Limited company advice

Kd12

Hi I own a limited company that started December 19 we are a entertainment agency, our office is a virtual office in London. Due to the virus outbreak all our work has stopped so we can't provide a service to pubs clubs hotels ect. And due to this we have lost a lot of bookings, I was wondering if we will be eligible for this government grant at all.
Kind regards 

neilmcl

I get the feeling that is aimed at the stricter definition of the self-employed and my gut feeling is that ltd co directors will get nothing from it. We'll see when the detail is out but either way it'll based on your 3 year average profit.

Kd12

It's wrong that the company is being hit hard like everyone else in my situation the government should look at helping new business as well even if they don't own the property... We all have to earn and pay in to system.  

Jeremy535897

"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."

fenwick458

i'm sure directors of limited companies will get something. we'll know more tomorrow when the details are out.
I would guess that if you fill in (or your accountant fills in) a self assessment form then your self employed.

Jeremy535897

Jeremy535897 said:

"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."

This is from the Chancellor's published briefing.

Luvoj

Kd12 said:

Hi I own a limited company that started December 19 we are a entertainment agency, our office is a virtual office in London. Due to the virus outbreak all our work has stopped so we can't provide a service to pubs clubs hotels ect. And due to this we have lost a lot of bookings, I was wondering if we will be eligible for this government grant at all.
Kind regards 

Yes, why would you think you are excluded?

#WeAreAllInThisTogether

jonroberts1988

Luvoj said:

Yes, why would you think you are excluded?

I'm in the same category, I was full time PAYE until January 2020 and started my own ltd company on 1st of February 2020. The Self Employed Grant seems unlikely to apply to Directors of Ltd companies and also they are only contacting people who submitted a self assessment tax return in 2019 (where over 50% of their income was self employed). Therefore I won't get contacted.
I don't know what other options there are, but at the moment it looks like my income will be £0 from last week until at least the end of June as all my work involves people.

Kd12

We don't have paye or have we taken and dividends as yet we are still learning on what to do at this hardship times I appreciate that there are alot of people in the same situation I just wanted to know what I can do or what support is out their 

Pmd20

Hi I am a director of a limited company being paid part salary part dividend. I understand I may be eligible to receive 80% of the salaried part but not any earnings received through dividends. However, to make matters worse, I spent 4 months last year working for the NHS as our funding was reduced. Does any body know how this effects the job retention scheme? As an example if somebody had earned a salary from Jan 19 to Dec 20 through one employer then started work in Jan 20 for another employer, will the 80% be based on earnings from previous year or projections from new year? Hope that makes sense. Any advice is welcome

Jeremy535897

Lots of similar questions here. I won't repeat the published guidance I posted above. On the question of what you might get under the scheme, see:
https://www.gov.uk/guidance/check-if-you-could-be-covered-by-the-coronavirus-job-retention-scheme
For example, it says how earnings are calculated.
You can only be furloughed from a job if you were on the payroll at 28 February 2020.
If you (the employing company) don't have a PAYE scheme you can't apply (see my earlier post).
Limited companies and their directors can't claim the self employment grant.