Limited company director - do I qualify for any of these schemes?

Wed, 04/01/2020 - 07:52 | billie@innov8gd.com

No official scheme has been announced for directors of limited companies, even if they're just one (wo)man bands, and it looks unlikely one is coming, though many are lobbying for it.

However we have it rock solid CONFIRMED limited company directors, even if they're the only employee, can furlough the PAYE element of their income - ie, get 80% of salary up to £2,500/month. This isn't likely to be huge as it's likely more of your income is dividends (and there's no help there), but it's something.

If you do this, technically you can't then work for the firm, but you can continue to perform your statutory obligations as directors, eg, official legal filings. 

The reason for this is that HMRC find it difficult to separate the dividends you get from your own company from dividends that you get from other sources, such as share income. So, you're not eligible for the self-employed support scheme, but - as Martin says - you will be able to furlough yourself under the employees scheme on your PAYE element.

 

Quote from ‘Money Saving Expert’ – Martin Lewis