practical or even wise to meet the “do no work” condition which does not apply to the self employed. Can you “furlough” yourself, especially if you are a controlling shareholder director with no employment contract and not subject to National Minimum Wage rules? This would also probably apply to your wife. The government have said that they hope to have the JRS application process ready by the end of April by which time we will hopefully have clarification of the position."

So how do we pay salaries, if we do no work and consequently have no revenue?