Sole Director / Coronavirus

jadex

Potbellypig said:

I was searching for some answers to this too as I'm in the same position. Consultancy company, sole director, only employee and pay myself a wage and a dividend. Expecting the bad news soon and was wondering how or if people like me can even be helped financially during this time. I'm sure all will be revealed soon but I'm not feeling particularly confident in truth. 

If you (as a company) would furloughed yourself (as a Director), then you would be forbidden to do any work for your company in order to claim 80%.
Now, that 80% would have to be claimed by a Company i.e. Director but at this time your company would be having none.
Besides, no limited company can be "Directorless", so I'm afraid it's a no-no

p00hsticks

justwhat said:

director Dave Originally employed / PAYE his wife,sister and daughter. 
Correct me if i am wrong but all the  LTD has to do now is pay them 20% wage and .gov will pay the rest.  Dave is not going to pay them off even if the LTD is running at a loss.
And surely Dave , if PAYE the .gov is going to pay him, unless they put something in place. (unless like mortgages the count him as SE)

As I understand it (from listening to Radio 4 Moneybox) the 80% wage is going to be based on what has already been reported to HMRC as the February PAYE earnings so IF Dave was genuinely employing his wife, sister and daughter before all this happened then he could furlough them and legitimately use the job retention scheme to continue to pay them 80% of what he originally piad them in February

Jeremy535897

I wouldn't rely on Radio 4 Moneybox. These details have not been published. They could change. I have a feeling that those allowing entry into the coronavirus job retention scheme are going to look very carefully at companies that just employ family members. I know I would.