Corona Virus

[Strokes]

1 minute ago, Izzy said:

The amount of money this virus is going to cost the government is absolutely staggering.

 

I imagine once this crisis is over we'll all be paying higher taxes for the next 10-15 years as a result.

Forever.....

[yorkie1999]

1 minute ago, Strokes said:

They might as well have not bothered helping us.

Please explain, i'm not too clued up on self employed profits and all that sort of stuff

[Strokes]

1 minute ago, yorkie1999 said:

Please explain, i'm not too clued up on self employed profits and all that sort of stuff

We don’t get any money until June, that’s what is grating.

If I could survive until June I wouldn’t need their help at all.

[Paninistickers]

3 minutes ago, Izzy said:

The amount of money this virus is going to cost the government is absolutely staggering.

 

I imagine once this crisis is over we'll all be paying higher taxes for the next 10-15 years as a result.

There will need to be a new tax eventually to pay for this. Similar to the Germans still have for all the money they had to pump into east germany in the 90s

[promised land]

Where’s Mattp?

 

I feel I owe you an apology, I flew of the handle somewhat at your remark to self employed being tax dodgers earlier in the week, I’m sorry for what I said.

 

We are getting the same package eventually as PAYE and at the time I felt we had been forgotten and I am still convinced pressure for the cabinet and Westminster has made him show his hand. 

[st albans fox]

1 minute ago, Strokes said:

We don’t get any money until June, that’s what is grating.

If I could survive until June I wouldn’t need their help at all.

If you’re sure you will get the money, can’t you borrow from the bank or credit card ahead of that June payment ?

[Bayfox]

14 minutes ago, stripeyfox said:

Posted at 17:0717:07

BREAKINGSelf-employed help capped at £2,500 per month

Rishi Sunak says self-employed people facing financial difficulties will be able to have 80% of their monthly wages covered by the government.

He says this will be calculated using average monthly profits over last three financial years.

He says support will be capped at £2,500 per month, and will initially last three months.

I've only been self employed about 19 months so only submitted 1 tax return in that period, now will he take my 2 tax returns previous to that when I was employed into account.

[Izzy]

1 minute ago, Strokes said:

We don’t get any money until June, that’s what is grating.

If I could survive until June I wouldn’t need their help at all.

But then we get 3 months worth of money in one go (I think)

 

I guess he's also differed our tax and the banks are offering us an immediate 3 month mortgage holiday so I can see how it fits..

 

[stripeyfox]

Just now, Izzy said:

But then we get 3 months worth of money in one go (I think)

 

I guess he's also differed our tax and the banks are offering us an immediate 3 month mortgage holiday so I can see how it fits..

 

yes I think it is backdated to 1st March (need to check, was listening on the radio)

 

[promised land]

1 minute ago, Bayfox said:

I've only been self employed about 19 months so only submitted 1 tax return in that period, now will he take my 2 tax returns previous to that when I was employed into account.

Get on the blower to your accountant as you won’t be the only one in this situation.

[whitlock]

Any idea how this works for the construction trade where people are on a CIS scheme? 
 

 

[Innovindil]

I'm queuing to get into asda wtf

[Izzy]

1 minute ago, Bayfox said:

I've only been self employed about 19 months so only submitted 1 tax return in that period, now will he take my 2 tax returns previous to that when I was employed into account.

Don't think so. 

 

I assume your payments will be based on just the 1 tax return you've filed as self employed. I think...

[stripeyfox]

2 minutes ago, Bayfox said:

I've only been self employed about 19 months so only submitted 1 tax return in that period, now will he take my 2 tax returns previous to that when I was employed into account.

it's very complicated. I think they said if you'd filed one tax return you would be eligible. I guess they'd average the 19 months rather than 36? Who knows?

 

 

[promised land]

1 minute ago, whitlock said:

Any idea how this works for the construction trade where people are on a CIS scheme? 
 

 

HMRC will contact us direct, then fill in an online form and they automatically pay in our accounts once submitted is what he said.

 

Starting in June but I fear we will still be off work by then anyway.

[Izzy]

Well impressed with Rishi once again.

 

Blokes got an impossible job but handling it extremely well in the circumstances I reckon.

[UPinCarolina]

8 minutes ago, Bayfox said:

I've only been self employed about 19 months so only submitted 1 tax return in that period, now will he take my 2 tax returns previous to that when I was employed into account.

We're getting a one time stipend that's about a week's wages for most people. It's all shite.

[st albans fox]

You will only be allowed to claim if you haven’t been working ........ you won’t be able to backdate a claim for March if you’ve been working normally ........

[Finnaldo]

2 minutes ago, Izzy said:

Well impressed with Rishi once again.

 

Blokes got an impossible job but handling it extremely well in the circumstances I reckon.

For my criticisms of Boris and the government, Sunak has got a lot of respect from me. For someone thrown into the limelight he’s done very well.

 

I’m not sure how the self employed will feel about the payment date though...

[StanSP]

8 minutes ago, Innovindil said:

I'm queuing to get into asda wtf

All supermarkets are doing this. One in, one out to stop the mayhem and panicking. Easier on stuff and much more civilised. I went to Morrisons earlier and didn't mind it at all. 

[st albans fox]

Just now, StanSP said:

All supermarkets are doing this. One in, one out to stop the mayhem and panicking. Easier on stuff and much more civilised. I went to Morrisons earlier and didn't mind it at all. 

Lucky this wasn’t a month ago then .............

[Milo]

11 minutes ago, Izzy said:

But then we get 3 months worth of money in one go (I think)

 

I guess he's also differed our tax and the banks are offering us an immediate 3 month mortgage holiday so I can see how it fits..

 

Still not entirely clear on what people in our position are able to claim. 

 

Like you, I pay myself £719 a month..so my self assessment only shows that.

 

How do they work out what dividends have been paid?

 

[Strokes]

13 minutes ago, st albans fox said:

If you’re sure you will get the money, can’t you borrow from the bank or credit card ahead of that June payment ?

I’m not sure I’ll get the money yet, I’ve not produced a set of accounts as I’ve only been self employed since October.

I could take it out of the 20% I’ve been putting aside for tax but I’d rather be certain I’m getting it than be left with a huge debt.

[Strokes]

11 minutes ago, promised land said:

HMRC will contact us direct, then fill in an online form and they automatically pay in our accounts once submitted is what he said.

 

Starting in June but I fear we will still be off work by then anyway.

I think I will have to go back to wrk after Easter, I’ve been offered a new site and I don’t see how I can turn it down if everyone else out there is still working.

[Izzy]

4 minutes ago, Milo said:

Still not entirely clear on what people in our position are able to claim. 

 

Like you, I pay myself £719 a month..so my self assessment only shows that.

 

How do they work out what dividends have been paid?

 

I read it as the payments will only apply to those with trading profits up to £50k anyway.

 

So I think you'll get nothing me old china 

 

Edited 26 March 2020 by Izzy