Help coming for those who pay themselves dividends?
Discussion
Copied and pasted from 9/01/21 -
"Meanwhile he [Rishi Sunak] is drawing up plans to bail out up to a million small businesses who have missed out on financial support during the pandemic.
The Chancellor is facing mounting pressure to help small traders who have not had a penny in help because they pay themselves through dividends.
Under one £3billion proposal, sole directors of limited companies hit by the lockdowns would receive 80 per cent of their normal income.
Treasury minister Jesse Norman has been examining plans for a Directors Income Support Scheme, which would pay grants of up to £7,500 to cover three months of lost profits.
It would be limited to those who earn less than £50,000 a year and it will cost between £2billion-3billion.
The scheme, proposed by business groups, would use corporate tax returns to assess the hit that traders had suffered.
And the size of grants for each applicant would be based on three years' worth of accounts.
Treasury sources last night warned there were still problems with the proposal but pressure to act now is mounting.
Former Cabinet minister Esther McVey this week said many had struggled without support for nine months and 'cannot go another three months'.
eta - just realised this is old news.. thought it was something proposed in the last 24 hrs. Carry on
"Meanwhile he [Rishi Sunak] is drawing up plans to bail out up to a million small businesses who have missed out on financial support during the pandemic.
The Chancellor is facing mounting pressure to help small traders who have not had a penny in help because they pay themselves through dividends.
Under one £3billion proposal, sole directors of limited companies hit by the lockdowns would receive 80 per cent of their normal income.
Treasury minister Jesse Norman has been examining plans for a Directors Income Support Scheme, which would pay grants of up to £7,500 to cover three months of lost profits.
It would be limited to those who earn less than £50,000 a year and it will cost between £2billion-3billion.
The scheme, proposed by business groups, would use corporate tax returns to assess the hit that traders had suffered.
And the size of grants for each applicant would be based on three years' worth of accounts.
Treasury sources last night warned there were still problems with the proposal but pressure to act now is mounting.
Former Cabinet minister Esther McVey this week said many had struggled without support for nine months and 'cannot go another three months'.
eta - just realised this is old news.. thought it was something proposed in the last 24 hrs. Carry on
Edited by Phooey on Sunday 10th January 09:35
From what I can tell it's been on the cards since probably last November-ish but this ^^^ was from an article yesterday and the comments above look like it's back on Sunak's desk.. <fingers crossed for all those that genuinely need it>
article is from Mail but I believe it originates from the Times (paywall) https://www.dailymail.co.uk/news/article-9128309/R...
article is from Mail but I believe it originates from the Times (paywall) https://www.dailymail.co.uk/news/article-9128309/R...
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