• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.

UK minister backs state bailout for owner-directors

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    UK minister backs state bailout for owner-directors

    Martin Lewis tweeted about this article today:

    UK minister backs state bailout for owner-directors

    A UK government minister is working on a scheme to help the 2m business owners who pay themselves through dividends and are excluded from existing state initiatives to cushion the blow of the coronavirus lockdown.

    The announcement by Paul Scully, the small business minister, follows a big campaign from those shut out of the government schemes.

    He said he had paid himself in dividends when running a business from home with a partner.

    “We did exactly the same thing, not to reduce our tax bill, but because we did not want to set up a payroll system, which was relatively cumbersome when there’s only two of you. So I totally understand the frustration,” he said.

    Mr Scully was responding to questions from businesspeople on a webinar hosted by Intuit, an accountancy software provider.
    The full webinar is here

    You can jump straight to the discussion about this at 25:19

    TBH it doesn't sound like there is really any progress on this yet, other than it has the ministers backing. He's basically asking around for ideas so he can present something back to the Chancellor.
    Last edited by CheeseSlice; 15 April 2020, 16:20.

    #2
    Everyone here has been adamant we don't merit any help since we have warchests, so I trust we can count on you to let him know you object to the idea.
    Originally posted by MaryPoppins
    I'd still not breastfeed a nazi
    Originally posted by vetran
    Urine is quite nourishing

    Comment


      #3
      Number 10 press office are quick on the button

      Headline just updated to "UK minister seeks ways to extend bailout to owner-directors"

      Comment


        #4
        Originally posted by d000hg View Post
        Everyone here has been adamant we don't merit any help since we have warchests, so I trust we can count on you to let him know you object to the idea.
        Not at all. People here often speak from their own perspective since thats what they can relate to. There are plenty of owner-directors who fall into a different demographics and who aren't set up for this kind of economic slump.

        Comment


          #5
          Originally posted by d000hg View Post
          Everyone here has been adamant we don't merit any help since we have warchests, so I trust we can count on you to let him know you object to the idea.
          We might get offered a badge like the care workers


          Sent from my iPhone using Contractor UK Forum

          Comment


            #6
            Originally posted by GhostofTarbera View Post
            We might get offered a badge like the care workers
            #ClapForLimitedCompanyDirectorsWhoTakeTheMajorityO fTheirEarningsViaTaxEfficientDividends

            Comment


              #7
              Originally posted by CheeseSlice View Post
              Not at all. People here often speak from their own perspective since thats what they can relate to. There are plenty of owner-directors who fall into a different demographics and who aren't set up for this kind of economic slump.
              Yes I made that point when we were discussing how tiny company owners are missed out compared to, say, freelancers running as self-employed. There was general disagreement.
              My position would be that a plumber who sets up as SE and after a few years decides to register as Ltd should not suddenly find that he gets no help, while his electrician mate who stayed SE is getting 80% from El Gov. There are of course tax benefits to being Ltd but they are not that massive with dividend tax. And contractors insist they don't go Ltd just as a tax dodge
              So while contractors still perhaps shouldn't be near the top of anyone's "need help" list, lots and lots of teeny weeny Ltd companies seem as worthy of help as the self-employed.
              Originally posted by MaryPoppins
              I'd still not breastfeed a nazi
              Originally posted by vetran
              Urine is quite nourishing

              Comment


                #8
                Can't wait for the next "we welcome the government's decision" PR fluff from IPSE

                Comment


                  #9
                  If they bail out limited company directors, Rishi will then say that there is justification for treating us like employees and that HMRC is justified in the IR35 war against us. If he does not, there is at least a stronger argument that IR35 is unfair as we didn't get any bail out. Although tbh I reckon when this is all over the Government will just conflate limited company directors with other self employed people and conveniently ignore that there is difference of thousands of pounds in the support given to them.

                  Comment


                    #10
                    I think there is an argument to make "this is an extraordinary situation with extraordinary remedies. The usual rules about who benefits and who doesn't don't apply" or something like that.

                    After all, I pay loads of tax and I'm sure many here do too. Quite a lot of it in advance! Not to mention corporation tax and bringing VAT to the exchequer.

                    In an era where banks are being instructed to stop taking mortgage and credit card payments from those who don't wish to pay and government is paying 80% of peoples other income, there's a case to be made at least.

                    Comment

                    Working...
                    X