Help for self employed

[fundy]

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

 

[Paperboy]

How does it work for me my financial year ends in May?
Not that I've got any work.

 

[Imurg]

Steve..did I hear correctly that they will contact us with a form to fill in if we qualify?

 

[fundy]

How does it work for me my financial year ends in May?
Not that I've got any work.

Based on what ive seen/heard, your financial year end doesnt matter, it will be based on prior years that you should have already submitted but will clarify when I can find more info

 

[fundy]

Steve..did I hear correctly that they will contact us with a form to fill in if we qualify?

I assume that will be the case and without doubt the form will be on the gov.uk website at some point, more will be known when they release the full details

 

[User20204]

Remember, it's a grant, no such thing as free money.

 

[Imurg]

I assume that will be the case and without doubt the form will be on the gov.uk website at some point, more will be known when they release the full details

Cool
And the 2019 tax return they're on about is for work done 2018-19 isnt it....did one last year and paid in Jan.
I always get confused with the years...

 

[fundy]

"It offers some parity with the employee scheme - 80% of profits up to £2,500 a month for three months initially. Unlike the employee scheme, the self-employed can continue to work. It is targeted at up to 3.8 million of the 5 million people registered as self-employed, who earn under £50k. The money, backdated till March, will arrive directly into people's banks accounts from HMRC as a lump sum for all three months, but not until June. The grants will be taxable, and will need to be declared on tax returns by January 2022.

 

[fundy]

Cool
And the 2019 tax return they're on about is for work done 2018-19 isnt it....did one last year and paid in Jan.
I always get confused with the years...

Yes 2018/19 tax year which shouldve been filed by 31st Jan 2020

 

[Imurg]

Cheers Steve..

 

[User20204]

How does it work for me my financial year ends in May?
Not that I've got any work.

Regardless, you have to submit your returns by January 31st for the previous year.

 

[fundy]

Cheers Steve..

I assume youre organised and filed already (unlike 2 friends already lol)

 

[Deleted member 1740]

Steve..did I hear correctly that they will contact us with a form to fill in if we qualify?

yes

 

[fundy]

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


Thats as much as is out there info wise currently

Confirms they will contact you if you qualify

 

[ColchesterFC]

@fundy I'm self employed and I've got Mrs Colch on the books of my limited company. Am I right to assume that I would get a single payment to the company rather than something to each of us?

Edit - just seen that it doesn't cover us as we pay salary and dividends so it looks like I'm stuffed in terms of getting any government help.

 

[Imurg]

I assume youre organised and filed already (unlike 2 friends already lol)

Completely up to date.
The Old Man was a tax inspector- couldn't get away with anything......

 

[Deleted member 1740]

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

 

[Deleted member 1740]

Completely up to date.
The Old Man was a tax inspector- couldn't get away with anything......

They’re the best ones, I always pay the tax man, through gritted teeth though.

 

[Deleted member 1740]

How does it work for me my financial year ends in May?
Not that I've got any work.

You can’t claim for 2019-20 this years, it’s going to be based on the previous 3 yrs. 16-17/17-18/18-19.

if you’ve only just registered for SE you’re goosed, it’s universal credit only for you.

 

[fundy]

@fundy I'm self employed and I've got Mrs Colch on the books of my limited company. Am I right to assume that I would get a single payment to the company rather than something to each of us?

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."