Help for self employed

[moogie]

I'd very much doubt that there's anybody out there, in self employed work, that hasn't been hit hard by this current situation

This money that anybody gets will be declared on 2020/2021 tax return, as income, so is liable for tax

Hope that eases your suspicious mind a little, I don't know what else to say really

 

[fundy]

Mine says 8am 13th May, at least its all staggered and not a free for all

winners all over the place Stu lol

 

[Deleted member 1740]

winners all over the place Stu lol

As you’re fully aware, there’s a 1st fence falller just around the corner to bring me crashing back down to earth???

 

[Lord Tyrion]

Defenitely ?
Had visions of their bloody website crashing or something with the avalanche of applications....!!

With a bit of luck
They may even know what they're doing eh....

To be fair to them the furlough scheme for limited companies has worked very well, the website, payment etc all went smoothly. I expected that system to crash repeatedly but it stood up very impressively. I wouldn't worry about it getting overloaded for your slot, they seem to be on top of things, fair play ?

 

[Deleted member 1740]

This is actually rather hypothetical.

If I were self-employed and my work has disappeared - how does HMRC know that my income has gone; and so how do I get help under the government scheme - I did a 2018/19 SA Tax return.

Then if I get government support based upon my 2018/19 SA Tax Return what happens if my income has not now actually stopped and I am able to work?

How will HMRC know that I am getting an income...

I have a suspicious mind - not about anyone posting here btw.

You need to read the rules re this grant. You can still work and earn unlike the Furlough scheme. This payment will be declared in next years tax return and taxed.

Prior to lockdown I had over £30k‘s worth of work booked in between March and June which would’ve took me right upto beginning of July. 1 has been cancelled for the foreseeable, Another is waiting to be started.

Since lockdown I’ve done a handful of jobs, emergencies only though, leaks, gas leaks and repairing boilers. All of this will be declared.

There’s no such thing as a free lunch.

 

[SwingsitlikeHogan]

You need to read the rules re this grant. You can still work and earn unlike the Furlough scheme. This payment will be declared in next years tax return and taxed.

Prior to lockdown I had over £30k‘s worth of work booked in between March and June which would’ve took me right upto beginning of July. 1 has been cancelled for the foreseeable, Another is waiting to be started.

Since lockdown I’ve done a handful of jobs, emergencies only though, leaks, gas leaks and repairing boilers. All of this will be declared.

There’s no such thing as a free lunch.

Ah right - so for the self-employed the government support is deemed income and will be included by HMRC in the individual's tax return for 2020/21...?

 

[moogie]

Correct....... ??

 

[fundy]

Most shouldve been able to claim their grant on HMRCs site by now, its a pretty straightforward process

Have got one friend to challenge the amount of their grant, that could be an interesting challenge.


If youve not claimed you should be able to do so now or by tomorrow morning at the latest and should have the money in 6 working days

 

[Imurg]

Most shouldve been able to claim their grant on HMRCs site by now, its a pretty straightforward process

Have got one friend to challenge the amount of their grant, that could be an interesting challenge.


If youve not claimed you should be able to do so now or by tomorrow morning at the latest and should have the money in 6 working days

I've done mine but they did say they would contact us - I've heard nothing from them other than what I've found myself.
I went on the site to try to find a " if you haven't heard from us do this", went through the process of signing in and it said Make your claim.
So I did
But I suspect some may still be waiting to be contacted rather than finding out....
Still, should have some money by the end of next week

 

[moogie]

Yes
Done mine yesterday
That was the date I was given the week before on gov.uk website

Easy process
Instant response showing amount you will receive too
All very simple and painless to do

As tesco say........ Every little helps

Though it goes nowhere towards the drop in revenue I'm currently working for

 

[Deleted member 1740]

I done mine on Wednesday, surprised at how easy and quick it was. No more than 5 mins in total.

 

[fundy]

Just a quick note, if there is anyone who has claimed, but who started being self employed in the last 3 years, I would double check your calculation. They are supposed to work out a monthly average but on one I helped for a friend they treated a part year as a full year reducing his overall monthly average and granting him almost £1,000 less than was correct. They have agreed to correct, so worth double checking you get what you expect to

 

[fundy]

So the government have announced there will be a further 3 months support to cover June, July and August that youll be able to claim for as a lump sum in August.

The only real change seems to be a small reduction from 80% to 70% of profits upto a maximum of £2,190 a mth of £6,570 for the 3 months

 

[Imurg]

Better than a poke in eye with a sharp stick...
Getting anything out of our Government Agency Overlords is impossibly hard and we've got no idea when we're allowed back to work.
Worse thing is - they haven't either.....could be a long summer playing golf.....

 

[PJ87]

So the government have announced there will be a further 3 months support to cover June, July and August that youll be able to claim for as a lump sum in August.

The only real change seems to be a small reduction from 80% to 70% of profits upto a maximum of £2,190 a mth of £6,570 for the 3 months

Is there anything stopping people claiming it then operating fully as normal? I know he said u can work but if say u brought in the same would it just be morals stopping someone

 

[fundy]

Is there anything stopping people claiming it then operating fully as normal? I know he said u can work but if say u brought in the same would it just be morals stopping someone

It says its up to the individual to confirm they meet the criteria so yes pretty much down to your morals if earning full whack and still claiming albeit full details not been published

 

[Lazkir]

About 80% of my work has disappeared, so this is pretty much bang in line for me. I have to be honest though, I've not only enjoyed all the downtime, but it's also led me to re-asses the way I'll do things in the future.
Money is nice, but I've found that a good lifestyle even with less is better!

 

[Imurg]

About 80% of my work has disappeared, so this is pretty much bang in line for me. I have to be honest though, I've not only enjoyed all the downtime, but it's also led me to re-asses the way I'll do things in the future.
Money is nice, but I've found that a good lifestyle even with less is better!

With you there...exactly the same thoughts.

 

[andycap]

With you there...exactly the same thoughts.

I applied and got the grant , i have kept working , but its very insecure , if something is deemed to be unable to be done with social distancing measures my work could finish tomorrow , and for that reason i will apply for the next installment. I very much believe that you get nothing for nothing and this will all have to be paid back , maybe through inreased NI contributions or income tax increases , these will happen wheather i take it or not ! my view is that i would rather be looking at money , than looking for it !

 

[Imurg]

I haven't been able to work for 73 days....and no indication when that might change....might make it all the way to 100.
Fortunately, financially, we're ok. Got the grant and will be applying for the next one too.
When test/track/trace comes in we could get pinged many times and have to spend more weeks in isolation.
Thank God the golf courses are open...