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If you are a director of a company where you are the sole employee, navigating the support available to help you throughout the Coronavirus outbreak could look like a daunting prospect.
To help you make the most of the support available, we have compiled the following top tips:
Furloughed workers remain on the payroll but may not carry out any work for the employer during the period of furlough.
The good news if you are a director of a small company is that you can furlough yourself. However, the rules appear to be extremely restrictive and limit you to fulfilling only your filing duties under the Companies Act.
While you are furloughed, you can work elsewhere as long as it is not for a linked or associated organisation, but continue to receive your furlough payment.
Time to Pay is only available where all other avenues of financing have been exhausted.
You may be able to claim Child Benefit – if you have children and were previously earning more than £50,000, and opted out of Child Benefit in order not to pay the High Income Child Benefit Charge, you may wish to apply again for Child Benefit.
If you have been paying the High-Income Child Benefit Charge, while still receiving Child Benefit, the situation is more complicated. In these circumstances, your income must fall below £50,000 for a whole tax year before you can stop paying the charge.
For detailed advice, please contact us today.