With any 'benefit' (others can decide if it is a benefit or not) I suppose the first question you should ask yourself is 'Do I need it?'. That said if someone is legally entitled to it they shouldn't be looked down on for taking it, especially as all of us will be expected to repay the debt over the next decade.
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Contract ending can I furlough?
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Originally posted by northernladuk View Post...
The OP is not in this position. He's bench time has NOT been caused by coronavirus. He can maintain his wages and is continuing to work by looking for gigs so should not use the scheme ergo pisstake.
Just because something can be done it doesn't mean it should be.Comment
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I've been contracting through my limited company for nearly ten years. I finished a contract in December 2019 and didn't work at all last year - there was simply no work about (or if there was, I couldn't find it). Is this because of COVID19? Well, it's the first time I've not been able to find a contract since I started contracting, so you decide.
Anyway, I claimed through the CJRS from April to December and have absolutely no moral qualms about it. The furlough scheme is there to help businesses who have seen their income hit by COVID19. Whether there are decent cash reserves within the company is immaterial; if the government had intended that to be one of the eligibility criteria for the CJRS, they should have made it so.
The whole reason schemes such as this have clear eligibility criteria and rules is to eliminate unresolvable, subjective arguments about morality and entitlement. As far as I'm concerned, I run my limited company as a bona-fide business. I jump through all the hoops which the government asks me to (running a PAYE scheme, monthly RTI submissions, quarterly VAT submissions, CT60, Companies House Confirmation, etc.), pay all the taxes I'm required to, and claim all the benefits I'm entitled to.
Otherwise, where do you draw the line? I also borrow books from the local library. Should I stop doing that, and buy them instead, just because I can afford to?Comment
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I thought we were on contractor site where most people religiously try to minimise their tax pay - Therefore I would have thought the advice is if you can get it claim itComment
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Originally posted by NowPermOutsideUK View PostI thought we were on contractor site where most people religiously try to minimise their tax pay - Therefore I would have thought the advice is if you can get it claim it
There is a process for claiming a TV and your Netflix through the company but that doesn't mean it's right to do it.
If they want good advice on what you should and shouldn't do to minimise your tax properly stick around. If you want advice on how to do anything possible with no rhyme or reason then no, this isn't the place.Last edited by northernladuk; 3 March 2021, 16:44.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by NowPermOutsideUK View PostI thought we were on contractor site where most people religiously try to minimise their tax pay - Therefore I would have thought the advice is if you can get it claim it
Running a LTD when you're a bum on seat permie tractor was never right, and now thanks to those we have the current IR35 debacle.
At least the loan scheme evidiots didn't materially impact those trying to run a proper business. Not that I have much sympathy for them.
See You Next TuesdayComment
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Originally posted by northernladuk View PostBut he can't as he doesn't meet the criteria as he hasn't laid staff off due to furlough.Comment
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Originally posted by northernladuk View PostNo.
Why did you not ask your accountant?
Did you miss the Coronavirus section at the top of this part of the forum?
You also aren't employed.Comment
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Originally posted by CatBlack View PostI've been contracting through my limited company for nearly ten years. I finished a contract in December 2019 and didn't work at all last year - there was simply no work about (or if there was, I couldn't find it). Is this because of COVID19? Well, it's the first time I've not been able to find a contract since I started contracting, so you decide.
Anyway, I claimed through the CJRS from April to December and have absolutely no moral qualms about it. The furlough scheme is there to help businesses who have seen their income hit by COVID19. Whether there are decent cash reserves within the company is immaterial; if the government had intended that to be one of the eligibility criteria for the CJRS, they should have made it so.
The whole reason schemes such as this have clear eligibility criteria and rules is to eliminate unresolvable, subjective arguments about morality and entitlement. As far as I'm concerned, I run my limited company as a bona-fide business. I jump through all the hoops which the government asks me to (running a PAYE scheme, monthly RTI submissions, quarterly VAT submissions, CT60, Companies House Confirmation, etc.), pay all the taxes I'm required to, and claim all the benefits I'm entitled to.
Otherwise, where do you draw the line? I also borrow books from the local library. Should I stop doing that, and buy them instead, just because I can afford to?Comment
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Originally posted by mogga71 View Post
I should imagine that many contractors simply don't have accountants any more. Admittedly I only know fellow contractors in Banks .... about 15 of them ... all of them have no accountants (or soon won't) as they have already closed their Company or are in the process of doing so.Comment
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