Getting statutory maternity pay in advance
Author: Russell SmithOctober 13, 2015
If you are 1-2 person limited company and one of you is about to have a baby you can claim back statutory maternity pay.
Statutory maternity pay is paid as follows:
90% of your average weekly earnings for the first 6 weeks
The remaining 33 weeks is paid as £139.58 or 90% of your average weekly earnings, whichever is lower.
If you have tax affairs structured correctly, your salary will be £10,600 (the rest is paid as dividends).
The way it will work is that your company pays you and then then the company claims it against the monthly PAYE/NI bill (if you don’t have other employees, it will be refunded).
But there is a way to claim the whole payment in advance which is much better for your cash flow.
If you are interested in this, have a look at the link below…