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Surely your staff are paye, in which case their 80% grant should be paid to you latest end April to allow for April payroll. Likewise you're paye I would have thought for the min amount, and again would be paid end April
Both sets of payments would be backdated to when furlough occurred, though it's not clear if you've furloughed yourself.
Like you I don't pay biz rates so no cash grants from that. But I'm self employed with 6 paye employees, and have been pleased by todays announcement giving self employed parity with paye. June is a stretch, but they've a lot to do!
Have heard bad things about interest rates on the loans today in the press. Still waiting to hear from my bank on their rates etc. It's not going to be easy. My approach is to kick as much down the line as possible and get through the coming days / weeks a day at a time.
What do you do?
I run a small gardening business. My accountant a few years back thought it would be better to be a LTD company so I went with his advice. That would really help if that money is available by the end of April for furloughed staff. I'm in effect an employee of the company so will likely furlough myself but this will only amount to a small amount of money.
How do your customers pay you? We offer payg, monthly dd and prepay for the season. I've just emailed all customers about temp closure and all but a handful are saying keep the dd's running and keep the prepayments for when things return. If you don't offer these methods already, perhaps asking customers to help with the cashflow issue may be of some use. Many of mine said that they had no income issues to being in a particula rindustry or retired, and several said they felt a duty to help small businesses get through this.
I had the same conversation with the accountant a few years ago and couldn't see real benefits of doing it other than liability. Lucky throw of the dice I didn't swap over.
I didn't like the accountant either, he convinced me it was the right thing to do! Nevermind!
Yes we have some great customers and like you I think the majority will see us through. One customer went out of their way to call and tell me so yesterday. The whole thing has really got me down, financial worries are tough and the whole moral dilemma we are faced with. I feel bad for the customers if I don't go and do the work. Many are elderly and rely upon us. It's more than just a gardening business.
On the other hand I think I'll take your advice. Nearly all our customers pay monthly and by direct debit. Thanks for taking the time to message back. I hope all goes well for you.
I'm in the same boat Adam. I've been a Ltd company for seven years now, on the advice of my accountant. Seemed like a sound idea, limiting liabilities, drawing a megure salary and getting a dividend at the end of the year, then paying Corporation tax. All worked out fine until now....I'm definitely noteligible for the new scheme☹️. Luckily I've got plenty saved away due to frugal living and I'm able to continue some of my work, but I'd be stuffed if I didn't have these savings to dip into.
I'm glad you have some money put away. I hope all goes well with you. Luckily my wife has an income, I will probably try and take a loan to cover some costs in the short term.
I have messaged my regular garden maintenance customers now and will see what response I get back. Fingers crossed it goes well. I feel for me personally, it's the right thing to do to stop now but all the best to those that are carrying on for now while they can.
My wife and I work together and we went Ltd a few years ago to get the equivalent of child care vouchers as they weren't doing anything for sole traders at the time. As it's continued to save us a bit of money we never really got round to changing back again.
I haven't looked into it, but going on what you guys say, the fact that we are still able to do a bit of work, and we have some rainy day money so at the moment aren't in financial difficulties I don't expect much from the government.
Just need to tighten our belts a bit as we are taking it in turns to work with the kids off school.
Obviously things will change if the lockdown gets stricter.
Hope you guys manage OK.
I also run as a Ltd. company and have just found this on gov.uk
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.
Hope it is of some help.
Yes, that's correct with most micro business Directors looking to take between ~£8.5k - £12.5k salary, so furlough yourself and it's 80% of the P60 figure