Chancellor prepares wage package rescue plan Chancellor prepares wage package rescue plan
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  1. #1

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    Default Chancellor prepares wage package rescue plan

    Coronavirus: Chancellor prepares wage package rescue plan - BBC News

    One proposal under discussion is for the UK to follow the lead of countries such as Denmark, where the government has promised to cover 75% of salaries at private companies for three months, if they promise not to let staff go.
    So I wonder if my little LTD is going to able to use such a scheme if announced....

    Could help quiet a lot of us get through some of this mess...

    Probably need the actual announcement first lol !
    Last edited by dx4100; 20th March 2020 at 01:14.

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    Difficult to say. Possibly, but perhaps not without inadvisable shenanigans (e.g., increased salary, although it really depends whether it's backwards looking or forwards looking). The measures will become increasingly drastic and economy-wide over time, so there probably will be help eventually, but I would guess limited-to-none tomorrow that is useful for contractors, which is fair enough (there's ample opportunity to build a warchest during the good times, afterall).

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    HMRC got full monthly stats for each salary - most likely it will be average for last X months, so increasing it now will be easily spotted

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    And when all this is over they'll tax the crap out of you and you will spend the rest of your life paying it back.
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    Quote Originally Posted by northernladuk View Post
    And when all this is over they'll tax the crap out of you and you will spend the rest of your life paying it back.
    Death and taxes, I choose taxes....

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    Quote Originally Posted by AtW View Post
    HMRC got full monthly stats for each salary - most likely it will be average for last X months, so increasing it now will be easily spotted
    Exactly. They aren't completely stupid and, even if they were, any shenanigans would not be advisable, IMHO.

    However, the longer it goes on, the more likely there will be economy-wide measures, like broad-brush tax cuts, helicopter money, universal basic income etc., which will benefit large groups, such as all taxpayers. But we'll be the very last (and least) to benefit, I suspect. Again, fair enough, we mostly don't or shouldn't need help.

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    Quote Originally Posted by northernladuk View Post
    And when all this is over they'll tax the crap out of you and you will spend the rest of your life paying it back.
    Yeah. Now that is when we will enter the picture. Front of the queue for that part.

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    Quote Originally Posted by AtW View Post
    HMRC got full monthly stats for each salary - most likely it will be average for last X months, so increasing it now will be easily spotted
    Ah yes. But no staff to do the work required...

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