I agree with Lion, You've sold the wreck of the old machine to the insurer for £500k - I expect you'll find they are entitled to any scrap value. Then you've used £500k to but a new machine.
It does answer the question - It isn't allowed because self-employment income isn't a) employment income or b) Pension income or c) social security income
From: Steps to take before calculating your claim using the Coronavirus Job Retention Scheme
Employees returning to work after being on sick pay
For employees on fixed pay, claims for full or part time employees furloughed on return to work after time off sick should be calculated against their salary, before tax, not the pay they received whilst off sick.
Claims for those on variable pay, returning to work after time off sick should be calculated using the highest of either:
80% of the same month’s wages from the previous year (up to a maximum of £2,500 a month)
80% of the average monthly wages for the tax year 2019 to 2020 (up to a maximum of £2,500 a month)
My answers
I agree with Lion, You've sold the wreck of the old machine to the insurer for £500k - I expect you'll find they are entitled to any scrap value. Then you've used £500k to but a new machine.
It does answer the question - It isn't allowed because self-employment income isn't a) employment income or b) Pension income or c) social security income
s.683 ITEPA 2003:
(1) For the purposes of this Act and any other enactment (whenever passed) “PAYE income” for a tax year consists of—
(a) any PAYE employment income for the year,
(b) any PAYE pension income for the year, and
(c) any PAYE social security income for the year.
Why would you want to pretend a self employed individual is employed?
Class 2 NI gives entitlement to State Pension and contributions based benefits such as Maternity Allowance, JSA etc
NI credits for a child under 12 only gives entitlement to state pension
If you know the make and model:
https://www.gov.uk/co2-and-vehicle-tax-tools
If you know the registration number here:
https://www.gov.uk/check-mot-status
See:
https://www.gov.uk/government/publications/a-plan-for-jobs-documents/a-p... section 3.1
As usual you'll have to wait for more information - promissed by the end of this month
From: Steps to take before calculating your claim using the Coronavirus Job Retention Scheme
Employees returning to work after being on sick pay
For employees on fixed pay, claims for full or part time employees furloughed on return to work after time off sick should be calculated against their salary, before tax, not the pay they received whilst off sick.
Claims for those on variable pay, returning to work after time off sick should be calculated using the highest of either:
80% of the same month’s wages from the previous year (up to a maximum of £2,500 a month)
80% of the average monthly wages for the tax year 2019 to 2020 (up to a maximum of £2,500 a month)
I couldn't log in until I downloaded today's AVG definition update which has sorted the problem.
1) Is this connected with the question you asked yesterday?https://www.accountingweb.co.uk/any-answers/ltd-company-buying-shares-in...
2) Why do you think the wrong company ended up as the holding company?
3) This situation needs to be looked at in its entirety not one small point at a time.
This happens nearly every year as HMRC wait for the Finance Act to be passed