Governments Wage cover for businesses: Limited Company discussion Governments Wage cover for businesses: Limited Company discussion - Page 2
Page 2 of 2 FirstFirst 12
Posts 11 to 14 of 14
  1. #11

    Contractor Among Contractors

    PerfectStorm's Avatar
    Join Date
    May 2014
    Location
    Yes, I have asked my accountant.
    Posts
    1,208

    Default

    Quote Originally Posted by Lance View Post
    Indeed. In fact applying for credit as a contractor has nothing to do with a PAYE salary unless you’re lying about your status.
    Day rate and trading history is sufficient.
    Not quite - many lenders ultimately want to see accounts, including dividends being payed out in a largely maxed-out fashion to the individual. If you're not doing that, they won't all accept "but I'd take the money if I needed it"

    The one that did get this was Halifax.

  2. #12

    Still gathering requirements...


    Join Date
    Nov 2013
    Posts
    27

    Default

    It would still be nice to know what the deal is with this, if anyone knows. The directors I've spoken to say the govt. has not published any of the restrictions, and I would imagine there will be many. Rumour is it's due to come into effect in April, but back dated to March.

    Not all contractors pay a large dividend, some only claim a minimum wage to build plenty of working capital in the company. Some claim a PAYE salary up to the 40% threshold. Everyone has their reasons.

    If they ask to see evidence of a P45 then for a 1 man\woman company that's not going to work for many Ltd. Co. contractors. No one left to run the company.

    The 'offering' may also ask for a JSA number, meaning you have to sign-on. FYI; many insurance companies do this to save them having to prove you lost your job, if you have a policy covering this event (e.g. mortgage payment protection). When you lose your JSA number because you found a new job, or were thrown off JSA due to non-attendance, or too many 'sanctions' you also lose the insurance payment as well. Check your T&Cs. Crafty.

    The devil is in the detail.

  3. #13

    I live on CUK

    SueEllen's Avatar
    Join Date
    Nov 2005
    Location
    in the Park
    Posts
    29,289

    Default

    Quote Originally Posted by PerfectStorm View Post
    Not quite - many lenders ultimately want to see accounts, including dividends being payed out in a largely maxed-out fashion to the individual. If you're not doing that, they won't all accept "but I'd take the money if I needed it"

    The one that did get this was Halifax.
    I used draft accounts to get my remortgage. They did contact my accountant as well.
    "You’re just a bad memory who doesn’t know when to go away" JR

  4. #14

    Super poster

    Scruff's Avatar
    Join Date
    Mar 2013
    Location
    Leafy Surrey (Lahndahn Tahn)
    Posts
    3,088

    Default

    6 months remaining on contract, plus tax return and previous year's Accounts.
    I was an IPSE Consultative Council Member, until the BoD abolished it. I am not an IPSE Member, since they have no longer have any relevance to me, as an IT Contractor. Read my lips...I recommend QDOS for ALL your Insurance requirements (Contact me for a referral code).

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •