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The meagre financial support available for Directors

Personal Service Company Directors are one of the most affected financially during this whole period of the pandemic in the UK. The meaningful support available is only for those directors that have been paying significant themselves salaries through a PAYE scheme. The reality however is that even if a PAYE scheme exist, directors only declare for themselves minimum salaries to manage their tax burdens and pay out mostly as dividend. In most cases Personal Service Companies do not even have payroll. Directors simply pay themselves salaries below the NI threshold and declare most of their drawings as dividends. Even though they go ahead to pay tax on dividends, the government has continuously refused to announce any support based on dividend payout.
 
Click link below for a full assessment government of support available to you and your business.

Author

Fungayi Mukosera