Rishi Sunak mulls support for sole directors
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.
Many motorsport businesses operate as limited companies for liability reasons and so the lack of support for sole directors has hit many motorsport businesses really hard. Any assistance would be very welcome for many motorsport businesses.