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Business / PAYE. support (cornovirus)?

Hi,

I heard there may be financial support for businesses/employees.

I personally run a Ltd company and I’m the sole employee (PAYE).

I run a service for florists, and looks like they’ll be shutting down. Since I charge monthly, this will mean a potential dramatic loss of income and this is my sole income.

Can anyone provide any help/links?

Thanks.

The only financial support you have available at the moment is if you furlough yourself. This means your company can not operate. You can not continue to run the company and you must stop all activity. Only then will you be allowed to claim upto 80% capped at 2.5k a month as your salary from the government.

At the moment there isnt a mechanism to claim the money, hmrc are still working on it. But it will be back dated to 1st march.

Until then you need to continue to report your salary as normal and file your FPS in the same way. When more info becomes available I can link you to where you make a claim.

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Is this still the current situation?

Quote:
Those who have set up a limited company and pay themselves a wage and dividends, often on the advice of accountants. They account for about 10% of the self-employed. They may be able to claim via the government’s job retention scheme for the wages element of their income, but not the dividend

And specifically:
If you’re a director of your own company and paid through PAYE you may be able to get support using the Job Retention Scheme, link:

Thanks.

The current situation is that if you pay a salary to yourself via paye you can claim 80% of it. The mechanism to claim will be up and running sometime in April. I think it will be first or 2nd week. If you keep checking the link I gave you. It will be updated when available.

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