Small limited company - Just me - Can the government help me

septemberbaby

I am really struggling to find any answers as to what I can do. So I have a limited company a small recruitment business. I can not do any business right now as none of my clients are recruiting and I’m home schooling my two children from Monday onwards. I don’t pay business rates but I need to pay services suppliers, pay myself a wage and I have no idea who helps me if anyone or what I need to do. Any advice really welcome here. 

KatrinaWaves

Support for businesses through the Coronavirus Business Interruption Loan Scheme

A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch next week to support primarily small and medium sized businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value. Businesses can access the first 6 months of that finance interest free, as government will cover the first 6 months of interest payments. Further details, including on the lenders providing access to this scheme will be announced in the coming days, and the scheme will be available from early week commencing 23 March 2020.

KatrinaWaves

Jsacker said:

KatrinaWaves said:

Support for businesses through the Coronavirus Business Interruption Loan Scheme

A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch next week to support primarily small and medium sized businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value. Businesses can access the first 6 months of that finance interest free, as government will cover the first 6 months of interest payments. Further details, including on the lenders providing access to this scheme will be announced in the coming days, and the scheme will be available from early week commencing 23 March 2020.

Surprisingly helpful from you! Let's hope that it includes the protection of jobs, too! 

Surprisingly helpful? I see. Maybe I should just tell people to call ACAS or a charity on every post to be helpful all the time  

KatrinaWaves

OP is an employee.

KatrinaWaves

OP is also employed by her limited company she just happens to own it. She is still an employee of the company. 

KatrinaWaves

The OP and her company are separate entities. She is paid by her company. 

You really need to do a little more research. Maybe ring ACAS, I’m sure they have plenty of time at the moment to talk about mobile phone use and limited company structures. 

calcotti

If your income has dropped you could look at entitlement to Universal Credit https://www.citizensadvice.org.uk/benefits/universal-credit/

There are calculators here https://www.gov.uk/benefits-calculators

For UC you would need to report all business income and expenditure each month. If you are the sole owner the difference will be taken as earnings. If you pay yourself a salary this will be earnings but they will count as a business expense.