D
Deleted member 23452
Guest
It's not about poking into your finances or an opportunity to play Billy Big Balls, just to get some numbers.
smoother09
Well-Known Member
Not going to be what I have and what the government are going to give me I reckon I will be better off especially as I have nothing to spend it on at the minute 
I’m ltd so as a company director I’m entitled to nothing,so by doing the right thing and closing projects down I could have kept going on some this week but opted not to. this week I’ve earned less than nothing as I’m still paying wages (.Although I’ll reimbursed at the end of April) ive still to pay them out until then, I’ve tens of thousands currently out on half finished projects i can’t invoice for. I’ve a surplus of cash I’ve saved over the years but it’s not indefinite.
Theres talk of extending the period another 2 weeks today. The problem is it’s just pushing it further down the road and risk another rush on cases when it’s passed.
The economy will collapse, it’s not realistic the government knows this, the vulnerable will have to stay at home, and pubs etc will still be closed ,but the rest will have to go through herd mentality you’d think.
johniosaif
Private Member
Going to be cold turkey for smokers , drinkers , drug users at the bottom of the earnings
Gibbo
Well-Known Member
You can furlough yourself now owls so you can get help if needed
It’s only on declared income, if you take your income through dividends (as I do) you get nothing, as it income on profits.
tapit
Well-Known Member
I think everyone is fine for three months but it is about survival at the moment not luxury.
ThePostman
Active Member
Money might not mean too much soon. There's social unrest in Italy at the moment. There's food shortages, and where there is food available, some are now left with no money to buy it. They've just announced 400 million worth of food-stamps are to be issued. Think that's why Trump had to pull back from quarantining New York. Would be carnage. Like Kurt Russell in Escape from New York. Got a sister there and she's scared. Say's it feels like a tipping point. Gun shops can remain open because they are considered essential. Only in America
news.sky.com
Coronavirus: Italy becoming impatient with lockdown - and social unrest is brewing
Police descend on a supermarket after reports people have stolen food to feed themselves, as patience turns to desperation.
news.sky.com
ThePostman
Active Member
It's just best to plan for the worse, but hope for the best. I think if we start seeing large scale civil unrest in Italy we should be worried here. I don't know what the answer is. Think America this week were even considering a new fiat currency called the digital dollar. Worrying times. But you can guarantee at the end of it we'll be a cashless society with draconian surveillance legislation passed that will never be repealed
Monkeynuts39
Active Member
I am ltd company, I have a dividend for myself and also pay myself a wage and my wife and mum a wage ,my accountant said I will get 80% of the wages but not the dividend
That’s what I said,
But your wage won’t be a lot as you’ll take the bulk as dividends otherwise there’s no point in being ltd.
Monkeynuts39
Active Member
That is true but I will still get the other two wages back , obviously no profit to be made but not a great loss either
Tom mcphail
Member
I'm sole trader,only just aswell but read everything about it,ltd company directors can claim 80% of your salary so if u pay urself £12 k a year minimum wage then your entitled to 80% of that so saying ur entitled to nothing is in accurate,also if your a buisness with a yard and pay little or no buisness rates you can claim a £10k grant
Tom mcphail
Member
You said you was getting nothing? 80% of something is better than 80% of nothing
Technically your right,
But In real terms it’s nothing to me personally I’m still paying out employer insurances, van insurances, Chas accreditation’s, accountancy bills etc the work stops but the bills coming in don’t, my fixed liabilities are a lot more than £800 a month or what ever it works out.
Tom mcphail
Member
Agreed,that's where saving 12.5% of tax on paying yourself minimum wage comes into effect..once in a lifetime thing you wouldn't know as no one would,but there will be some directors out there that paid themselves £25-£30k salary so there will be laughing just shame you didnt
FreeD
Private Member
Money might not mean too much soon. There's social unrest in Italy at the moment. There's food shortages, and where there is food available, some are now left with no money to buy it. They've just announced 400 million worth of food-stamps are to be issued. Think that's why Trump had to pull back from quarantining New York. Would be carnage. Like Kurt Russell in Escape from New York. Got a sister there and she's scared. Say's it feels like a tipping point. Gun shops can remain open because they are considered essential. Only in America
Coronavirus: Italy becoming impatient with lockdown - and social unrest is brewing
Police descend on a supermarket after reports people have stolen food to feed themselves, as patience turns to desperation.
Problem with Italy and Spain is they have large black economies...around 50% or more work cash in hand.
johniosaif
Private Member
The culture here is in different groups , you have feral groups , to working class , to
Middle class to wealthy to billionaires, sadly a lot of feral amongst us , they continuously feel they’re put upon
tapit
Well-Known Member
Do you pay tax on dividends, what is the fiddle? (I mean advantage)
D
Deleted member 23452
Guest
That stings a bit, I'm in a similar position to the point I have materials sitting on the job just waiting for bodies.
It's a fcuker but there's nothing to be done about it except pull the drawbridge up and wait it out.
theclemo
Private Member
Yep I have a mate in northern Ireland same as u. It's a joke
D
Deleted member 46546
Guest
Don't think you pay tax on dividends up to 2k, then it's 7.5%.
Think whole system should be scrapped really. Just pay yourself a wage and forget all about dividends
Tom mcphail
Member
You need to brush up on your knowledge my good friend..of course you pay tax on dividends,it goes up in stages depending on how much u pay yourself etc,I think first £2I is tax free then goes up % points the more you take but tax wise your alot better off,so when s**t has hit the fan,like it has and you've only taken £12k salary,I'm afraid you've made your bed
tapit
Well-Known Member
Hang on a while there will be plenty bodies available.
Tom mcphail
Member
Not cool
tapit
Well-Known Member
That's what he said above, more or less?
D
Deleted member 23452
Guest
I haven't bothered with the salary bit for years, too much faffing around if I'm honest. The accountant still does the PAYE stuff for it and sends me a payslip.
As for the benefits and drawbacks when it hits the fan like now. Well unless you're making mistakes in planning or spending it still works out well in your favour to be a VAT reg Ltd co in big ways and small ways. Big ways are the cumulative tax savings which 'should' be way more in the last 12 months than you would get as 80% of 3 months worth of a £30k salary. Small ways are things like the instant 20% reduction in the cost of a laptop for example.
Where it gets away from people however they get their money is when they start to think it will always be like it is at that moment. It won't, it can all be taken away in an instant for a variety of reasons. Accept that, plan accordingly and you'll be OK for at least a few months.
I know people who have fcuk all invested or in the bank. Yet they have a new van (usually leased) new car, two or three foreign holidays a year, multiple TV's and tech gadgets, eye watering mortgages/rent, expensive wardrobe etc etc. All 'affordable' on a monthly basis when everything's going along nicely.As soon as that changes ........