Ltd Companies - what’s everyone doing?

[KeysDontBelongInTheFridge]

Hi,

Does anyone have a Limited Company? Just wondering what everyone is doing? My work has completely folded for the time being and I’m
at a bit of a loss. I pay myself and my partner a salary and then we take dividends from the company, so we would not be entitled to the 80%, nor would we be entitled to Universal Credit. Nightmare.

If anyone has any tips let me know. I’ve taken a 3 months payment holiday from our mortgage, but apart from that I have no idea.

Aaargghhhhhhh

... anyone?!

You will be entitled to UC now, they have removed the self employed floor. It's not a lot though.

I'm feeling angrier and angrier at the SE being left high and dry. "Oh its difficult". Its fucking clear enough to them when they take our tax off us!

I’m in the same situation so I’m no help. Luckily I still have one key client & took on a new one which has a little business to put my way. We are extremely lucky in that we don’t have a residential mortgage & our BTL tent (now the mortgage is interest only until this is over) covers our outgoings. It’s scary times.

"If you are self-employed we are expecting more information from the government about a support package later this week and we will update our resources as soon as we can. In the meantime the government Business Support Helpline on 0300 456 3565 (Monday to Friday, 9am to 6pm) can give advice on existing measures in place to help you."

www.entitledto.co.uk/help/Coronavirus_help

Surely you are employees of a limited company. You should be entitled to 80% of the salary the company pays you. It won't cover your dividend income.

Correct. If you are doing the usual thing of paying urself about 10k then you’ll be able to get 8k each

It's capped at £2500 per month so you won't be able to get £8k. I think it's going to be a nightmare- my DH is PAYE but still working but his colleagues who have been furloughed seem to think that they will need to be paid by the company and then reimbursed by HMRC. It really is a matter of how quick they will be a able to process everything. The problem is for some companies (assuming like OP) they won't have the cash to pay the wages.