We're all paying ourselves about £150k right? We're all paying ourselves about £150k right?
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  1. #1

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    Default We're all paying ourselves about £150k right?

    I mean why would we pay dividends when we can get 80% of our wages back?

    Tongue in cheek but posted in this forum to focus on the more serious side.
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    Which is?
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    Quote Originally Posted by d000hg View Post
    I mean why would we pay dividends when we can get 80% of our wages back?

    Tongue in cheek but posted in this forum to focus on the more serious side.
    No, 80%, up to a limit of 2.5k per month, for those out of work (for this reason).

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    Quote Originally Posted by jamesbrown View Post
    No, 80%, up to a limit of 2.5k per month, for those out of work (for this reason).
    And most likely applying only to those who were employed and paid at least once in previous month - HMRC got all the info

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    Quote Originally Posted by AtW View Post
    And most likely applying only to those who were employed and paid at least once in previous month - HMRC got all the info
    It's based on PAYE registration, not employment, but you cannot do any work for YourCo in order to maintain a "furloughed" status. Is that even possible given the necessary routine company admin? Doubtful.

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    Shouldnt this be in General as it's not a serious professional thread?!
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    Quote Originally Posted by jamesbrown View Post
    It's based on PAYE registration, not employment, but you cannot do any work for YourCo in order to maintain a "furloughed" status. Is that even possible given the necessary routine company admin? Doubtful.
    I'm not employed to do the company accounts, I do that as a director
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    Quote Originally Posted by d000hg View Post
    I'm not employed to do the company accounts, I do that as a director
    You're probably not employed, fullstop, and employment status appears to be irrelevant, anyway, rather PAYE status. The point is that, based on what we know about this scheme so far, "furloughed" means "does no work in relation to those PAYE payments". That is intended to avoid it being abused. We'll need to see the mechanics when they come out, but my strong impression is that a company director might not be eligible at all, assuming they're still satisfying their responsibilities. I am extrapolating, but I think my extrapolation is more likely closer to the reality than your hope.

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    It'll be nicely hitting those hardest who are fudging the books - claiming x but earning x + 50%. Certainly hope it's based on what they've submitted; could be quite a few falling foul and being hoisted by their own petard. Thinking taxi drivers, takeaways, the usual cash economy lot who don't declare full earnings.
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