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ChrisJ

I've been Furloughed

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As the title really, I've been furloughed as from tomorrow 1/4. Pay will be in full for April, and then only the £2500 a month after it. Not sure if that will be gross or net. Be a pain if tax & NI is taken off that.

Company I work for are house builders, and when the banks stopped mortgages and the govt said no house selling last weekend - although they want the house builders to carry on building. How does that work then, no possible income, yet keep spending money, nah, not going to happen, so I could see the writing on the wall.

Looking through my monthly outgoings. Have sorned my Esprit, just discovered my wife has been entering radio SMS quizzes in the last month, so despite having a one time monthly cost for unlimited everything, she has just added £48 to the monthly bill. I'll have to switch her to a Pay as you go :). I can't find anywhere on the VirginMobile/Media websites where I can reduce the packages I have. WIll have th phone them - if I can get through.

Daughter's gym are suspending payments.

 

 

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Nightmare situation Chris and one many of us will find ourselves in over the coming weeks/months as businesses can’t keep paying without output. I work in defense and been changed from key to critical as of Friday by the government so should be secure for now, control measures and availability of PPE will be the decider, our view is NHS should always take priority.

You can take a 3 month mortgage holiday if you have one, as you have done SORN any vehicles not needed. Look at your standing orders and direct debits to see what other outgoings could be trimmed or stopped. Virgin are quite good and gave me a 3 month holiday for Sky sports.

With the lock down expenses should decrease with lack of socialising.

I think it is £2500 before tax though so depending on your earnings you may have to seriously pull in the purse strings.

Good luck going forward and hope you cope ok and this doesn’t last as long as we are hearing in the press.

With all the people being made redundant things could always be worse so stay safe and ride the storm best you can 👍

Dave :) 


Do or do not, there is no try! 

 

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If the 2500 is taxable and you earn more normally you should get a tax rebate,however we are coming to the end of the tax year


hindsight: the science that is never wrong

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Also look at any other debt, if you are now vulnerable due to the change in circumstances and you inform the lender they are likely to have to suspend any interest charges to ensure "fair" treatment at this time. That said, mortgage will be a payment holiday anyway if you have one, lots of banks are altering overdraft interest, and I expect credit cards to follow, so there may not be a need to pro-actively contact them at this point in time.

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Interesting comment about the builders still expected to work, I’m getting a house done up & we’ve got the guys going in one at a time. They’ve had a little grief from the houses neighbours because they are still working & more importantly/frustratingly they are struggling to buy some of the little bits & pieces that they need

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There was a government comment about expecting building to continue where it's not occupied (so new-build or vacant existing) but not non-essential work on occupied property.

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38 minutes ago, andydclements said:

There was a government comment about expecting building to continue where it's not occupied (so new-build or vacant existing) but not non-essential work on occupied property.

👍 It’s not occupied.

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Then you are doing your bit to help keep cash flowing. The government (or governments of the world) want & need as much of the economy to keep moving as possible.  I've also seen challenges on supplies, I was looking at making a new garden shed, the preferred choices of timber suppliers are closed. A few others are open, but I'll have to balance quality of product (and what that will do to quality of shed)  vs  timeline for shed being done.

 

Where possible, where it doesn't give rise to sizeable risk of spreading the virus, we need to try to keep the economy going, else the 1920s will look like a great economic time.

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Unfortunately it looks like I’ll be struggling to get the kitchen & bathroom as I didn’t order it when I should have. Plus I’ve been furloughed from my own job, so it looks like I’ll be doing the painting & decorating myself...

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I am also in the same situation, furloughed as of tomorrow.  I am getting two full weeks pay and two 80% weeks pay in April.  Also wondering about how the £2500 is going to work in terms of tax and NI.

Ironically, my Esprit is already SORN - have been holding off because it should, as of tomorrow, be tax exempt as it hits the 40 year old criteria, so the plan was to get it back on the road in April but little point in doing so now.

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3 hours ago, pete said:

If the 2500 is taxable and you earn more normally you should get a tax rebate,however we are coming to the end of the tax year

2 minutes on Google and the answer arrives via the HMRC website:

 

Income tax and Employee National Insurance

Wages of furloughed employees will be subject to Income Tax and National Insurance as usual.


Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!        

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5 hours ago, ChrisJ said:

As the title really, I've been furloughed as from tomorrow 1/4. Pay will be in full for April, and then only the £2500 a month after it. Not sure if that will be gross or net. Be a pain if tax & NI is taken off that.

Company I work for are house builders, and when the banks stopped mortgages and the govt said no house selling last weekend - although they want the house builders to carry on building. How does that work then, no possible income, yet keep spending money, nah, not going to happen, so I could see the writing on the wall.

Looking through my monthly outgoings. Have sorned my Esprit, just discovered my wife has been entering radio SMS quizzes in the last month, so despite having a one time monthly cost for unlimited everything, she has just added £48 to the monthly bill. I'll have to switch her to a Pay as you go :). I can't find anywhere on the VirginMobile/Media websites where I can reduce the packages I have. WIll have th phone them - if I can get through.

Daughter's gym are suspending payments.

 

 

Sorry to hear this ☹️

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Same here from tomorrow. Probably for a minimum 3 weeks (as that's the qualifying period to claim) but reviewed weekly after that. At least my company is topping up in April to 80% of actual salary regardless of the govt cap.

Having moved home last September I'm certainly not short of things to do around the place so although it's under less than ideal circumstances it'll be very useful/productive time off work. Plus the sun's out (for now)...


Not worth starting anything now...🍺

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@pete best one I have seen mate, just about to send that on to a mate, thank you. 

 

Had my 2nd webinar with my accountants yesterday, Ltd Company Directors get bugger all which is nice as i still have to pay for an office (working on that), accountant, Accounting Software (to pay the PAYE or employees wont get paid if Furloughed & must submit Vat returns)  & other overheads not including the personal ones. 

We also have to pay any employees then claim it back, as the overheads eat into any cash in the bank, this is going to become an issue as no revenue going in and overheads still going out that cash is going to diminish pretty fast! I have told the employees that i will top them up for 3 months then review. 

A lot of businesses will not survive this!! 

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17 minutes ago, Dan E said:

I have told the employees that i will top them up for 3 months then review.

Very good of you Dan :thumbsup:


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@Bibs I got to be honest it might only be for the 3 Months though, even though i don't like half of them they do all have families to feed, but it might become impossible,  doing cashflow this afternoon! Very scary times. 

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Ltd Company Directors get bugger all  

Hi dan, thats not how i read it, if you are paye you can claim it , nothing about being adirector rules you out


hindsight: the science that is never wrong

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@Dan E - I understand it the same as Pete

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Yes you can but as we all take dividends it’s between £500 and £750 a Month! You cannot also not do anything that will make any revenue for the company only Admin or say marketing! 
 

so say we happen to get a job, we do work for the NHS so a possibility then someone needs to do it but as the only one left then I wouldn’t be able to do it!! 
 

I understand people getting the arse with Ltd company directors, taking dividends but we do keep a lot of people employed and do take the risks! There has been many a time in the early years where everyone got paid bar me!! 

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you can do it in 3 week cycles and rotate people

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hindsight: the science that is never wrong

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what a surprise that some football teams are taking the p???s out of the scheme. Spurs have furloughed 550 of their non playing staff but none of the playing squad who average  £70,000 a week, nor the chairman on 4million pound a year, nor the manager who is on similar. They are owned by a man worth 4 billion and last year made nearly 70million profit, don`t think same rules shoild apply to them when most of the players salaries are being paid in full. 

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hindsight: the science that is never wrong

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7 hours ago, pete said:

what a surprise that some football teams are taking the p???s out of the scheme. Spurs have furloughed 550 of their non playing staff but none of the playing squad who average  £70,000 a week, nor the chairman on 4million pound a year, nor the manager who is on similar. They are owned by a man worth 4 billion and last year made nearly 70million profit, don`t think same rules shoild apply to them when most of the players salaries are being paid in full. 

I'd furlough the football players first FFS.  Save an absolute bomb and imagine the backlash for the football players if they complained!

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Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!        

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