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Corona Virus

Mark

No political discussion in this topic. That is complaining about a country, a politician, a party and/or its voters, etc

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3 minutes ago, MattP said:

FFS 

 

Priorities.

I don’t think those inside it fighting for lives, will give a shit what it’s called. Absolutely pathetic.

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1 hour ago, Izzy said:

I'm no expert mate, but I think you can get a monthly grant worth 80% of your average income (up to £2500 per month) for at least the next 3 months.

 

Providing your income from self employment is less than £50k, you can apply on-line now at https://www.businesssupport.gov.uk/self-employment-income-support-scheme/

 

Good luck :thumbup:

 

Both your link and mine say NOT to apply now, but to wait for HMRC to contact you re. the 80% grants. :dunno:

 

56 minutes ago, nnfox said:

Alf is correct.  

 

My understanding is that the government will look at your previous three tax returns and work out your average monthly profit over the three years, then give you a taxable grant for 80% of 3 months profit.  The grant will be paid in June.

 

That seems to be the gist of it, as things stand (Govt may change/supplement scheme as it still leaves a lot of people in the crap, at least short-term).

But although 3 tax returns will be used if submitted, that doesn't seem to be essential. It's the 2018-19 return that IS essential.

Full explanation at link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

 

At the bottom of the page, there are links to other financial options for the self-employed: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#other-help-you-can-get

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18 hours ago, Lionator said:

No real comment as to why the Germans are so far ahead of us, just promises of 'we will do this, we will do that' with no date target. 

 

Quite frankly they're making us look like mugs and it doesn't seem like we're willing to work together with other countries on this. The EU by the way have also been hopeless throughout this but they are an economic bloc I suppose. 

Germany appears to be testing a lot of people who don't have it.  This supresses the % of deaths.  We are only testing people with sever symptoms in hospitals, plus some NHS workers with milder symptoms.  Also true in Italy where they are only testing seriously ill people.

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1 minute ago, Alf Bentley said:

 

Both your link and mine say NOT to apply now, but to wait for HMRC to contact you re. the 80% grants. :dunno:

 

 

That seems to be the gist of it, as things stand (Govt may change/supplement scheme as it still leaves a lot of people in the crap, at least short-term).

But although 3 tax returns will be used if submitted, that doesn't seem to be essential. It's the 2018-19 return that IS essential.

Full explanation at link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

 

At the bottom of the page, there are links to other financial options for the self-employed: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#other-help-you-can-get

Yes, I meant to say that.  Obviously there are lots of people who are self employed but haven't been for that length of time.  In those cases, government will look at what you can produce but the tax return that was due by the end of January 2020 is a must.  People that missed the January deadline have until late April to get it in if they want to be considered for the scheme.

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1 hour ago, Facecloth said:

Depends what you do. I don't work for a huge company, but we transport waste and recycling and feed the green energy sites. We've seen a little drop off due to so many businesses closing and a few sites have shut, but we're still doing ok, and at the minute looks like we'll come out the other side without too many battle scars. I imagine the big supermarkets are going to be doing very well during this. But huge companies like Next, M&S, John Lewis etc I would imagine will find this tough. Also as someone else said, airlines will struggle.

Grocery volumes are up between 15-40% at the moment, but no one expects it to last; there will be a drop off once people see the shelves full again and no space in the frezzer.

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I think if I were self employed right now I would be taking amortgage holiday, talking to the council to defer council tax payments until June (most will let you pay over 9 months) cancelling everything possible to keep as much cash on hand as possible while considering applying for a job in a retailer.

Edited by Jon the Hat
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Just now, Jon the Hat said:

Grocery volumes are up between 15-40% at the moment, but no one expects it to last; there will be a drop off once people see the shelves full again and no space in the frezzer.

Yeah but people will still use supermarkets, and with a lot of other places shutting and no place to go out and eat, they'll still be making plenty. They won't really suffer through all this, will they. They'll have higher sales than usual I'm sure, even if it's only slightly.

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18 hours ago, rachhere said:

Am I the only person who is eating better and exercising more during this?! My trousers are definitely looser (even if my husband can't tell :mad:!)

I'm certainly eating better. With more time on my hands, I'm able to fill the day 'slow-cooking' healthy & nutritious meals. 

 

I exercised regularly anyway but now I've got more time for the rest & recuperation part. Plus, not having to get up every morning at 6am means I'm now getting my full complement of sleep. I feel great!

 

I did put a big order in yesterday with an off licence for a home delivery. But that's because I can see this thing dragging on yet and getting hold of stuff as and when you need it / want it is a little time-consuming. On the whole though trying consciously to limit my intake of alcohol, as it can massively effect my mood, motivation & well-being.

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17 hours ago, FoxesDeb said:

Genuine question for @Izzyand @cambridge_fox I think, is there really nothing in the way of support for you guys?

I've been given the enviable task of trying to get money owed from my customers, and to support this I've been given a list of probably around 10 different support measures available to small businesses. Does it look and sound better than it actually is? 

As @Izzy said, there are a fair few who fall between the cracks on this...(me included).

 

A lot of consultants start off working for a company or start as freelancers and then go it alone. Generally speaking, you are advised by your accountants to start a limited company and 'employ' yourself - this means that rather having separate systems for your own clients and the ones that you likely still do freelance work for, you only have to submit one set of accounts/VAT, etc. Makes it tidier and much easier to manage.

 

The downside is when this happens! Most directors of small limited companies pay themselves a small salary (£700ish per month) and then take dividends out of the business. As we are employees, the Governments emergency payment plans only cover 80% of the £700 salary that we pay ourselves. Dividends aren't taken into account.

 

(Before this is jumped upon - nothing to do with dodging tax...it's the tax free allowance that normal PAYE employees receive. Tax is paid on the dividend payments that are taken).

 

Banks have been told to lend to small businesses under the CBIL scheme (Business Interruption), with the Govt guaranteeing 80% of the loan value. But, surprise surprise, the banks are being cvnts. They are offering regular loans and then if they reject you they consider offering the CBIL (If you are a decent company, you will be eligible for a business loan anyway). Regular loans can carry a interest rate of whatever the bank chooses - 12/15/20%, and whatever terms the banks choose - for example having to put up your house as security, etc. Under the CBIL scheme, the banks should really only have to charge minimal interest (maybe a percentage or two above base of 0.1%?), give you 6 years to pay it off and not charge interest for the first year. 

 

Nothing particularly wrong with the Governments scheme, its the greed of the banks that is causing problems.

 

As I am the only employee of my company, I can't see why I can't just have 80% of my income, based on the last 3 years of submitted accounts,like most other people, tbh, rather than having to take out a loan.

 

There will be plenty of small businesses going bust needlessly because they cannot access the money from the banks, on the terms that the Government has indicated. 

 

I have now had a few clients who are refusing to pay their invoices because their businesses are in trouble. 

 

 

 

           

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Just now, Facecloth said:

Yeah but people will still use supermarkets, and with a lot of other places shutting and no place to go out and eat, they'll still be making plenty. They won't really suffer through all this, will they. They'll have higher sales than usual I'm sure, even if it's only slightly.

Yes quite true, estimated 25% of our calories come from cafe's restaurants and takeaways these days.

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16 minutes ago, Alf Bentley said:

 

Both your link and mine say NOT to apply now, but to wait for HMRC to contact you re. the 80% grants. :dunno:

 

Mmmmm....

 

I'm always a little suspicious of "Don't call us, we'll call you..." especially when it comes to our friends at HMRC :whistle:

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Just now, Izzy said:

Mmmmm....

 

I'm always a little suspicious of "Don't call us, we'll call you..." especially when it comes to our friends at HMRC :whistle:

It's usually that way for me with women :cry:

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8 minutes ago, Milo said:

 

I can't see why I can't just have 80% of my income, based on the last 3 years of submitted accounts,like most other people, 

           

Cos you drive a big fvck off Range Rover mate :D

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8 minutes ago, Izzy said:

Cos you drive a big fvck off Range Rover mate :D

:ph34r:

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29 minutes ago, Alf Bentley said:

 

Both your link and mine say NOT to apply now, but to wait for HMRC to contact you re. the 80% grants. :dunno:

 

 

That seems to be the gist of it, as things stand (Govt may change/supplement scheme as it still leaves a lot of people in the crap, at least short-term).

But although 3 tax returns will be used if submitted, that doesn't seem to be essential. It's the 2018-19 return that IS essential.

Full explanation at link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

 

At the bottom of the page, there are links to other financial options for the self-employed: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#other-help-you-can-get

Thanks guys for all your help, I've done tax returns for the last 4 years so I guess I'll wait for the HMRC

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9 minutes ago, Izzy said:

Mmmmm....

 

I'm always a little suspicious of "Don't call us, we'll call you..." especially when it comes to our friends at HMRC :whistle:

 

Fair point - and that's a good reason to chase them if you think you're entitled to the grant and hear nothing by June.

 

Probably pointless at the moment, though, if they've said not to apply and that nothing will be paid until June.....

 

With a bit of luck, that might change and they might offer some more help to self-employed, payable before June.

They're already under pressure to do something more in that regard - and the news that almost 1m people have just applied for Universal Credit might further encourage them? :dunno:

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14 minutes ago, Milo said:

As @Izzy said, there are a fair few who fall between the cracks on this...(me included).

 

A lot of consultants start off working for a company or start as freelancers and then go it alone. Generally speaking, you are advised by your accountants to start a limited company and 'employ' yourself - this means that rather having separate systems for your own clients and the ones that you likely still do freelance work for, you only have to submit one set of accounts/VAT, etc. Makes it tidier and much easier to manage.

 

The downside is when this happens! Most directors of small limited companies pay themselves a small salary (£700ish per month) and then take dividends out of the business. As we are employees, the Governments emergency payment plans only cover 80% of the £700 salary that we pay ourselves. Dividends aren't taken into account.

 

(Before this is jumped upon - nothing to do with dodging tax...it's the tax free allowance that normal PAYE employees receive. Tax is paid on the dividend payments that are taken)

 

Banks have been told to lend to small businesses under the CBIL scheme (Business Interruption), with the Govt guaranteeing 80% of the loan value. But, surprise surprise, the banks are being cvnts. They are offering regular loans and then if they reject you they consider offering the CBIL (If you are a decent company, you will be eligible for a business loan anyway). Regular loans can carry a interest rate of whatever the bank chooses - 12/15/20%, and whatever terms the banks choose - for example having to put up your house as security, etc. Under the CBIL scheme, the banks should really only have to charge minimal interest (maybe a percentage or two above base of 0.1%?), give you 6 years to pay it off and not charge interest for the first year. 

 

Nothing particularly wrong with the Governments scheme, its the greed of the banks that is causing problems.

 

As I am the only employee of my company, I can't see why I can't just have 80% of my income, based on the last 3 years of submitted accounts,like most other people, tbh, rather than having to take out a loan.

 

There will be plenty of small businesses going bust needlessly because they cannot access the money from the banks, on the terms that the Government has indicated. 

 

I have now had a few clients who are refusing to pay their invoices because their businesses are in trouble. 

 

 

 

           

Come off it Milo.

The payment of dividends is a well documented tax avoidance method. You seem to have omited to mention that as a basic rate tax payer (given  the £700 per month figure you quoted) the tax rate you pay on the dividends is 7.5% rather than  the full rate of 20% on income UK to £50k.

Chickens coming home to roost mate.

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https://www.bbc.co.uk/news/uk-england-nottinghamshire-52128883

 

****ing idiots. I haven't seen family or friends for a couple of week and it seems that'll be carry on for a few weeks longer. I live alone, so this is especially hard. Yet these pricks think they can all meet up in the pub for a few pints because the rules don't apply to them. I'd love to go for a pint with a mate, love something as simple as dinner at my mums, but it can't happen at the minute.

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6 minutes ago, MiDuck55 said:

Come off it Milo.

The payment of dividends is a well documented tax avoidance method. You seem to have omited to mention that as a basic rate tax payer (given  the £700 per month figure you quoted) the tax rate you pay on the dividends is 7.5% rather than  the full rate of 20% on income UK to £50k.

Chickens coming home to roost mate.

Maybe for cash in hand work, mate - but there is nothing in my line of work that allows me to do anything dodgy.

 

(And if you can make it so I pay 7.5% tax, then I'll hire you on the spot as my accountant) :thumbup: 

 

Do you accept cash? 

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