Read on Twitter
Response from my MP Nadhim Zahawi about why my single-person limited company won't get anything from the UK government.
He doesn't understand how this works. 1/
@faisalislam @Peston
He doesn't understand how this works. 1/
@faisalislam @Peston
1. My business states profits to HRMC, and that information has nothing to do with how it's distributed.
2. This is support to businesses, not individuals, so it has nothing to do with the rest of my income.
2/
2. This is support to businesses, not individuals, so it has nothing to do with the rest of my income.
2/
3. Dividends don't benefit from lower taxation with companies like this; they are double taxed. Once at the standard corporation tax rate of 19%, then again, above £2000, at 7.5% as personal income tax.
3/
3/
4. If I have absolutely no work, then I can get 80% of my salary, which isn't much. But I have to have no work at all; if my work is reduced, as is the case with other businesses, why am I not eligible for government support? They're bailing out the airlines and banks. /end
