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Rishi Sunak mulls support for sole directors

10-01-2021

The Chancellor is considering plans for a £3bn scheme to help a million small business owners who have been unable to claim furlough or business loans. Those who pay themselves through dividends rather than a salary could be paid up to 80% of lost profits for three months, up to a ceiling of £7,500 under the Directors Income Support Scheme. The Treasury is reportedly examining a plan put forward by the Federation of Small Businesses, the Forgotten Ltd campaign, former Office for Tax Simplification adviser Rebecca Seeley-Harris and the Association of Chartered Certified Accountants. An estimated three million people have been unable to claim business loans and grants or employee furlough payments since last March.

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