SelF Employed HELP

Not if your been self employed just under a year like me
Was advised not to give tax return til 2020 year end

^^
I think it's Universal Credit (plus housing allowance) for you given you do not have sufficient data or do not fall into his category.

It is on the same level as PAYE. And, those late summitters have an additional 4 weeks to do until April 2020 so for 2019 Tax.

What if the self-employed is making a loss (not profit) eg earning just below personal allowance after deduction of expenses? Does that mean Universal Credit too?

You would have registered for self employment
HMRC Would know you
Average used if less than 3 years

Fattie, if you didn't send one in January, they have extended this by 3 months for you to send one in. Will that help?

Uncle Abdul and his mates are all pissed off.
They were hoping for a load of free cash

Will the universe credit take into account my Mrs wages ??

All that past hiding of true profits is going to be a little expensive.

Pretty sure you're going to need to have filed at least once before.

The gaping hole is the people that are are able to from home perfectly fine in social distancing, delivery drivers still earning etc.

You'll be asked to declare her details including her income and also your savings.

Only Been self employed since August

Can I still submit a tax year for 2019

Latest return is for 2018-9
Income must represent at lest 50% of your income

https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-s...

Were you on Paye before you went self employed Fattie?

Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.

6 months building a business up to be shut down with only a queue of 100000s to get in for dole handouts..when the system can cope..I'll be 1 of the first to be up against it..the stinking alky parasites who drink all day outside mine will be better off

People like retail staff just above minimum wage, expect to work even harder, at more risk of picking up the virus whilst the rest of the country sits on its collective arse on 80% minimum whack.

'Fattie', I do not see why not. You've an additional 4 weeks till end April. And, I think your tax adviser had not anticipated Covid-19, and neither our Chancellor.

Mar 26, 2020 -- 7:04PM, Cider wrote:

People like retail staff just above minimum wage, expect to work even harder, at more risk of picking up the virus whilst the rest of the country sits on its collective arse on 80% minimum whack.

Yeh they have the worst of both worlds, **** pay, loads of grief from the public and a very high chance of getting infected

A good friend with a store managerial role in a household-name-burger chain will get 100% pay (80% government plus 20% employer) nearly totalling £2.5k per month (before tax). And, he's presently spending it supervising store cleaning and paper work.

If they are furloughed they are not allowed to work for the company they are furloughed with.

Fattie, you can submit your tax return for 19/20 on April 6th.

in the long run the inevitable increase in national insurance will probably mean the self employed lose out.

there is no such thing as a free lunch.

Better ring account up

A toilet maker gone down the pan

Can’t get credit cos Mrs over £40k
Can’t get money from punting as no ****g racing
Can’t sell my ass as no **** would want it
Can say if this is for months I’m ****

The first line is where any sympathy will abate

Are you a house husband fattie

Take a temporary job with a supermarket for several weeks.

Carry on with your trade after that.

All will be good until the next social panic.

No I get ok money job wise
I get ok money punting
But from next week
Nothing !!!!

so why are you whinging FFS

..another wind up merchant

'Fattie' submit a return for 2019. This hardship/relief package is for taxpayers which you've been. If no joy try Universal Credit. I only wish the banks (the entities we bailed-out) would give interest-free overdraft and credit card suspension of monthly payment for 3 months. 

Which toilet maker gone down the pan?

I'm wfh but one wouldn't call it work, I just need to show my electronic face now and again. When this is all over, there will literally be millions of people with a shedload of disposable cash stored up in their bank account. No parking costs, no petrol costs, no pub, no eating out, no golf, RUK paused, Sky Sports paused.

""
If they are still walking!

Cheers for advice
Leif I’m whining just like many
All my avenue for money
Like work and punting as disspaired

I really feel for the retail staff though. I would like to see them receive what will be the inflated dividends this year instead of the shareholders (which I'm one of).

You can do a return now and be qualified for it, he said anyone who didn't file a return in January can do so now and qualify.

I'll be surprised if they allow the use of the delayed submission of last year's return as the first return and only return for calculation of the grant, clearly open to abuse which is seemingly getting a few on here a bit giddy for potential fraud. Rishi also said we need to know about you already.

Mar 26, 2020 -- 7:38PM, Cider wrote:

I'm wfh but one wouldn't call it work, I just need to show my electronic face now and again. When this is all over, there will literally be millions of people with a shedload of disposable cash stored up in their bank account. No parking costs, no petrol costs, no pub, no eating out, no golf, RUK paused, Sky Sports paused.

It will all be spùnked on online casinos!
People will get bored at home and start playing slots/roulette for a bit of 'fun'

Haven't the banks agreed to make all agreed overdrafts interest free for the meanwhile?

Mar 26, 2020 -- 7:49PM, jucel69 wrote:

Mar 26, 2020 --  6:38PM, Cider wrote:I'm wfh but one wouldn't call it work, I just need to show my electronic face now and again. When this is all over, there will literally be millions of people with a shedload of disposable cash stored up in their bank account. No parking costs, no petrol costs, no pub, no eating out, no golf, RUK paused, Sky Sports paused.It will all be spùnked on online casinos!People will get bored at home and start playing slots/roulette for a bit of 'fun'

Be interesting to see how the tv ads go over time, trying to lure new victims to the casino shyte

Online casinos lobbied hard to ensure that off-licences were deemed as essential for a good reason

Nationwide is not one of them; still 39.99% with review for some customers only. Evil to the core!

Mar 26, 2020 -- 7:29PM, FATTIEWHITEYSLOVEADRINK wrote:

Can’t get credit cos Mrs over £40kCan’t get money from punting as no ****g racingCan’t sell my ass as no **** would want it Can say if this is for months I’m ****

So, you and your wife have worked for years, and saved up some money? Because you thought (rightly) that it was "the right thing to do"! Now that you face adversity and have no income, you are disqualified from claiming the benefit that others who have more than you in assets (such as a flash car, 2nd home, conservatory, others cars etc) and have not lived responsibly within their means, as you have. Given that the Government has recently stated that "no one should be penalised for doing the right thing", it seems to me grossly unfair and unjust that people who have been less prudent than you, should get thousands in benefit that you cannot apply for because you have more than 16 Grand in the Bank.

Des Pond 26 Mar 20 20:06 

' .............it seems to me grossly unfair and unjust that people who have been less prudent than you, should get thousands in benefit that you cannot apply for because you have more than 16 Grand in the Bank.
------------

That has ALWAYS been the precise 'state of play' - Coronavirus, or NO coronavirus outbreak

Not relevant, therefore,  to ONLY the latest Government schemes.

It is relevant now. Not least because of the sheer amount of money that is being promised, and presumably will be claimed, whether it it is really needed or not.

How many self-employed make good money (profit) after expenses (and Personal Allowance)? Not many I'd think unless one is truly an entrepreneur. As such, I think 80% on profit for merely 3 months (if) one would be better off applying for UC as it also pays housing allowance for non-homeowners ie renters.

But no UC for those with saving greater than £16k.

Unless they have squirrelled it away, or bought things that they couldn't really afford.

Could this be a trojan horse to flush out the "honest" self-employed and their tax declaration? Give a little, get a colossal return with interest.

For my part, I don't claim anything off the State because I don't need it. My point is that there will be many people leading extravagant lifestyles, up to their eyeballs in debt. These people will not consider selling one of their Range Rovers or Jags to ameliorate their cashflow crisis. No, they will claim every benefit/credit that they can get their hands on. All of this "help" will not come out of thin air. It will have to be paid for. And, as usual, it is the ordinary, sensible working Joe whether self-employed, employed or recently redundant who will end up picking up the tab. That's not to say that the majority of claimants will not be genuinely in need, but there will be some who feel entitled to it, regardless of how much they have squandered in the past.

Just for a bit of clarity here, I think some are confused, I am an accountant. The delay is for the 2018/2019 tax year, ie 6th April 2018 to 5th April 2019,which had to be filed by 31/01/20 to avoid penalties etc.. If you started your business on or after 6th April 2019 you are unable to submit a return now for the 2019 tax year delay. Any new businesses started on or after 6th April 2019 are for 2019/2020 tax year due on 31/01/21, Anyone new self employed on these dates can apply for UC, providing their wife doesn't earn above the UC threshold, in which case you get nowt.

Can’t remember where it was, but read some comments recently from a teacher having a moan and a groan about his younger colleagues.
Something about them always crying that they can’t get on the housing ladder but also telling him all about their regular restaurant outings and their skiing holidays.

Akin to the point that Des Pond is making.

Another thing, It is your profit before personal allowance that you can claim.

Eg.

2017 profit before PA: 14000
2018 profit before PA: 17000
2017 profit before PA: 18000

Total profit for grant 49000

Divide by 36 months.   1361.11 payable for 3 months. You can still earn money now self employed or as an employee to keep, this will then be taxed in the 2021/2022 tax year.

Glad to be of help to the great unwashed

Most banks have agreed interest free overdrafts for 3 months.

Deplasterer

   'direct cash grant of 80% of their profits'

Quite right Onlooker, 80% of profits/36 mths.

Anyone any idea if the new rules UC for self employed types do a savings test, so if you've assets you are ****ed?

My Dentist will be self employed and all but the odd bit of emergency work is now cancelled for the foreseeable.

Hope next time he's jabbing about in my mouth with sharp implements he's not harbouring a lot of suppressed rage .

Yeah, you will be asked on the online form:

https://www.entitledto.co.uk/help/Savings-and-other-capital-overview-Universal-Credit

Seems a bit unfair then that there is grand largesse and almost full pay and no means test for most workers but a certain type of worker are means tested and have to eat up their savings, in order to get a small amount. I know it's difficult but ..

"Capital over £16,000
You will not be eligible for any Universal Credit."
That explains the rant I read the other day by someone who appeared would be subject to it and would get nothing as they'd been saving for a mortgage deposit.

It’s a single payment as well so the eligible will get a single lump in June. Let's hope it’s only required the once!

It’s a very sort state of affairs when contestants on quiz shows, when asked what they would If they won any prize money, routinely answer that they’d put it towards a deposit on a house.

A lot of financial worries for many during these hard days ahead.

It’s the same old mantra, everyone needs three months bills in an emergency fund to lean on.

sorry state of affairs

I don't know if i'm a simpleton or not  but why didn't they just allow every single person £200  (or 300 for a couple) and  leave it at that  ...you then  had a choice, if you wanted to sell a car /take on a free govt ,loan ,mortgage holiday,use savings  ...or if paying rent maybe a small grant by way of HB .

seems to me now that some  poor people will lose out  who have  invested in the business/first year/zero hours etc while some millionaires  can claim if they don't make  as much as 50k  profit .

low paid key workers to are going to feel aggrieved working long **** to make less money on someone at home .


i don't get it   ... seems like they want to reward those that get all the  breaks in the first place

some bloke on the news said  the  money wouldn't help him too much if it arrived in June   ...  ' by the time i get that money i will  be owing it all back again ' 

that's what it's for you fooken retard  ,not for a holiday in the Maldives 

'Deplaster', thanks. That does make more sense. I wish the government has made that clearer. Otherwise most self-employed would get very little indeed.

Most banks including Nationwide are still charging 39.99% per annum (review on an individual basis) for an arranged overdraft in this Emergency Period; HSBC and two others have suspended overdraft fee for the next 3 months up to £300.

Nationwide announced today no overdraft fee from 20th April to 1st July. A positive move for account holders.

20th April? Why not now?

"Capital over £16,000
You will not be eligible for any Universal Credit."
That explains the rant I read the other day by someone who appeared would be subject to it and would get nothing as they'd been saving for a mortgage deposit.

______________

yep will affect a lot of 'rainy day' savers and  mortgage deposit hopefuls ....on the other hand  ,good news if you're a millionaire who made  'only 30,000' on a business  and offsetting profits 

   remember the first time house buyers help that went up to some ludicrous figure cap  ... poor folk first timers couldnt a shed  never mind  a house so no help while some  toffs  got help with buying their 350,000 starter home

Those that had a £300 ceiling interest-free overdraft the access is immediate or from 1st April; no set limit with Nationwide and those with an arranged one just need to access it from 20th April onward - 10 weeks I think.

And, with the government financial aid package most will feel less financially stretched and/or stressed. Now I hope credit card providers will consider something similar too eg voluntarily suspend monthly payment and not on request (only) which will be on the record of credit agency despite not negatively used against applicant in the future (believe that at your peril).

Government going to help companies by
1)paying their employers ni/pension contributions

2)allowing companies to trade when insolvent

Both back dated to March 1

Not helping insolvency praticoners in the short term!!!

Nationwide: Interest Free Overdraft Holiday from 20th Ap to 1st July.

There is an online application form to fill prior.