Help for self employed

[SwingsitlikeHogan]

Rishi Sunak does seem to be on top of his coronavirus brief. Comes across well. Calm, articulate and authentic.

 

[SwingsitlikeHogan]

So the headline is that you can claim 80% of profit up to £2500 a month (as per employed people), albeit no money will be paid until early June when you will receive one lump sum

To claim this, you have to have submitted a tax return for 2019, if you havent done so you have 4 weeks from today to do so

If anyone hasnt submitted theirs and needs any help/support then feel free to message me and I will help wherever possible (I am a qualified account, albeit not a practising one currently)




https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals

I may well call upon your support as I am about to do my sons done for 2018/19. Many thanks for your kind offer on this.

 

[road2ruin]

What I cannot understand with this announcement is why people who are 8 weeks late in filing their tax return are being given another 4 weeks to ensure they are included and as such delay payments to those who are in genuine need.

These people shouldn’t be given the leeway and it will be a lesson in filing on time that maybe they will learn from.

 

[road2ruin]

when you say self employed do you mean youre the director of your own limited company?

If so this is the poignant part from the limited info available

"those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes."

I am in this situation, I am a limited company that employs myself and my wife. We can paid via a PAYE salary and dividends. My company is basically in stasis as it’s Market Research and reliant on being face to face. No work currently on the books and and unlikely to have any until things return to ‘normal’.

 

[3offTheTee]

What I cannot understand with this announcement is why people who are 8 weeks late in filing their tax return are being given another 4 weeks to ensure they are included and as such delay payments to those who are in genuine need.

These people shouldn’t be given the leeway and it will be a lesson in filing on time that maybe they will learn from.

Surely they will be at the back of the queue.Gov‘t has been generous in allowing longer.

 

[SwingsitlikeHogan]

It’s a step in the right direction. I fear for those that have to wait til June like but nevertheless.

could be tough for some...and it's not as if you can claim UC and ask for an early payment of that if you are going to get income 'support' in June that is backdated.

Maybe ask for an extension to an existing overdraft facility - or stick it all on a credit card...

 

[3offTheTee]

I may well call upon your support as I am about to do my sons done for 2018/19. Many thanks for your kind offer on this.

When should it have been submitted please?

 

[ColchesterFC]

when you say self employed do you mean youre the director of your own limited company?

If so this is the poignant part from the limited info available

"those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes."

Both of us are directors of the company. Me with 85% and her with 15%. I'm not sure if we operate a PAYE scheme or not. The accountant set it all up for me and I just do what he tells me to do.

 

[SwingsitlikeHogan]

What I cannot understand with this announcement is why people who are 8 weeks late in filing their tax return are being given another 4 weeks to ensure they are included and as such delay payments to those who are in genuine need.

These people shouldn’t be given the leeway and it will be a lesson in filing on time that maybe they will learn from.

Is the June date based upon HMRC waiting 4 weeks for those having not done a return yet? Why would they have to do that? HMRC could start doing the calcs now on those who have theirs done and dusted.

 

[fundy]

I am in this situation, I am a limited company that employs myself and my wife. We can paid via a PAYE salary and dividends. My company is basically in stasis as it’s Market Research and reliant on being face to face. No work currently on the books and and unlikely to have any until things return to ‘normal’.

I guess they have had to draw the line somewhere between small business and self employed but this will cause quite a few I know some issues in the short term at least. Sounds like its time for the business to furlough Mrs road2ruin , hope you pay her well

 

[3offTheTee]

could be tough for some...and it's not as if you can claim UC and ask for an early payment of that if you are going to get income 'support' in June that is backdated.

Maybe ask for an extension to an existing overdraft facility - or stick it all on a credit card...

Overdraft preferable as you should be able to show your Bank what will be received from last 3 years’ accounts and probably advise HMRC to send it direct to the Bank

 

[fundy]

Both of us are directors of the company. Me with 85% and her with 15%. I'm not sure if we operate a PAYE scheme or not. The accountant set it all up for me and I just do what he tells me to do.

Are you paid a monthly wage and/or dividends from the company?

 

[SwingsitlikeHogan]

When should it have been submitted please?

HMRC had given him until end April to do it in any case as he hadn't registered as a Sole Trader until end January.

 

[fundy]

Is the June date based upon HMRC waiting 4 weeks for those having not done a return yet? Why would they have to do that? HMRC could start doing the calcs now on those who have theirs done and dusted.

No not at all, the two arent linked at all I dont think

The 8 weeks is how long they think theyll need to get everything in place, calculate and pay several million people. The fact that there is this delay is allowing them to offer a period of grace to those who havent submitted I expect

 

[road2ruin]

I guess they have had to draw the line somewhere between small business and self employed but this will cause quite a few I know some issues in the short term at least. Sounds like its time for the business to furlough Mrs road2ruin , hope you pay her well

Sadly not, she’s paid the tax free allowance so won’t really make much of a difference. Looks like we’re in the group of no particular help and we’ll just have to hope there is a business left to go back to

 

[fundy]

Sadly not, she’s paid the tax free allowance so won’t really make much of a difference. Looks like we’re in the group of no particular help and we’ll just have to hope there is a business left to go back to

Sorry to hear

 

[ColchesterFC]

Are you paid a monthly wage and/or dividends from the company?

Yes. We get a monthly wage and then get dividends every 3 to 4 months depending on how much work I've been doing.

 

[fundy]

Yes. We get a monthly wage and then get dividends every 3 to 4 months depending on how much work I've been doing.

the monthly wage will be the PAYE system

 

[ColchesterFC]

the monthly wage will be the PAYE system

Thanks.

 

[GreiginFife]

And as with IR35, contractors get the royal shaft again. Simple lack of understanding of how the system operates.
I have no job now because of Covid-19 and now no income. Nice one you tory *****.