Search

The Positive Accountant Vol 1 Ed 18

Now here's a conundrum, posed to me by Emily this morning:-


"Adrian,  not sure if you are creating the embryonics of the next Bridget Jones or Samuel Pepys but PLEASE keep going!"


Hmm, Bridget Jones - wrong gender.   Samuel Pepys - wrong era.  Isn't it a shame that there isn't a famous male diarist of about my age ?


I guess as there isn't I'lll just keep writing as The Positive Accountant


http://www.positiveaccountant.com



What are my positives today:-:


1. It's Easter this week.  That's an extra day of not needing to go to the office.


Oh


2.   People are studying this output  It took three minutes last night for the first 'stinging criticism' to arrive about yesterday's post.  


Mind you, it was from my Dad telling me I hadn't put the lawnmower back together properly...



3.  We have some good news on furloughing

I've hated advising directors over the last week, when the rumour was that furloughing of directors was going to be allowed, but no-one knew that for sure.


Latest guidance has crept out from HMRC confirming that directors are going to be able to be furloughed, enjoying the same benefits as staff.  Remember it only benefits salary not dividends but it's still a good thing.  



And what am I talking to clients about ?  You got it,furloughing of directors.  


Reading between the lines there are also some hints as to the detailed rules that may apply on employees (when said rules are eventually published)


Here is the HMRC release in full insofar as it deals with directorships:-

"Company Directors

As office holders, salaried company directors are eligible to be furloughed and receive support through this scheme. Company directors owe duties to their company which are set out in the Companies Act 2006. Where a company (acting through its board of directors) considers that it is in compliance with the statutory duties of one or more of its individual salaried directors, the board can decide that such directors should be furloughed. Where one or more individual directors’ furlough is so decided by the board, this should be formally adopted as a decision of the company, noted in the company records and communicated in writing to the director(s) concerned.

Where furloughed directors need to carry out particular duties to fulfil the statutory obligations they owe to their company, they may do so provided they do no more than would reasonably be judged necessary for that purpose, for instance, they should not do work of a kind they would carry out in normal circumstances to generate commercial revenue or provides services to or on behalf of their company.

This also applies to salaried individuals who are directors of their own personal service company (PSC)."


Until tomorrow, stay safe


Adrian 


adrian.mole@quove.co.uk


07917 338342


Not much beats a garden in sunshine...

7 views0 comments

Recent Posts

See All