Hi there, this is a question about JRS in relation to me and the fact that I am the single director and employee of a LTD company. Mid march the last client decided due to the virus and IR35 that they were terminating all contracts based on a 48hr notice period. This leaves me in the position on having little chance of finding another contractor until the virus situation and cleared up somewhat.
My accountant has sent some information about JSR in relation to single company directors and are basically saying I should think long and hard before makign myself furloughed.
My understanding is that I will get 80% of my PAYE which is currently £719. I assume I would have to stop any payment of this £719 from the company in order to make use of the JSR. I also assume I would be required to specify a period of time, say 8 weeks for example. Would I have to apply again after this period ?
I usually take a short break between contracts anyway but the quick descision of the client to terminate and also the lockdown means that I wouldn't really be planning to take a break in the current situation.
Are there any other pitfalls ?
Thanks
My accountant has sent some information about JSR in relation to single company directors and are basically saying I should think long and hard before makign myself furloughed.
My understanding is that I will get 80% of my PAYE which is currently £719. I assume I would have to stop any payment of this £719 from the company in order to make use of the JSR. I also assume I would be required to specify a period of time, say 8 weeks for example. Would I have to apply again after this period ?
I usually take a short break between contracts anyway but the quick descision of the client to terminate and also the lockdown means that I wouldn't really be planning to take a break in the current situation.
Are there any other pitfalls ?
Thanks
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