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Ipse Welcomes - government “historic lifeline to contractors”

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    #51
    Originally posted by Lance View Post
    The bail out will only last as long as the virus crisis and that's likely (fingers crossed) to be done in 6 months.
    Whilst I agree with some of what you said, this last bit is... wildly over optimistic.

    IMHO.

    I'd like to be wrong.

    Comment


      #52
      Originally posted by Glencky View Post
      Whilst I agree with some of what you said, this last bit is... wildly over optimistic.

      IMHO.

      I'd like to be wrong.
      Well yes. Let's be clear though. The giovernment may well declare the crisis over and stop all financial help after 6 months. We'll be suffering the economic damage for 20 years though. This whole tulipshow is not close enough to my retirement for me to ignore, but close enough to cause problems getting me to the position I planned to be in.
      See You Next Tuesday

      Comment


        #53
        Originally posted by PerfectStorm View Post
        I get the argument. And at the moment, I don't need the money and would rather it go to those that do. I'll take the mortgage holiday and consider that a bump.

        It's not like I was hoping to get any clients in March anyway.

        There will be times when we don't win, just as with sick pay. You must take the rough with the smooth.

        If you disagree: Petition . Small Ltd Company Directors to get Government support like the Employed and Self Employed . Change.org
        Like midgets ?


        Sent from my iPhone using Contractor UK Forum

        Comment


          #54
          Originally posted by GhostofTarbera View Post
          Like midgets ?


          Sent from my iPhone using Contractor UK Forum
          18,000 people have signed it
          merely at clientco for the entertainment

          Comment


            #55
            Originally posted by eek View Post
            18,000 people have signed it
            Just How small are these people - anyhooo will give HMRC a great tax dodger list


            Sent from my iPhone using Contractor UK Forum

            Comment


              #56
              … and just by way of update: Martin Lewis has now confirmed with HM Treasury that Ltd Co directors can furlough themselves as an employee and take the 80% grant applied to the level of their PAYE earnings.

              https://twitter.com/MartinSLewis/sta...19949605728257

              Now just need to see it in writing from a government source, and we can be confident.

              As I said in my earlier post, I don't intend claiming anything at this time because I'm working. But if this is still going on when my contract extension ends, I will consider it. God knows, I've been paying enough tax for years to feel justified in it!

              Thought I'd post it here for others for whom this is a help. I think there's zero chance of the government underwriting dividend income, but perhaps for quite a lot of people who've been operating outside, 80% of their PAYE element would be better than nowt.

              Comment


                #57
                Nice spot and certainly answers many of the questions. Still doesn't help those that are asking what help there is but have been on the bench for awhile.
                'CUK forum personality of 2011 - Winner - Yes really!!!!

                Comment


                  #58
                  Originally posted by GhostofTarbera View Post
                  Like midgets ?


                  Sent from my iPhone using Contractor UK Forum
                  Ha ha ha ha

                  Comment


                    #59
                    Originally posted by PerfectStorm View Post
                    I get the argument. And at the moment, I don't need the money and would rather it go to those that do. I'll take the mortgage holiday and consider that a bump.

                    It's not like I was hoping to get any clients in March anyway.

                    There will be times when we don't win, just as with sick pay. You must take the rough with the smooth.

                    If you disagree: Petition . Small Ltd Company Directors to get Government support like the Employed and Self Employed . Change.org
                    This scheme is to cover workers renumeration for their work not shareholders and investors profits, these two roles are normally totally separate unless you have a PSC.

                    You dont want to tell me do you that when the taxman comes you declare some of the money as shareholders profit - a reward for investing in profitable a company - because the tax is less on it, but when you need taxpayers help you want to suddenly think of the same money as your renumeration for the work.

                    If this money is a wage it goes to wage expenses in your accounting system and paid out as wage. It cannot be dividend from profits when you tax it, but wage expense when you need to claim against it - your accounting records clearly tells you what this money is, there is no way around it.

                    Sorry, but government doesnt have money to cover all the investment gains, if they would cover your dividend income, they should cover everyone elses past dividend income and capital gains from stocks on the stock exchange.

                    Comment


                      #60
                      Originally posted by PerfectStorm View Post
                      I get the argument. And at the moment, I don't need the money and would rather it go to those that do. I'll take the mortgage holiday and consider that a bump.

                      It's not like I was hoping to get any clients in March anyway.

                      There will be times when we don't win, just as with sick pay. You must take the rough with the smooth.

                      If you disagree: Petition . Small Ltd Company Directors to get Government support like the Employed and Self Employed . Change.org
                      I’m afraid that I won’t be signing, I will use my warchest - that’s what it’s there for.
                      "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
                      - Voltaire/Benjamin Franklin/Anne Frank...

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