Self Employed

[cosmic]

So this is only applicable to those currently out of gigs?

What about those that were on the bench before COVID and didn't have any gigs?

I assume there is a large proportion of contractors still working, so no need for them to claim - unless they have been told they're unable to work from home by client...

We have been shafted. All IT contractors work through ltd. If you do you are a one man band who is a director who pays min 700 per month and rest through div.

I'm pissed because 90% are ok but contractors like us who pay most tax in uk are excluded. All they need to do is look at out tax return and our corp tax. If above threshold then no need but not everyone who runs a business gets loads of money.

Looks like most contractors gonna be shafted and on dole means less tax for gov. To top it off they want to shaft us more once we are out of this mess by the looks of it.

Screw this gov.

[GhostofTarbera]

It's situations like this where the company warchest comes in handy.

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Twat


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[mattster]

Treasury says: "Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes"

https://twitter.com/gompertz/status/1243227204026273795

That's a tweet from someone I've never heard of, but 80% of min wage is better than nothing. Haven't been able to find any other source.

edit: That quote is actually on the gov page: Chancellor gives support to millions of self-employed individuals - GOV.UK

[PerfectStorm]

There’s still an argument as to whether a director of a company - who has as much of a job as they always have done, clients or not, is “covered” - what have they lost?

We need the experts to chew this over

[pauldee]

What exactly does he mean by 'profit'? Profit is what's left after you have paid all overheads, including salary, or what you pay corporation tax on?

If you've been inside IR35 for the last year, you have no profit, because everything is technically salary? So you're entitled to nothing?

[dx4100]

So being IR35 caught in a few gigs over the last couple of years may now work in my favour ?

I wonder what period you have to use ?

[jamesbrown]

We have been shafted. All IT contractors work through ltd. If you do you are a one man band who is a director who pays min 700 per month and rest through div.

I'm pissed because 90% are ok but contractors like us who pay most tax in uk are excluded. All they need to do is look at out tax return and our corp tax. If above threshold then no need but not everyone who runs a business gets loads of money.

Looks like most contractors gonna be shafted and on dole means less tax for gov. To top it off they want to shaft us more once we are out of this mess by the looks of it.

Screw this gov.

Depends what you mean by shafted. I agree the situation as you describe it:

https://twitter.com/TorstenBell/stat...28794841968643

However, I don't agree that we should be treated like employees or that "equal" treatment means the same treatment as employees or sole traders. We're business owners. Don't we keep saying that during the good times?

[Paralytic]

What exactly does he mean by 'profit'? Profit is what's left after you have paid all overheads, including salary, or what you pay corporation tax on?

If you've been inside IR35 for the last year, you have no profit, because everything is technically salary? So you're entitled to nothing?

It's what your put in your self-employed Self Assessment return.

The fact you're talking about IR35 means you're not self-employed so the package announced today does not apply. So, you're right that you're entitled to nothing, but not for the reasons you think.

I really does concern me how many people seem to have so little understanding of the commercial and legal arrangements under which they engage.

[dx4100]

Personally I think its "fair" now its been confirmed our salary elements will be covered.

It would of been beyond silly to expect the dividend potion to be covered surely ?

[Paralytic]

Personally I think its "fair" now its been confirmed our salary elements will be covered.

It would of been beyond silly to expect the dividend potion to be covered surely ?

Where has this been "confirmed"? Im skeptical that any director will just be able to furlough themselves and claim back 80% of their base salary.