Ipse Welcomes - government “historic lifeline to contractors”

[Glencky]

… 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.

[GhostofTarbera]

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

[eek]

Like midgets ?


Sent from my iPhone using Contractor UK Forum

18,000 people have signed it

[GhostofTarbera]

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

[Lance]

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.

[Glencky]

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.

[Lance]

a real business, with employees and all the rest, will gain some help from the government. They will be able to retain their furloughed staff with an 80% wage subsidy. They will also get relief on rent and rates.

But a real business has other problems.
- Customers or lack of for one.
- Directors and shareholders desires.
- destroyed economy.

There is no help for these problems.
Those that think the govt should bail out their LTD. for the benefit of their own pocket don't see the difference. And that is the root of the IR35 problem. They're not real businesses. Self-employed maybe.

I for one have no desire for a bail out to subsidise my business. I have customers, and some have less work for me now, and others have more work for me now.
In any case, if the government were to assist LTD. companies most of us would still fail the under £50k profit cutoff. And if you've over £50k profit, for three years on the bounce, and have not enough ability to survive 3-6 months then you're ******* idiots......
The bail out will only last as long as the virus crisis and that's likely (fingers crossed) to be done in 6 months.

[PerfectStorm]

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

[NeedTheSunshine]

BUT the Chancellor, HMRC et al were , until few weeks back were crying out loud in public/parliament that 95% of the contractors / Ltd. co people were disguised employees just getting salaries (and hence not REAL dividends)!!!

Now they are saying these same disguised salaries (their words) - i i.e. "dividends", are return on investment?????
Disgusting!!!!!

The govt. cannot have their argument both ways, can they!!!... well maybe they can. We voted this lot in truck loads, didn't we!!!!

As for keeping the IR35 argument... its not going to be relevant in the future anyway!
Come next year this time, most of us won't be in business.

So, IPSE have not argued well with the govt., I would say.

Of course they can - you are pure and simple a tax avoider and should be paying "your fair share". That's the way HMRC see it. And most of the public.

[CosmicWave]

And here is the truth:

3. This is the big one. If Ltd Co contractors had been included in the package we would have lost the IR35 argument FOREVER. If you don't believe me look at what the Chancellor said about sole trader national insurance rates the announcement

You are either running a business or you are not.

And before anyone gets on their high horse, I started my Consultancy as a Limited Company on 3rd March. I understand and accept the risks and rewards of running a business.

BUT the Chancellor, HMRC et al were , until few weeks back were crying out loud in public/parliament that 95% of the contractors / Ltd. co people were disguised employees just getting salaries (and hence not REAL dividends)!!!

Now they are saying these same disguised salaries (their words) - i i.e. "dividends", are return on investment?????
Disgusting!!!!!

The govt. cannot have their argument both ways, can they!!!... well maybe they can. We voted this lot in truck loads, didn't we!!!!

As for keeping the IR35 argument... its not going to be relevant in the future anyway!
Come next year this time, most of us won't be in business.

So, IPSE have not argued well with the govt., I would say.