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Previously on "Can Ltd Company Directors Apply for Universal Credit?"

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  • andydd68
    replied
    Yes.

    I started the process in Jan but ended it as a new contract came along.

    You can apply either as a director of the company and show your company accounts etc, although the wording used by gov.uk does interchange between self-employed and ltd company directors, this is in contrast to the recent covid schemes where a distinction is drawn between sole traders with no paye set up and those of us with psc/ltd co/paye set up.

    You could of course give yourself a p45 from your ltd company and then claim UC as an individual but then youd lose the chance to furlough "yourself".

    It also appears you can furlough yourself AND claim UC, as in reality the furlough pay is only going to be 80% of £719 you may qualify for a bit of UC and maybe council tax reduction.

    Leave a comment:


  • Willy Win
    replied
    Originally posted by ZiggleZaggle View Post
    Did you apply in the end? I’m struggling with the Universal Credit question wording and being self-furloughed..
    Yes I have, just last week - had to provide figure for capital (including tax to be paid) and savings on the online form. It's still being processed so yet to be asked for bank statements etc. Not looking forward to it and the possibility of staff not understanding that my tax money isn't my money but I'll cross that bridge and all that etc.

    I've furloughed myself until just before my last salary payment, then applied for UC. So P45 to be issued from application date.

    Leave a comment:


  • ZiggleZaggle
    replied
    Did you apply in the end? I’m struggling with the Universal Credit question wording and being self-furloughed..

    Leave a comment:


  • Can Ltd Company Directors Apply for Universal Credit?

    Asking this question as it looks like most threads are focusing on furloughing. Is it a definite that Universal Credit can be claimed as a director and not just self employed?

    Also, if that's the case, I believe there's a 5 week wait. Would it be feasible to furlough myself in that time or would I essentially have to stop paying myself a salary from the day I apply for Universal Credit? Would I still benefit from the VAT and personal tax deferment whilst effectively no longer being an employee?

    On the subject of furloughing, does anyone know whether payments starting in June which are to be backdated from March will be paid as a lump sum or in arrears/ increments?

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