January 2021 is not looking much different to March 2020 currently and the Minister for the Economy is once again announcing more support schemes.
The Minister for Economy has announced a support scheme for Directors of Limited Companies who have been adversely affected by Covid-19.
Mark it in your diaries!
- Online applications open at 6pm on Thursday 21st
How to apply:
- An eligibility tracker and link to the application form will be published on NI Business Info Website on the release day.
What does this scheme entail?
- LCDSS will provide an initial one-off taxable grant of £3,500 to eligible company directors who meet the criteria.
Who is eligible?
- Applications are invited to all even if you hold more than one directorship although only one application is allowed per person.
- You must be a resident of Northern Ireland
- You must be a Person with Significant Control (PSC) for your company/companies (i.e. you hold more than 25% of shares in the company). All companies that you hold 25% of shareholding must be listed.
- You must work in the company/companies in your application.
- At least 50% of your income must have came from your director’s salary and dividends as of 31st March 2020.
- Your forecasted salary and dividends from the company for 2020/21 is 40% lower than it would have been in the absence of Covid-19. If any, this should include any furlough income received.
- Your total forecasted taxable income for 2020/21 is less than £50,000.
- The company/companies in your application must be based and be currently trading in Northern Ireland but be impacted by reduced demand due to Covid-19 or had been trading but is now unable to due to Covid-19. The company must also intend to continue trading.
- The company/companies but have been trading at 1st March 2020 (i.e. prior to Covid-19 restrictions).
Who cannot apply?
- If you are eligible for the Newly Self-Employed Support Scheme.
- Directors of investment or property companies unless you hold other qualifying directorships.
- If company started trading after 1st March 2020.
- Directors who finance the business but do not work in it.
- PSCS where the PSC is a trust or limited company.
- The director has failed to company with a Covid-19 prohibition notice served by the PSNI.
- Grant provided from LCDSS will result in company that has paid PAYE salary, exceeding its applicable EU de minimis ceiling.
If you need advice just email the Ross Boyd Chartered Accountants team on firstname.lastname@example.org or call us on 02895 320155.