Governments Wage cover for businesses: Limited Company discussion

[sojan]

You might have seen the massive news about Government stepping in to support business by paying upto 80% salary OR max of £2500

Discussion thread about how Limited Company Directors/employees can get help on this.

[jamesbrown]

I can’t see how they would. If you have no work for that reason, perhaps, but most people pay a small salary only, so it would be peanuts at best. If you think this is license to get 7.5k of free money...

[northernladuk]

Well that was a short thread.

[Scruff]

Pay yourself a salary of £2.5k for a month, and then make a claim because you are out of contract.

Sit back and watch Netflix.

COVID-19: support for businesses - GOV.UK

[GhostofTarbera]

I can’t see how they would. If you have no work for that reason, perhaps, but most people pay a small salary only, so it would be peanuts at best. If you think this is license to get 7.5k of free money...

Most here pay a small salary - Yes indeed 100%

But most permietractors I know pay themselves between 15K and 30K for some strange reason (herd mentality)


Sent from my iPhone using Contractor UK Forum

[Lance]

Most here pay a small salary - Yes indeed 100%

But most permietractors I know pay themselves between 15K and 30K for some strange reason (herd mentality)


Sent from my iPhone using Contractor UK Forum

Because someone told them it makes an ir35 investigation less likely.

[mjcp]

Because someone told them it makes an ir35 investigation less likely.

Because if you apply for some forms of credit, they want to know your "guaranteed" income, you know, excluding bonuses and other *non guaranteed* things... like dividends.

M

[ladymuck]

Because if you apply for some forms of credit, they want to know your "guaranteed" income, you know, excluding bonuses and other *non guaranteed* things... like dividends.

M

Never had any issue getting credit.

[SueEllen]

Because if you apply for some forms of credit, they want to know your "guaranteed" income, you know, excluding bonuses and other *non guaranteed* things... like dividends.

M

I've never had an issue getting credit.

I even sorted out a remortgage myself with no difficulty when one of the recommended mortgage advisors on here dropped the ball.

[Lance]

I've never had an issue getting credit.

I even sorted out a remortgage myself with no difficulty when one of the recommended mortgage advisors on here dropped the ball.

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.