Self Employed

[mudskipper]

I didn't hear him saying Ltd Co directors were excluded? it was more than 50K profits are excluded.

It's for the self employed

From BBC article

"At least half their income needs to have come from self-employment as registered on the 2019-20 tax return filed in January, or averaged over the three previous years. Company owners who pay themselves a dividend are not covered."

[dx4100]

It's for the self employed

From BBC article

"At least half their income needs to have come from self-employment as registered on the 2019-20 tax return filed in January, or averaged over the three previous years. Company owners who pay themselves a dividend are not covered."

What about the salary element? does that then qualify us for anything in regards to the 80%

[genius]

What about the salary element? does that then qualify us for anything in regards to the 80%

Of £700 yes. If you're out of work. Are you?

[LondonManc]

It's for the self employed

From BBC article

"At least half their income needs to have come from self-employment as registered on the 2019-20 tax return filed in January, or averaged over the three previous years. Company owners who pay themselves a dividend are not covered."

Sounds like umbrella contractors are covered. There's a "see, you should have been Inside IR35 all along" moment from Hector if ever there was one.

[mudskipper]

What about the salary element? does that then qualify us for anything in regards to the 80%

I'm pretty sure I read somewhere (but can't remember where) that it had been confirmed that directors could furlough themselves and claim the 80% of their salary.

This scheme is not for LtdCo's - it's for self employed.

[mattster]

What about the salary element? does that then qualify us for anything in regards to the 80%

My understanding (which is loose) is that if you work for yourself in a Ltd company that you own, then you are still classed as "self employed". This is certainly true for mortgages etc. So my guess is that it's a "no", even if you have been fully IR35 compliant (no dividends, full employer NI). And now of course they have explicitly ruled out directors of Ltd companies. Hope I'm wrong though.

[dx4100]

Of £700 yes. If you're out of work. Are you?

Not today... Maybe tomoz...

[mattster]

I'm pretty sure I read somewhere (but can't remember where) that it had been confirmed that directors could furlough themselves and claim the 80% of their salary.

Any source on that?

[escapeUK]

It's for the self employed

From BBC article

"At least half their income needs to have come from self-employment as registered on the 2019-20 tax return filed in January, or averaged over the three previous years. Company owners who pay themselves a dividend are not covered."

Well if we are going off the tax return definition, then we are employees of our limited company. As I already argued in previous posts.

[mudskipper]

Any source on that?

No I can't find it. Thought I'd read it somewhere, but may have dreamt it.