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It became clearer after a few days and less draconian than we all had thought. A director can carry out statutory duties, keeping the company ticking over, bank and accounts work, and still furlough their own pay. Whilst continued trading will be picked up by VAT returns, bank movements and...

His knowledge across an incredibly wide swath of consumer law is immense, he really has saved countless folk money. But dabbling in tax is fraught, we know a fair amount, but have to check many areas, whilst some are complex and best left to other experts. The recent HMRC delays in firming...

Me too. There are also people who can’t help but boast a bit about their financial success, even to mates. Working in finance I get to see the truth behind life stories, where on the face of it there’s the lovely car, etc. Meaning that I often take these tales, with a healthy dose of cynicism.

I saw that on live TV, was there where ML said he was came up with the idea literally as he was speaking? As it was off the cuff, I didn’t take it seriously as a plan.

Is your one man band a limited company?

Self employed are in a better position. You can carry on working AND claim the financial assistance if average annual taxable profits were not greater than £50k 6/4/16 to 5/4/19. A generous scheme. One word of warning, I think the payouts will ultimately be taxable through your later tax...

He could, but almost everyone and anyone running a family or one man band limited company, only pays themselves a nominal salary eg now £832 a month. [A touchy tax subject on NSC btw, let’s not go there]. The rest is drawn out in dividends. He can’t now suddenly pay himself a higher salary to...

Right, if his company now has zero custom, he can probably furlough his nominal salary. At say £832 a month, in effect HMRC will be subsidising that in the sum of £666 per month. If his company has current business, he can’t and imho will be caught out either when claiming or more likely down...

I wasn’t questioning your advice, you know more than me, I think you’re actively helping clients through the minefield of all the moves that can be made. :smile:

I totally believed your story. I’d be interested to know whether he’s self employed or running a limited company, so I can comment on significant income and tax implications of his bountiful situation.

Was he an employee, self employed or did he operate through a one man band limited company?

Isn't the more recent clarification that directors can claim furloughed wages (albeit normally on the nominal pay of c. £8,700 p.a.) if they are now only carrying out statutory duties? .

Agree with everything you've said. LBC was heart-wrenching this morning on the James O'Brien show. Callers in really bad places mentally through loneliness, or new debts/a loss of income, confident kids who thrive at school really struggling mentally. Lockdown will give a very heavy price on...

Not money to burn, that was going to huge new state debt too.

Every major country has colossal net state debt in the $trillions, even Germany, Canada and China. Because populaces have always demanded state spending well ahead of tax revenues. 'Investment', annual budget deficits and servicing the debt, the three causes. Low population countries with...

It's unlimited in reality, as the government/BOE create money.