Recent content by Barksy

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    So confused atm

    Why should we have to take out loans when someone who works in a bar or restaurant gets 80% of their pay? What risk do employees take when they turn up for regular salaries? People like the OP and myself don't have any guarantee of income. We have to live on our wits. This is so bloody unfair...
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    Coronavirus relief - where do I fit in?

    Yes, and that means that that income / profit has already been subject to tax (CT) and the director gets a credit for that. So you didn't pay any personal tax on the divi unless you went into the higher rate. I will admit that I was a beneficiary of this for a long time, but it's a long time...
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    Coronavirus relief - where do I fit in?

    You used to pay the dividend with no tax because it had already been paid - Corporation Tax. So you got a credit for the CT so that there wasn't double taxation. You still do but pay at least 7.5% extra dependent on your tax band. Which is roughly equal to the NI that was previously avoided.
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    Coronavirus relief - where do I fit in?

    We also pay extra tax on dividends that was introduced as a remedy to this. Which of course I pay. Swings and roundabouts - we still end up paying it. I keep it at the £715 because I don't have regular profits. Anything extra I can pay is dividends, and again taxed to account for the NI. I...
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    Coronavirus relief - where do I fit in?

    They need to clarify A LOT. As for other comments: I don't have much to cut but luckily my wife has a really good job and we can just about get by on her salary. Even if I got some of the £715 pm it would make a difference. We can't do much anyway so costs should be lower so even that would...
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    Coronavirus relief - where do I fit in?

    Thanks. Seems that way.
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    Coronavirus relief - where do I fit in?

    Mortgage only; we got rid of the other debt last year and this year was supposed to be a new dawn. Yeah right. I still have to live and it seems unfair (if it is the case) that people like me (directors of limited companies with no premises but still paying CT, VAT, personal taxes) might have...
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    Coronavirus relief - where do I fit in?

    Hmmm... I currently pay £715 plus dividends, which of course I am taxed on, which gives me about that much a month. So, possibly, it's just switching it around and doing it via PAYE instead. Can anyone offer anything else on this? Does this 80% scheme apply to businesses outside of pubs...
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    Coronavirus relief - where do I fit in?

    Evening, I'd appreciate some advice - my situation is this: - I'm the director of a limited company - I'm on the payroll as an employee - I pay VAT and Corporation Tax - I don't have premises - I work at home or go to coffee shops etc. - I run an e-commerce company with no stock. Just a...
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    A tale of woe. Don't know what to do....

    Thanks everyone for the replies, and to Lisa for explaining the options. I will be in touch if it comes to it. Still fighting but I think it's getting to the facing reality stage. That's life I guess. Thanks again.
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    A tale of woe. Don't know what to do....

    Thanks everyone - that wasn't as painful as I thought. Lisa, answers to your questions: What entity is the business - i.e a Limited Company, a sole trader or a partnership? Limited company What assets does the business have? A few boxes of old stock, out of date tech really. Worth a few...
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    A tale of woe. Don't know what to do....

    Hello. I have problems, big problems. I'll try to be brief. We got into trouble personally a few years ago after we had kids and had huge nursery bills. My wife didn't tell me and lied about it and we have been on a payment plan for the £89,000 credit card debts. More personal stuff happened at...
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