Self employed bailout

Discussion in 'Just Talk' started by Jord86, Mar 26, 2020 at 7:32 PM.

  1. Jord86

    Jord86 Well-Known Member

  2. wiggy

    wiggy Well-Known Member

    I wonder if that will be as an average over the 3 years? I had a blinder 3 years ago but not so much the last 2.
     
  3. Jord86

    Jord86 Well-Known Member

    It says so, yes, up to £2500 a month. But it has to be declared on our next return as its taxable. It’s not the amount that raises my eyebrows, it’s the length of time people who are already struggling will have to wait until they can breathe a sigh of relief again. Another recession will more than likely give us another tuning once we’ve survived the virus too, in my opinion.
     
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  4. Wayners

    Wayners Well-Known Member

    Starting figure out the air..But...
    3 years books if you have them. 1 minimum I think. Average out year totals of the figures you were taxed on. So turnover 30 grand. Taxed on 15 grand you will get 80%. 15k ÷ 12 months mius 20% =£1000 in your bank but I think we will pay tax on that so another £130 off to pay at some point... That's how I see it give or take. Plus £94 Statutory sick pay a week I think but I've not looked at this yet..
     
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  5. longboat

    longboat Well-Known Member

    I'm glad I put a claim in for UC yesterday.
    Three months is a long time to wait for some money coming in and I'm one of the lucky ones who has no overheads or debt.
    What those who have Van's on lease, business premises and supplier credit to repay are going to do I don't know.
    As Jord said, this is going to ruin hundreds of thousands. :(

    When this is all over and the realisation hits home that these politically motivated measures were way over the top, the ones who caused it (social and MSM) will still blame the government for listening to them.
     
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  6. WillyEckerslike

    WillyEckerslike Well-Known Member

    It's a profit of up to £50k, not turnover if that helps?
     
  7. wiggy

    wiggy Well-Known Member

    Last 3 years 17,18,19? or will it be 20?
     
  8. WillyEckerslike

    WillyEckerslike Well-Known Member

  9. Jord86

    Jord86 Well-Known Member


    19-20 doesn’t count. Which from my personal perspective is a real shame, but it is what it is, there’s millions worse off.
     
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  10. wiggy

    wiggy Well-Known Member

    That really works for me :)
     
  11. Sparkielev

    Sparkielev Well-Known Member

    To be honest I won't be claiming anything, not that I can afford it I reckon I can do enough work safely and get by, will this money have to be paid back ?
     
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  12. Jord86

    Jord86 Well-Known Member


    You don’t claim, HMRC get in touch with you if you are eligible for their grant around June time. It’s a grant, so no you don’t have to pay it back directly, but you do get taxed on it later on. What will be really interesting is when all this blows over eventually I wonder what the increases in tax, rates, vat perhaps will be to build the coffers back up.
     
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  13. Sparkielev

    Sparkielev Well-Known Member

    I heard NI is going up for the self employed
     
  14. Brightsparks

    Brightsparks Member

    Is anyone a ltd company and got their head around this.
    I’ve spoke to different people and getting different answers
    1. As a director we are not entitled to anything.
    2. Can claim 80 % of salary as furlow worker but none of the dividend.
    3. 80 % as furlow then 80 % of dividend as a self employed aswell.
    is it me or am I missing something.
    Yet our sub contractors get 80 % of their average last 3 years plus anything they earn in the meantime if they are lucky enough to still be working.
     
  15. Sparkielev

    Sparkielev Well-Known Member

    To be honest it not worth thinking about, I mean June is a long way off if you are sat at home scratching your nuts, I was home half a day today and it done my head in
    Edit just heard you can apply for an advanced payment
     
    Last edited: Mar 26, 2020 at 10:06 PM
  16. Brightsparks

    Brightsparks Member

    Just trying to get my head round things.
    My business isn’t massive, doing ok till now.
    Subbys laid off till things improve and getting 80% from government plus a wage if we are lucky enough to get more work.
    Apprentices and employed lads on furlow getting 80 %
    Then me a business owner with no help unless I want to take out another loan on top of insurances, vehicles, fuel etc.
     
  17. Sparkielev

    Sparkielev Well-Known Member

    You not doing any work? I've got empty properties and other bits to do
     
  18. Brightsparks

    Brightsparks Member

    I’ve got bits for myself, but loads customer cancelled jobs now or putting works if in future if this goes on to long.
    I think government getting ready for complete shut down now supposedly everyone sorted with money.
    If we shut down I can cope for few weeks but don’t think I can do long term. shouldn’t complain thought, there are people lot worse off out there at the moment. Got to keep telling myself that.
     
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  19. Sparkielev

    Sparkielev Well-Known Member

    If we can get through 12 weeks then we should be over the worst providing we don't catch it and it kills us then it won't matter, if China can do it then our little island can, we just have to be sensible
     
  20. barbaricduck

    barbaricduck Active Member

    But making self employed wait until June is a short sighted approach from the government. Despite loans being available many folks will feel they have no choice but to work. What's the bet that the underground is chock full again tomorrow. This will only help in spreading the virus further and deeper. As much as I think Trump is an idiot his payment policy makes more sense. I do not feel that CV is going away anytime soon. I also feel that many more will die with the South East being particularly hard hit. Sadly Rishi and Boris both will have blood on their hands in my view.
     
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