COVID-19 support


#1

I can not find much support for a limited company that runs an Amazon business without property (business rates).

The only things that seems to be available is the business interruption loan and the furlough employee scheme.

As a director I am employed but can not furlough myself as I am still doing some work. Even if I shut my shop I would still need to complete VAT returns, run payroll etc.

Am I missing anything?


#2

I’m in the same boat. Does seem liked we have be missed out.
Not sure what I’m going to do.


#3

I’m on the same boat too. I’ve a limited company but work from home. I am the company director as well as an employee of my own company no one else works with me or for me. As I am working from home, I do not pay business rates etc. My sales are down and no idea on how I’ll pay myself etc…though I still have to do my taxes, VAT returns (I’m VAT registered), run payroll, and go to the Royal Mail DO to post my grey sacks.


#4

In the same boat as you guys . Not sure how we are going to jump away from this sinking ship . Can’t even claim today’s self-employed grant … nothing for us really .

Gov is quick to ask for TAX TAX TAX … but when we need help … there’s two fingers up " where the sun don’t shine "


#5

OK, I am the same as everybody who has just posted here (but not VAT registered). The best option for all of you (if you need financial support) is the CBILS loan. However, be aware that some banks are requiring personal guarantees at present (though this may change as my local MP has raised it with the Treasury) because the Bank of England is the guarantor of the 80%. You cannot furlough yourself if you are still doing some work. However, if you were like me and forced into 12 week isolation, technically I cannot work because I cannot buy stock or send goods to FBA etc. I am therefore, technically, furloughed. I am an employee of the company (the only one) as well as the only director, secretary and 100% shareholder. This issue has been previously raised and it depends also if you pay yourself a minimum salary (like me) and then take a dividend or you take a normal salary. I would not be eligible for the salary grant but I would be for the CBILS. I’m not applying for either, incidentally, but I have the advice from the accountant.


#6

Try filling up the CBILS forms .

Bank won’t loan money just like that . they win all the time .


#7

They’re an absolute doddle. Santander sent us the link for it and it was dead easy. Please don’t scaremonger unnecessarily.


#8

Thanks for the information much appreciated.

Some of my suppliers have closed so I cannot get the fast moving stock. I only give myself a PAYE at end of the month. I’m also not in isolation, just do the daily drive to post my grey sacks and then back home. I can work which is fine by me but my stock is low and sales are now down too. I do not do any FBA or SFP, and my only carrier is Royal Mail as everything is Large Letters.

Do you think if I stopped my business and went on ‘Holiday Mode’ I would be able to get the PAYE 80% that they introduced? Or will this be unavailable for me as I’m not sick or in isolation. Does it count as ‘Furloughed’?

Thank You


#9

Hi Xia
If all of your suppliers closed, you couldn’t do your normal trading so you would technically be furloughed. Even though I am in 12 week isolation (because of being in the very high risk category), I couldn’t do my job, per se, because my suppliers are auctions, car boot sales, charity shops, as the majority of my stuff is retro or vintage and, invariably, used. However, I also had enough stock to still continue trading without leaving the isolation so I wouldn’t be furloughed. It is a very tricky definition for such as yourself. However, there’s nothing wrong with applying for the grant. The worst that can happen is they say no.


#10

Thank you very much for the informative response.

I will try and see what can be done for myself and the business. You are right if they say no they say no, but worth a try to find out.

Hope you and others in 12 week isolation do not pull your hair out. Wish everyone a quick recovery and stay safe, we will get through this :slight_smile:

Thanks again for your responses.


#11

I have massive gardens, Xia, with enough work in them to last a year. The weather has been glorious, I live out on the moors, away from civilisation so I can easily tolerate isolation. If it rains, I go in the greenhouse or the potting shed (and there’s always the accounts to do, of course lol). Good luck to you. :hugs:


#12

It’s OK Ian, we won’t ask what you are growing :rofl:


#13

Flowers and vegetables, Adrian (it’s the neighbours who are on the wacky baccy) :persevere:
Exhibit A :rofl:


#14

I’m a director and work from home too, I’m in isolation as royal mail collects my post so I don’t go anywhere, but my sales are so low I’ll probably only be able to pay tax, vat and my accountant, staying open is the only choice as it will benefit in the long run. My husband is self employed and received info from HMRC this morning and one of the points were:

Directors of their own company paid through PAYE, may be able to get support using the Job Retention Scheme

Now, I’m not sure if that means you have to shut or can you continue trading, and does it only cover salary or dividends too? Anyway my accountant said he’s looking into it and will update me shortly. I’m happy to share any info I receive back on this thread.

Good luck! And amazing garden Ian!

Mika


#15

Nice pond & flowerbed Retro. How are the dogs? Thank you for all the valuable information you are posting on the forums. All the information you are giving makes it a lot easier to understand what the government is spouting out.

Stay safe everyone.


#16

The banks want so much security and guarantee and in my opinion are making it hard for anyone to get access. Have you received your loan yet?


#17

Thats really nice if this lockdown drags on I can see myself putting one of those in place. I love the sound of running water proper relaxing.


#18

Mika,
“Directors of their own company paid through PAYE, may be able to get support using the Job Retention Scheme” Found the link to this on the gov.uk page but it just takes you to the Job Retention Scheme page and can’t find any further details on there. Our accoutant is trying to find out more for us and there are lots of us in the same position. If I get any info I’ll post it on here


#19

Hey all,

Just received an email from HMRC, thought I’d post it here (maybe a lot of people got it too).

"Dear customer,

The government is committed to doing whatever it takes to support businesses and individuals through the Coronavirus pandemic. On 20 March as part of these efforts the Chancellor announced the Coronavirus Job Retention Scheme.

This funding will be open to all employers with a PAYE payroll scheme that was created and started on or before 28 February 2020, including charities. Employers can apply for grants of 80% of furloughed employees’ (employees on a leave of absence) monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage, provided they keep the worker employed. The scheme will cover the cost of wages backdated to 1 March 2020, if applicable.

HMRC have been working night and day to develop this scheme, and we can now confirm that we have been able to publish further details of the scheme on GOV‌.UK. We are aiming to have the scheme up and running by the end of April 2020. More detailed guidance will be published in due course and please be assured we will advise you when the scheme is open.

Guidance for employers is available on **[GOV.UK]

We recommend you view the guidance which will be updated as the scheme is further developed, and in line with any further government announcements.

In the meantime, we will continue to keep you informed to ensure that you have access to the assistance you need.

Yours sincerely"


#20

I’ve not applied for anything as we are ok, thanks. I just get updates from the accountants.