Director of PLC

moneyqueries

Hi 

I’ve got a job in the public sector and do this part time AND I’m a director of a limited company (not on PAYE just take dividends)

since COVID-19 my company cannot work until it all settled 

am I entitled
to anything? 

I’m gutting because my business bought upto 35k of my income and now I’ll lose out on a massive chunk of money

Am I  regarded as Self
employed, employed or freelancer? Do I fall into any of the financial support categories? 

Thank
you for any support and guidance 

calcotti

You are both employed and self employe. It’s not clear from your post whether or not your employer is proposing to pay you anything nor whether you are still getting dividends.

Jeremy535897

We don't think sole director companies can join the coronavirus retention scheme but as you take no wage there's nothing to pay 80% of. I assume your job precludes universal credit, so no help at present other than a mortgage holiday if you have one.

moneyqueries

I was taking the dividends as my wage ....

Jeremy535897

To minimise NIC I assume. Understandable but could now be unfortunate, although as I said I doubt there is any chance of the job retention scheme applying to one person companies. Maybe there will be some help in the next few days.

calcotti

moneyqueries said:

I was taking the dividends as my wage ....

Dividends are not earnings for tax purposes. Their tax treatment is different.

moneyqueries

So from what I understand I’m not regarded as self employed then....?

moneyqueries

Me and my husband are both directors ....also we are in the first year (8 months in to the new business) so haven’t done our self assessment yet as it wasn’t due ...... so no information has been submitted yet ......will that affect anything or does that Impact how we proceed or does that give us some chance before we submit it 

calcotti

moneyqueries said:

So from what I understand I’m not regarded as self employed then....?

In respect of your own company, for Universal Credit you would be treated as self employed. For tax purposes you are treated as employed because you have structured the business as a company.

I infer that you are still getting your public sector salary.