Has anyone actually got a grant loan or any help from Gov?

[Wolfie]

 

 

I’m also a company director but as long as you produce for the company you are still classed as employed. From what my office has told me you can furlong your self. This will be what’s happing to me as well if I can’t secure jobs for the week after next.

 

Do you pay your self through divadince?

 

The problem is that to also put yourself as furloughed as a director, it means that you can do nothing at all for the business which is impossible for most directors.

 

[benedmonds]

7 hours ago, Wolfie said:

 

The problem is that to also put yourself as furloughed as a director, it means that you can do nothing at all for the business which is impossible for most directors.

 

I think the rules or restrictions have been made less onerous and you are allowed to do the minimum to keep the business going.. But if you are not doing invoiceable work who is going to know.. There are also quite a few business groups lobbying government to sort some help for directors who pay themselves via dividends.. So fingers crossed. 

[tom2tom]

I think the rules or restrictions have been made less onerous and you are allowed to do the minimum to keep the business going.. But if you are not doing invoiceable work who is going to know.. There are also quite a few business groups lobbying government to sort some help for directors who pay themselves via dividends.. So fingers crossed. 

 

Yeh your right, I’m allowed to do things to keep the business running or as we are calling it now ‘hibantion’. Stuff like process wages, reply to emails, talk to clients, etc. I’m not an expert in it, just what’s been fed from office.

 

I do hope they do something about the divadince but I don’t think they will sadly.

[benedmonds]

2 hours ago, tom2tom said:

 

Yeh your right, I’m allowed to do things 

 

I do hope they do something about the divadince but I don’t think they will sadly.

Lots of directors pay the majority of there salary via dividends and There is lots of lobbying going on from small businesses groups. Hopefully there will be something to help now but we may find we end up paying for it in the future as they are likely to want to claw back the cash in the future..

[Paul Jenks]

15 hours ago, Wolfie said:

 

The problem is that to also put yourself as furloughed as a director, it means that you can do nothing at all for the business which is impossible for most directors.

 

There is little clarity on this matter from UK Government. The CBI and the IOD say directors are allowed to carry out their statutory duties. 

Alas, this doesn't mean quoting and answering the phone.

(how much investigation will be done to check your adherence to the activity limitations during or after this current crisis, is a moot point.)

[Paul Jenks]

I've just received this from the Head of Tax and Business Law at the ACCA

 

Where a company has multiple directors then any who are paid through PAYE can be furloughed provided that at least one individual remains in office for statutory purposes. Unfortunately we still don’t have a definitive position for sole director/employee companies. Some commentators have indicated that they might have had particular views expressed by HMT sources etc but that’s not particularly helpful when we don’t have formal guidance in place.

 

The issue of sole director/employee companies is one that ACCA (along with the other professional bodies and the IoD) is pressing hard on with HMRC/HMT. There has been a lot of discussion around the technical distinction between the director as employee and the Office of director and whether the duties of the two can be separated within the existing guidance so as to allow the employment to be furloughed without the company/director breaching Companies Acts requirements. As soon as we have a clear, published official position to share we will let members know.

[Puffingbilly413]

1 hour ago, Paul Jenks said:

I've just received this from the Head of Tax and Business Law at the ACCA

 

Where a company has multiple directors then any who are paid through PAYE can be furloughed provided that at least one individual remains in office for statutory purposes. Unfortunately we still don’t have a definitive position for sole director/employee companies. Some commentators have indicated that they might have had particular views expressed by HMT sources etc but that’s not particularly helpful when we don’t have formal guidance in place.

 

The issue of sole director/employee companies is one that ACCA (along with the other professional bodies and the IoD) is pressing hard on with HMRC/HMT. There has been a lot of discussion around the technical distinction between the director as employee and the Office of director and whether the duties of the two can be separated within the existing guidance so as to allow the employment to be furloughed without the company/director breaching Companies Acts requirements. As soon as we have a clear, published official position to share we will let members know.

Thanks for posting. I wonder how they would treat sole director/employees when they haven't been taking a salary in order to either give the firm some extra cash or to pay off existing creditors more quickly?