Welcome to the forum. Although you can post in any forum, the USA forum is here in case of local regs or laws
- Thread starter Lou
- Start date
View the thread, titled "Government PAYE Wages / 80% Scheme Thing" which is posted in UK Plumbers Forums on UK Plumbers Forums.
M
Murdoch
Hum, I’m one of the many SE on here and we aren’t being looked after as much as the employed (yet)
They say it’s too difficult BUT if you apply for a mortgage then HMRC issue a SA20 to the mortgage company to confirm earnings and tax paid
So why can’t they use last years SA20 ? That would help the majority of the SE imho
They say it’s too difficult BUT if you apply for a mortgage then HMRC issue a SA20 to the mortgage company to confirm earnings and tax paid
So why can’t they use last years SA20 ? That would help the majority of the SE imho
That sounds a lot like fraud mate. I would report it.
To pay to her. Should have added that bit 😀
I’m still laughing to myself mate.
My accountant informed me that I can pay my employee 80% of their wage but have to claim the money back. If I haven’t got the cash to do that I can apply for a business loan of up to 10k!! So the funds don’t sound, to me, like they’re actually there yet. Unless I’m wrong. Which I hope I am! I’d love to be stood corrected.....
I think your accountant is wrong. HMRC will pay 80% of your wage COSTS, not 100% of 80% of the pre furlough wage. And, yes, you have to pay it and claim it back later.
UK practical business advice: COVID-19 | ICAEW
Coronavirus Job Retention Scheme
Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country, will cover the cost of wages backdated to 1 March 2020 and will be open before the end of April. It will continue for at least three months, and can include workers who were in employment on 28 February.
To claim under the scheme employers will need to:
- designate affected employees as ‘furloughed workers’, and notify employees of this change. Changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation; and
- submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal. HMRC will set out further details on the information required.
- HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month.
I added bold, underline and italics to last bit. That reads to me as if the Govt. will pay 80% of wages actually paid to furlough workers. Not 100% of any agreed payment, even up to £2500. So even if you took 80%, your boss would have to pay 20% of that amount.
I was given this yesterday but unsure how to claim.
House of Commons Public Bill Committee Amendments: Coronavirus Bill pages 14-18 - https://publications.parliament.uk/pa/bills/cbill/58-01/0122/amend/coronavirus_daily_cwh_0320rev.14-18.html?fbclid=IwAR1hsYJtr6PxB5J_bb1NLctI838w71CZcKI-zlTumC790B78udlVvlxMRbw
House of Commons Public Bill Committee Amendments: Coronavirus Bill pages 14-18 - https://publications.parliament.uk/pa/bills/cbill/58-01/0122/amend/coronavirus_daily_cwh_0320rev.14-18.html?fbclid=IwAR1hsYJtr6PxB5J_bb1NLctI838w71CZcKI-zlTumC790B78udlVvlxMRbw
Hasn't been signed off yet by parliament.
I know but as it's emergency legislation hopefully it will not be long buddy.
Hi everyone,
I am in the same boat with limited company. Anyone know how long it will take to reimburse as cant see employers paying out wages if it will take too long to be reimbursed especially as we all don't know what business will be like after. My accountant is saying they are waiting for the government to actually put in place measure to claim these schemes they are offering and i have customers who have basically saying banks have ignored their requests for loans etc.
I know people already getting laid off and can see a lot of companies laying off if lockdown continues after 3 weeks.
Who is going to get a loan and pay interest with no work coming in??
Any info appreciated
I am in the same boat with limited company. Anyone know how long it will take to reimburse as cant see employers paying out wages if it will take too long to be reimbursed especially as we all don't know what business will be like after. My accountant is saying they are waiting for the government to actually put in place measure to claim these schemes they are offering and i have customers who have basically saying banks have ignored their requests for loans etc.
I know people already getting laid off and can see a lot of companies laying off if lockdown continues after 3 weeks.
Who is going to get a loan and pay interest with no work coming in??
Any info appreciated
End of April ;
www.gov.uk
[Withdrawn] Check if you can claim for your employees' wages through the Coronavirus Job Retention Scheme
Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19).
If your se you will receive a letter from the hmrc saying your eligible if your ltd it’s more complicated and best speak to your accountant
Thanks snow head, very cagey the way i read it though, don't like the words EXPECT & thats only for you to make a claim does not say how long claim will take to be processed and money to be in your bank account. Also if you are eligible so could pay this and next wages to everyone and they find some reason your not eligible and then your stuffed, can see why big companies are just laying people off not worth the risk.
Still in limbo, as this is what my Accountant says:-
"However, there remain questions – is it practical or even wise to meet the “do no work” condition which does not apply to the self employed. Can you “furlough” yourself, especially if you are a controlling shareholder director with no employment contract and not subject to National Minimum Wage rules? This would also probably apply to your wife. The government have said that they hope to have the JRS application process ready by the end of April by which time we will hopefully have clarification of the position."
So how do we pay salaries, if we do no work and consequently have no revenue?
Official Sponsors of Plumbers Talk
Reply to the thread, titled "Government PAYE Wages / 80% Scheme Thing" which is posted in UK Plumbers Forums on Plumbers Forums.
Similar plumbing topics
We recommend City Plumbing Supplies, BES, and Plumbing Superstore for all plumbing supplies.
