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

[razer]

What happens to the one man band accountants who will be furiously processing these claims on behalf of their clients and are unlikely to get paid for doing so? They will still be working and on paper earning money but in reality, will incur a lot of bad debt.

 

[LamieRobertson]

What happens to the one man band accountants who will be furiously processing these claims on behalf of their clients and are unlikely to get paid for doing so? They will still be working and on paper earning money but in reality, will incur a lot of bad debt.

Won’t the majority be based on submitted claims..so really down to the beloved HMRC

 

[Weststander]

Profit before buying capital equipment?

I would guess profit after qualifying capex in particular tax years. Assuming you claimed AIA's.

That would be harsh. eg A £25,000 profit wiped out by buying a commercial vehicle. So hopefully not.

But, it looks like it will based on the average of 3 years, taking the profit up again.

 

[LamieRobertson]

I would guess profit after qualifying capex in particular tax years. Assuming you claimed AIA's.

That would be harsh. eg A £25,000 profit wiped out by buying a commercial vehicle. So hopefully not.

But, it looks like it will based on the average of 3 years, taking the profit up again.

I’ve invested a few bob over the last three years...but hey some help is better than nowt.....managing to get a bit done....for me its looking further down the road budgets being cut by MA’s ..people out of work..and god forbid some of my elderly clients not being around...but loads worse off

 

[NooBHA]

Best conservative government in my lifetime. Never thought i would be pro Tory. Well done Boris.

Wait till you see all the restrictions about who qualifies and who doesn't. The same applies to the companies who will qualify. Your comment is flippant Spence There are gonna be more who don't qualify than who qualify based on the wording of the Bill heading towards Parliament today. Hopefully there will be amendments to the restrictions but I can't see that happening now with Parliament due to be suspended.

 

[LlcoolJ]

What happens to the one man band accountants who will be furiously processing these claims on behalf of their clients and are unlikely to get paid for doing so? They will still be working and on paper earning money but in reality, will incur a lot of bad debt.

There are at least a couple of us on this thread mate!

Past few days almost all I've done is answer questions from panicking clients with "well they are saying 'this' at present but nobody knows yet what will actually happen or exactly how it will be implemented...". Don't get paid for writing emails or answering the phone as I'm not a solicitor.

 

[LlcoolJ]

Wait till you see all the restrictions about who qualifies and who doesn't. The same applies to the companies who will qualify. Your comment is flippant Spence There are gonna be more who don't qualify than who qualify based on the wording of the Bill heading towards Parliament today. Hopefully there will be amendments to the restrictions but I can't see that happening now with Parliament due to be suspended.

100% this. Now is not the time for soundbites or congratulations for political platitudes. People needs facts and money.

 

[Weststander]

Won’t the majority be based on submitted claims..so really down to the beloved HMRC

This.

Other than for new traders, HMRC already have the data from three years tax returns.

They won't suddenly demand that everyone has to submit their 5th April 2020 tax returns, wit supplementary self employed pages.

 

[Weststander]

I’ve invested a few bob over the last three years...but hey some help is better than nowt.....managing to get a bit done....for me its looking further down the road budgets being cut by MA’s ..people out of work..and god forbid some of my elderly clients not being around...but loads worse off

I knew you'd be positive

 

[LlcoolJ]

Won’t the majority be based on submitted claims..so really down to the beloved HMRC

That'll go well.

I've spent two months trying to rectify a PAYE error by HMRC where the client has been given three different and conflicting pieces of advice from them. All of which were completely wrong.

 

[NooBHA]

Waiting for Jezza to find something to complain about....

There is plenty to complain about - But you cant be seen to be objecting to peoples aid.

At least 50% probably more won't qualify. Same with the Company Grants - Most people don't understand the dynamics yet but once they start to apply and get rejected and by the time appeals go in then it will be too late for many businesses because many will have gone to the wall by then.

I welcome all this help but it should have come without restrictions for now. At least in these next 3 months.

 

[LlcoolJ]

This.

Other than for new traders, HMRC already have the data from three years tax returns.

They won't suddenly demand that everyone has to submit their 5th April 2020 tax returns, wit supplementary self employed pages.

I bet the site is about to crash as everyone attempts to amend 18/19.

 

[LlcoolJ]

There is plenty to complain about - But you cant be seen to be objecting to peoples aid.

At least 50% probably more won't qualify. Same with the Company Grants - Most people don't understand the dynamics yet but once they start to apply and get rejected and by the time appeals go in then it will be too late for many businesses because many will have gone to the wall by then.

I welcome all this help but it should have come without restrictions for now. At least in these next 3 months.

Yes the company grant thing sounds brilliant but will not be available to the majority from what I have read so far.

 

[Weststander]

That'll go well.

I've spent two months trying to rectify a PAYE error by HMRC where the client has been given three different and conflicting pieces of advice from them. All of which were completely wrong.

Their PAYE department is shite, similar issues for me. Their unhelpful phone line - they do everything to stop you calling eg a client waited in a queue for an hour, with tedious messages every minute about checking their website instead (pre COVID-19). Then you make RTI submissions and it takes many weeks for that data to appear in the online account, plus often they fail to allocate correctly where quite clearly the exact sum paid equals the RTI amount due.

 

[NooBHA]

Yes the company grant thing sounds brilliant but will not be available to the majority from what I have read so far.

There are two main clauses which will block many of them qualifying. Hopefully they will be objected to in the Commons today and removed

 

[Weststander]

I bet the site is about to crash as everyone attempts to amend 18/19.

Taxi drivers and small shop retailers find their real takings notebook, and at the same time remove their family's motor running costs from expenses.

 

[Icy Gull]

There are two main clauses which will block many of them qualifying. Hopefully they will be objected to in the Commons today and removed

What are these clauses and do they apply to the self employed or companies, or both?

 

[LlcoolJ]

Their PAYE department is shite, similar issues for me. Their unhelpful phone line - they do everything to stop you calling eg a client waited in a queue for an hour, with tedious messages every minute about checking their website instead (pre COVID-19). Then you make RTI submissions and it takes many weeks for that data to appear in the online account, plus often they fail to allocate correctly where quite clearly the exact sum paid equals the RTI amount due.

Yep. Totally useless mate.

My client was told that his company PAYE scheme should be closed down because he has self assessment tax to pay. On his salary and dividends. The salary paid through the PAYE scheme. Which they had incorrectly assessed because they hadn't processed the RTI submissions on time. You actually couldn't make it up.

This is why I have ZERO faith in them handling this shitstorm in any other way than a complete and utter shambles unfortunately.......

 

[LlcoolJ]

Taxi drivers and small shop retailers find their real takings notebook, and at the same time remove their family's motor running costs from expenses.

Chinese takeaway turnover doubles.

 

[Blue Valkyrie]

There are two main clauses which will block many of them qualifying. Hopefully they will be objected to in the Commons today and removed

Does this mean getting 80% of salary if my company struggles is unlikely ?