Corona Crisis help for directors of Limited Companies

Martin Lewis has looked at how limited companies may be able to get help from the government.

Key points:

If you are having PAYE, you can go on the furlough scheme.

You CAN’T work any more, however:
You CAN continue to do your statutory duties, such as filing tax returns.
You CAN’T generate revenue. (With that there are issues about what it means, so the rules and guidance are not clear and Martin Lewis is giving some examples.

You could, for instance, prepare marketing material for your company that may in future generate sales, that may be acceptable, although he can’t guarantee it as there is no clear guidance on this.

You could also work in your profession, whilst on furlough, for a different Ltd company.

Worth the watch, thank you Mr. Lewis for spending your time and using your connections to finding things out.

You can also apply for universal credit whether you are on the furlough scheme or not. You need to check if you are eligible, and there are things such as savings being taken into consideration. However, you can at least apply if you are struggling, worst case you can’t claim.

Hope this helps…