[Finance] Self employed to receive 80% of income from the Gov’t too

[LlcoolJ]

I know there are many more cynical than me in this thread, but you will be looked after. Just be patient, persistent and expect HMRC admin incompetence. On this occasion, the authorities want the money to get to you, to keep the economy going, and avoid personal and corporate insolvencies which would damage the UK.

Because your income was honestly declared in full through the CIS scheme, you’ll be one of the winners. The builders and subbies who suppressed income to evade tax, depending on the figures, may be stuffed.

UC - sites open and job offers is irrelevant on this occasion, there’s no need to mention them in your claim.

Correct. And you CAN claim the self employment compensation while still running your business.

So far about the only positive in a sea of dogshit.

I'm a naturally positive and optimistic person generally. Far too much according to my Mrs who worries about everything whereas I'm much more "**** it".

But I'm deeply unimpressed by our government's reaction so far so this crisis from a financial point of view.

You must be as sick as me of trying to dish out advice and give concrete facts to people when there aren't any.

Just "well, this is going to happen, we don't know exactly how or when or who will actually qualify but don't worry, it'll be fine....".

Anyway, WINE!

 

[Weststander]

Correct. And you CAN claim the self employment compensation while still running your business.

So far about the only positive in a sea of dogshit.

I'm a naturally positive and optimistic person generally. Far too much according to my Mrs who worries about everything whereas I'm much more "**** it".

But I'm deeply unimpressed by our government's reaction so far so this crisis from a financial point of view.

You must be as sick as me of trying to dish out advice and give concrete facts to people when there aren't any.

Just "well, this is going to happen, we don't know exactly how or when or who will actually qualify but don't worry, it'll be fine....".

Anyway, WINE!

I’m laid back about most things, and my personal view is that these are unprecedented times, with unprecedented tax/spend legislation having to be created. Martin Lewis on 5Live today refused to criticise our lawmakers as they have had in his words, weeks to draw up legislation and create systems, that normally take years.

Good point, a G&T for me.

 

[LlcoolJ]

I’m laid back about most things, and my personal view is that these are unprecedented times, with unprecedented tax/spend legislation having to be created. Martin Lewis on 5Live today refused to criticise our lawmakers as they have had in his words, weeks to draw up legislation and create systems, that normally take years.

Good point, a G&T for me.

Unimpressed with Lewis (who is usually correct and very good) on some of this stuff.

I get that he's in the same boat as us dealing with clients and friends (but with a much wider audience) but there were a couple of things that I saw on his site the other day that were just plain wrong, and gave people false hope. The same as a lot of the stuff in the mainstream media.

**** it though as I said. Got wine and a film to watch.

Back to the bullshit tomorrow..... Enjoy the gin.

 

[LlcoolJ]

Quite an interesting / useful article. IFS confirming what several of us on here have been saying:

https://www.theguardian.com/busines...ay-wage-safety-net-self-employed-wage-subsidy

 

[Marty___Mcfly]

If it's not going to be available until June, why not let people submit their 19/20 Self Assessments from next week and then use that data to pay out to newer self-employed folk? Seems perfectly doable so I guess that they aren't doing that purely as a cost cutting measure...

 

[LlcoolJ]

If it's not going to be available until June, why not let people submit their 19/20 Self Assessments from next week and then use that data to pay out to newer self-employed folk? Seems perfectly doable so I guess that they aren't doing that purely as a cost cutting measure...

Or just a feckwittery method?

I agree.

Millions are currently not just left with no money til June, they will get no money then.

They all need to apply for Universal Credit as soon as possible. News so far is 975k applications processed so far. 10x the usual number for the same period.

It's still (in normal times) a five week wait for money, but at least some resources are clearly being thrown at this.

This does not tell us how many applications have been made. Both WILL rise massively and the speed of processing will slow down. Not by anyone doing anything wrong. Just volume of claims.

I expect the five week wait to increase but that emergency measures to be put in place for those who have had a claim approved to access money more quickly. This is a process that is already in place but was very difficult to get.

I.e. you technically "borrow" money against the money you will then be due to get through UC.

A Universal Income system would have been so much better, but I'm bored of repeating myself on that one.

 

[LlcoolJ]

Some decent information for companies from the FT (free to view currently):

https://www.ft.com/content/ab76001f-df0d-4f87-8ac5-07ec9f263946

No additional good news but useful facts.

 

[Shropshire Seagull]

If it's not going to be available until June, why not let people submit their 19/20 Self Assessments from next week and then use that data to pay out to newer self-employed folk? Seems perfectly doable so I guess that they aren't doing that purely as a cost cutting measure...

It's well known that you're supposed to complete your SA return by 31-Jan of the following year but there is no reason [if you have the data to hand] to not do it any time after Monday - i.e. 6th April.
If you're owed a refund, normally you'll get that from HMRC within 2 weeks - if you owe HMRC I think you still get until 31-Jan to pay?

 

[Marty___Mcfly]

Yes, you can submit straight away next week and do not have to pay your tax bill until Jan 2021.

 

[LlcoolJ]

It's well known that you're supposed to complete your SA return by 31-Jan of the following year but there is no reason [if you have the data to hand] to not do it any time after Monday - i.e. 6th April.
If you're owed a refund, normally you'll get that from HMRC within 2 weeks - if you owe HMRC I think you still get until 31-Jan to pay?

Yes, you can submit straight away next week and do not have to pay your tax bill until Jan 2021.

But the point being it will have zero bearing on the compensation scheme (currently).

 

[Marty___Mcfly]

But the point being it will have zero bearing on the compensation scheme (currently).

Yes I get that. I'll probably put it in next week anyway. Means I get my deductions bill confirmed, and I guess there is a very slim chance they could change their mind on the whole thing but I doubt it.

I started as self-employed in Feb 19, employed up to that point, so wont be getting anything under the current announced terms.

 

[LlcoolJ]

Yes I get that. I'll probably put it in next week anyway. Means I get my deductions bill confirmed, and I guess there is a very slim chance they could change their mind on the whole thing but I doubt it.

I started as self-employed in Feb 19, employed up to that point, so wont be getting anything under the current announced terms.

Yep. Best to get it in asap anyway mate. And as you say, you never know!

 

[LlcoolJ]

https://youtu.be/NDhMaIMAx3g

 

[Chicken Run]

My mates brother is a Brighton taxi driver, has been 20 plus years, unbelievable I know but his last 3 tax returns have shown him earning less than 12k a year for some reason, I bet he’s looking forward to his 80 percent grant......

 

[Chicken Run]

Yes I get that. I'll probably put it in next week anyway. Means I get my deductions bill confirmed, and I guess there is a very slim chance they could change their mind on the whole thing but I doubt it.

I started as self-employed in Feb 19, employed up to that point, so wont be getting anything under the current announced terms.

Same situation, started being self employed in November last year!

 

[timbha]

My mates brother is a Brighton taxi driver, has been 20 plus years, unbelievable I know but his last 3 tax returns have shown him earning less than 12k a year for some reason, I bet he’s looking forward to his 80 percent grant......

Suppose he should be able to live on all the cash he has tucked away (and not declared)

 

[Chicken Run]

Suppose he should be able to live on all the cash he has tucked away (and not declared)

I hope so because like many cabbies his business has taken a massive downturn....

He’s probably still winging though!

 

[The Lemming Stomper]

.

Any idea when the Govt will get in touch with us?

 

[LlcoolJ]

.

Any idea when the Govt will get in touch with us?

Nothing confirmed yet sorry mate.

 

[Weststander]

My mates brother is a Brighton taxi driver, has been 20 plus years, unbelievable I know but his last 3 tax returns have shown him earning less than 12k a year for some reason, I bet he’s looking forward to his 80 percent grant......

I’ve known quite a few taxi drivers (pre Uber), builders, b&b owners and restauranteurs in and around the Brighton area who throughout the boom and lean times made very low profits, often not much more the annual personal tax allowance.

Sympathies to them all just now.