Help for Limited companies who pay themselves dividends

maxsound

I am the director of my own small limited company. I have no employees. I pay myself dividends when I can afford to do so. 

I have been down every avenue I can think of to try & find out if there is, or will be, any government support available to me (excluding loans & credits) but to no avail. 

Can anyone offer any advice on my situation?

 

Hermann

Grant from the Local Authority if you have premises.

Universal Credit if you have below the savings limit, and are not already getting Tax Credits. Tax Credits are automatically cancelled if you claim UC.

maxsound

Hi, i`m just above the savings limit but that`s towards when i retire!

maxsound

Forgot to say i work from home so i don`t have premises or pay business rates

Hermann

Are they in a retirement fund/scheme or just general savings?

Have you any debts or expenses you could pay to bring your savings below the limit?

It looks like UC or Savings. not aware of anything else available, and it's been asked many times on here.

jfinnie

For some cashflow benefit If VAT registered you could take advantage of the VAT deferment scheme, or contact HMRC about "time to pay" if you have other pending tax payments.
Of course these are just putting off bills you already have accrued, so you have to be mindful of whether this is ultimately helpful or not to your business.

maxsound

Hello all, The funds are in just general savings , i`m not vat registered (thank god) but seems like everyone is saying the same thing being there`s absolutely no help available regarding any kind of grant what so ever for any of us in this category which to me is disgusting.
The government really do need to address this as soon as possible because how can any business survive on nothing?

Thrugelmir

By paying yourself via dividends you've been able to minimise your tax liability. Seems reasonable to use these savings rather than receive further taxpayer support in the first instance. 

jfinnie

maxsound said:

Hello all, The funds are in just general savings , i`m not vat registered (thank god) but seems like everyone is saying the same thing being there`s absolutely no help available regarding any kind of grant what so ever for any of us in this category which to me is disgusting.
The government really do need to address this as soon as possible because how can any business survive on nothing?

Dividends vs salary is a choice at the end of the day which I guess many may not make again when this is over (or maybe will continue to, having weighed up the risk vs reward of their situation).  The Govt aren't underwriting the profits of any business at the moment (large or small), they're just trying to keep businesses on life support via furlough schemes and grants to help cover property costs.

warby68

If there is no work at all in your business, would you be able to take a PAYE job to tide you over?
Did you have Business Interruption Cover within your insurance package? (slim chance of a claim but you never know)
Did you not have a small PAYE salary as well as the discretionary dividends? That can be furloughed if you have no income generating work.

maxsound

I can see where you are all coming from with this and i do get it but feels wrong most other's are getting help who have savings.
Now one predicted any of this happening otherwise i`d had chosen not to pay myself via dividends and certainly not be a ltd company that`s for sure.