CAN'T FURLOUGH

bartman612

My scenario is this.All my employees are furloughed which means I have to fund 80% of their wages until it can be reclaimed.I don't know when that may be.I am still doing emergency work to keep  some money coming in to meet the overheads.Being a Director I can't furlough my self because i still work but not drawing a wage because their isn't enough revenue to go round.
I thought about the business interruption loan but I can't see how I could pay it back

neilmcl

When you say you're still working what does that entail? If it's just your duties as a director, admin, payroll etc then this should be OK. As long as your not providing further services for your company or anything that would be deemed income generating then you can furlough yourself as well.

mattyprice4004

I'd use savings to tide you over - your accountant should be able to help you use personal savings to support the business, then move them back once all this has settled and you have the cash again. 

bartman612

i am back on the tools trying to get a bit of income in to pay for ongoing overheads.Does anyone know how long it takes to claim furlough money.

sharpe106

April they said but lets be honest the government track record is not exactly great, that is even with things they have planned for years. If you still have work why have you furloughed all your employees? The scheme might be good for employees but it is terrible for business that need to make money to survive. 

whizzywoo

According to the Martin Lewis briefing lone company directors are allowed to furlough themselves under the Job Retention Scheme.
They are allowed to carry out minimal admin duties such as statutory filings etc during the furlough period.  I would think that running payroll and completing VAT returns would count as statutory filing.  However they are NOT allowed to carry out any income generating duties. 
The Job Retention Scheme does NOT cover company dividends paid only salary paid through a proper PAYE scheme.
See Martin's comments here:
https://www.moneysavingexpert.com/news/2020/03/coronavirus-self-employed-and-employment-help/?utm_source=MSE_Newsletter&utm_medium=email&utm_term=31-Mar-20-50599902-1684&utm_campaign=nt-hiya&utm_content=15#limited

bartman612

I am now on the tools but only if the phone rings,so I can't furlough myself but need to pay for the overheads which includes 5 van hp,insurance that i have to have,business insurance etc .I have some money in the bank but that's needed to pay suppliers.
Also not eligible for 10k business support.