Anyone furloughed themselves via the HMRC portal?

Mr Bump

Mr Bump

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Probably a nich question but has anyone done it themselves?
I did mine yesterday for March and April, not difficult if you have all the right information to hand.
 
I did it for one employee aon Monday, just for march as I hadn't paid them for April yet and there was a pay rise due to be included just to complicate things. It was easy though. The calculator tool was ok except that it didn't cover the employers NI calculation if you are topping up to normal salary, which was a nuisance but not a biggie as I claim the Employers NI relief so don't have any to pay anyway.
 
Lindsay56 said:
I did it for one employee aon Monday, just for march as I hadn't paid them for April yet and there was a pay rise due to be included just to complicate things. It was easy though. The calculator tool was ok except that it didn't cover the employers NI calculation if you are topping up to normal salary, which was a nuisance but not a biggie as I claim the Employers NI relief so don't have any to pay anyway.
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yeah the calculator is a bit random
 
Anyone been payed out yet? All my contractor friends are being payed a lot quicker than the government said, one of my colleagues was paid after only 3 days from application.
Hoping mine will land in the bank Monday :-)
 
Well mine paid out yesterday, no dramas straight in the business account :-)
really impressed with HMRC on this one.
 
Yes my accountant sorted it all. Didn’t even know I was eligible!
 
Mr Bump said:
are you ltd company paying yourself via PAYE?
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Yes. Tbh we only set up PAYE late last year as a way to reduce tax burden for myself and the other director and I was reluctant to do it initially but quite glad now ;)

The PAYE element only covered a small portion of income as the rest we take via dividends but better than nothing at the moment!
 
Brazo said:
Yes. Tbh we only set up PAYE late last year as a way to reduce tax burden for myself and the other director and I was reluctant to do it initially but quite glad now ;)

The PAYE element only covered a small portion of income as the rest we take via dividends but better than nothing at the moment!
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yeah spot on mate, same here although oddly enough I increased my salary slightly last year so managed to gain on the swings as they say.
 
DG Phototraining said:
Same here - my accountant says I'll be paid within 6 days

Nice one HMRC, though like you mine's a small salary for tax reduction purposes

Dave
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mine came through in 6 days on the dot, HMRC have really moved fast on this one :-)
 
We got ours yesterday for 4 staff, plus the rates reduction grant has hit, the bank incentive transfer hit, and a load of clients have paid,, al, within a week, also seeing a sizeable increase in enquires and workload, so staying open 100% paid off. Hang on in there people, opportunity’s will present themselves.
 
flook999 said:
erm how does that work then? Have you stopped fee earning work entirely? Have you told your accountant that? if not, he's not exactly acting in your interests furloughing you
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Yes I’m currently unable to work due to Covid 19.
 
flook999 said:
erm how does that work then? Have you stopped fee earning work entirely? Have you told your accountant that? if not, he's not exactly acting in your interests furloughing you
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The furlough system does not mean oddly enough you can't work, I just can't work for myself.
I have furloughed myself as a director of my own company, but if i wanted i could go work for someone else and get paid for it.
 
my accountant has also confirmed the HMRC money will not be classed as company income subject to tax, it will be adjusted against employee salaries on the profit and loss so a bit more good news.
 
Mr Bump said:
my accountant has also confirmed the HMRC money will not be classed as company income subject to tax, .
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For sole traders it will be though.. It's income.. simple as that.... AFAIK
 
KIPAX said:
For sole traders it will be though.. It's income.. simple as that.... AFAIK
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nope as long as you make a note of where it came from, also it will show on the bank statements you present to accountant, he can then adjust it out.
 
Mr Bump said:
my accountant has also confirmed the HMRC money will not be classed as company income subject to tax, it will be adjusted against employee salaries on the profit and loss so a bit more good news.
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Not sure about this. From ATT:

How will this be treated in employers’ business accounts?
The grant received should be treated as taxable income in the business accounts. However, as it is designed to offset the allowable expenses of keeping staff on the books (who would otherwise not have been paid and who have not done any work), the end result should be that there is no profit on which to pay tax.

For employers (such as those with domestic staff) who are not in business, it was confirmed on 9 April that the grant monies received under the scheme will not be taxable.

Probably ends up with the same result.
 
The way that adjustment will work in the P&L is that the HMRC money is used instead of fee/sales income to pay staff who are furloughed, thus leaving that same amount of money on the Profit side of the books instead. It's not that complicated but means that eg the £936 I just received into my business from HMRC for one furloughed employee will be counted toward their pay, leaving £936 in the accounts to go on other outgoings or profit.
 
Lindsay56 said:
The way that adjustment will work in the P&L is that the HMRC money is used instead of fee/sales income to pay staff who are furloughed, thus leaving that same amount of money on the Profit side of the books instead. It's not that complicated but means that eg the £936 I just received into my business from HMRC for one furloughed employee will be counted toward their pay, leaving £936 in the accounts to go on other outgoings or profit.
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Not sure it get that? how are you using money from hmrc to pay staff, we are just getting back wages from 4 staff, after paying it our, so we paid staff as normal, then get a refund from HMRC, the HMRC refund is recorded as a none taxable input. Are you talking about the JRS or another grant ? Ultimately I will leave all this in our accountants hands, I have enough to do :)
 
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Its a notional adjustment, the HMRC money is required to have been used to pay the staffer. So you could say, "right fred the cleaner, give me back my company money of £800 out of your £1000 pay, because I now have to give you this £800 of JRS money instead". So £800 goes in each direction, the JRS money has now been used to pay Fred and your business has £800 back in its coffers. The accountant is making that adjustment in the books rather than asking you and Fred to swap notes of equal value.
 
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