Government to front 80% of wages up to £2500/month

[escapeUK]

Well if you've been paying yours employee under the NMW you've been breaking the law. Good luck admitting that to HMRC when you are after your pennies.

NMW doesn't apply to company directors. Why do you post here when you know so little?

[northernladuk]

NMW doesn't apply to company directors. Why do you post here when you know so little?

Think about that statement a little. Are you a director or an employee? Only employees can claim. Which are you?

[escapeUK]

Think about that statement a little. Are you a director or an employee? Only employees can claim. Which are you?

I'm employed by my company as a director.

Anyway, I think i'd rather read people with a better grasp of reality than you, so off to read the loons on GLP.

[mrdonuts]

There is no way the umbrella will pay me anything but it sounds like my LTD can mark me as a furlong worker and pay me until it runs out of money. Presuming I will be eligible for universal credits and other support as well.

I guess after that its over to JSA and universal credits.

Hopefully won't come to it all but with this and mortgage payment holidays, my war chest and other savings feeling a bit better than I did yesterday.

I can't imagine the fear going through some of the people in the country at the moment who are losing their jobs with little to no savings etc. Well I can because we no doubt all know a few

its not the umbrella that pays its the government

[tomtomagain]

T
Ohh and the shelves haven't been raided...

Are you sure? I have a good friend in Walldorf and as we were chatting yesterday on Whatsapp regarding the situation he told me his local supermarkets are almost empty. My brother-in-law in Vienna reports a similar situation.
.

Basically everyone in Europe is planning to stay at home Sh1tting themselves whilst eating spaghetti napolitana

Don't take this the wrong way .. but I trust their opinion far more than I trust yours.

[Mordac]

A cynic might think the IR35 delay might not have been a coincidence. If you aren't an employee, you can't benefit in any way.
Kiss goodbye to a fiver, and save £50 in the process...

[northernladuk]

I'm employed by my company as a director.

Jesus wept....

Just for tulips and giggles. Who in the company gave you the job as director? If you are employed to be the director ergo someone must have taken you on and signed your contract of employment etc who did that then?

[dx4100]

Are you an employee of your own limited company?

It’s pretty obvious we are not employees reading this.

So, it cannot always be assumed that you are an employee of your company. If you are a sole shareholder or have a controlling interest in the company, or you are a sole director or the only other director has no voting rights; you cannot be dismissed, are not answerable to anyone and no-one controls your actions then, it is likely you are not an employee of your limited company. It must be remembered, however, that these cases were decided upon in the context of claiming redundancy money from the Secretary of State when the companies went insolvent. Despite this it does appear to be a good indicator of the situation.

Urgh, was really hopeful this scheme would help if needs be - thinking not now...

[jamesbrown]

I don't think you need to be an employee. The condition is registration for PAYE, not existence or type of employment contract. But if you're paying yourself a salary of ~8.5k, then you're talking about 600 quid per month and that's assuming you're demonstrably out of work due to COVID-19 and can be classified as furloughed. You lose your furloughed status if you do any work for YourCo (which would presumably include company admin). Overall, probably not worth it unless you're really out of work for this reason, have no warchest and are desperate. Otherwise, you're probably painting a big target on your back for next to no benefit. YMMV.

[escapeUK]

I think some are underestimating the effect of what is going on. This is going to be a more serious and significant life changing event than the 1929 recession. And probably given the fact that we no longer live in a strong cohesive society, mental problems are rife, suicide is probably going to a huge problem, rioting and civil disorder highly likely. Bank runs would not surprise me.

Yet all during this we have people worried about claiming something which is specifically to try and mitigate these life destroying events, give people some hope, and not burn this broken society down and hang those responsible.

The real questions you should be asking are, is this enough? Will employers pay the 20% to tick over, do they even have it? Will you be working this year, or next, or ever again? Will the money in your warchest (if you have it) be even worth anything after this? Will it be stolen to bail you in to some sort of rescue deal? Will there even be a pound after? How many companies will be gone when this is over?

Try and think about the big picture, rather than petty issues. I'm also sure that by Monday many contractor specialising accountants will have asked for official guidance.