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

[Weststander]

You only hadn’t to wait a few more days (& employers/employees haven’t received their 80% yet). It’s reported that the following will be announced. Favouring those who declared their true income in their last three personal tax returns!

“An amendment added to the Coronavirus Bill proposes statutory self-employment pay which would cover the lower of £2,917 or 80 per cent of a self-employed person's monthly earnings, averaged over the last three years”.

https://www.ftadviser.com/your-industry/2020/03/24/government-set-to-pay-80-of-self-employed-income/

 

[spence]

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

 

[Brightonfan1983]

You only hadn’t to wait a few more days (& employers/employees haven’t received their 80% yet). It’s reported that the following will be announced. Favouring those who declared their true income in their last three personal tax returns!

“An amendment added to the Coronavirus Bill proposes statutory self-employment pay which would cover the lower of £2,917 or 80 per cent of a self-employed person's monthly earnings, averaged over the last three years”.

https://www.ftadviser.com/your-industry/2020/03/24/government-set-to-pay-80-of-self-employed-income/

That's fantastic. I've just come off the main news websites and have found out this on NSC. (I don't read the Financial Times because I haven't got a pink bathroom).

I presume employees/employers haven't had their 80% because it's not payday yet? Or the Treasury is finding out that, like my housemates, some of them are faffing about in the garden sunshine doing bugger all?!

 

[GM98]

Does it cover zero hours contracts, or does another part of the governments measures cover those people? Not seen it mentioned.

 

[DavePage]

Does it cover cash in hand?

 

[DavePage]

Thats when it hits you, you have used an accountant to get your earnings down for Tax purposes and then...

 

[Icy Gull]

Assuming this turns out to be true it’s great news but the 80% is only paid if you are not working at all isn’t it? If you do any work at all you don’t get the 80% on the previously announced details on the furlough of employed workers.

The vast majority of companies and I guess self employed would only have workers affected over the last week or so. Don’t see the government paying wages for many earlier than that.

Interesting that the limit is more than employed workers will get.

 

[Change at Barnham]

I wonder if the 80% would be calculated on my income gained from work done or whether it would be calculated on profit (after expenses were deducted)?

 

[Icy Gull]

I wonder if the 80% would be calculated on my income gained from work done or whether it would be calculated on profit (after expenses were deducted)?

I imagine you will have to have done tax returns to be eligible? So I guess based on what your declared taxable earnings are?

 

[redoubtable seagull]

Employers pay their staff their normal wage and can then claim back the 80% from the HMRC. Details have not been issued yet. You can back date from 1/3 and the scheme runs to 31/5 and will then be reviewed. The remaining 20% from the employer is discretionary. And staff have to have accepted being furloughed.

Great news for the self employed, if this announced.

 

[mikeyjh]

I wonder if the 80% would be calculated on my income gained from work done or whether it would be calculated on profit (after expenses were deducted)?

That's why it's complicated! One would assume that it's net of expenses you are still incurring but not of those you are not. Looks like the grants will be available in May so hopefully people have a bit of spare cash....

 

[nicko31]

So, is this hand out or a loan?

Wouldn't HMRC need to look at every companies set of accounts to decide if eligible?

 

[Wrong-Direction]

How does that work for me? I've only submitted a 9month year self employed so far when my dad retired, I've got my first full year to file this April but I havent been working 3 years on my own yet?

Sent from my SM-A600FN using Tapatalk

 

[Wrong-Direction]

So, is this hand out or a loan?

Wouldn't HMRC need to look at every companies set of accounts to decide if eligible?

Could take weeks / months which might work in my favour

Sent from my SM-A600FN using Tapatalk

 

[nicko31]

Could take weeks / months which might work in my favour

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And many different forms of self employment, sole trade, partner, Ltd Co Director.

 

[SIMMO SAYS]

I retired through ill health after 45 years being self employed 18 months ago. The letters and phone calls back and forth to inform HMRC of this simple fact went on for months. Good luck everyone.

 

[brighton terra]

I’ve been self employed since July last year. Heaven knows if I’ll be eligible for a payment and, if so, how it would be calculated!

 

[wellquickwoody]

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

 

[Is it PotG?]

Not going to benefit those working cash in hand or submitting 'creative' accounts in the past.

I wonder how may who claim on this system might continue to gain income from their self employment.

 

[BN9 BHA]

Not going to benefit those working cash in hand or submitting 'creative' accounts in the past.

I wonder how may who claim on this system might continue to gain income from their self employment.

Windy Miller in posts #5 and #6 has beaten you to it by having a pop at the self employed.