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SelF Employed HELP
SelF Employed HELP
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Replies: 74
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Online casinos lobbied hard to ensure that off-licences were deemed as essential for a good reason
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Nationwide is not one of them; still 39.99% with review for some customers only. Evil to the core!
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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. |
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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.
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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.
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But no UC for those with saving greater than £16k.
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Unless they have squirrelled it away, or bought things that they couldn't really afford.
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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.
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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.
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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.
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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. |
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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  |
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Most banks have agreed interest free overdrafts for 3 months.
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Deplasterer
'direct cash grant of 80% of their profits' |
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Quite right Onlooker, 80% of profits/36 mths.
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Anyone any idea if the new rules UC for self employed types do a savings test, so if you've assets you are ****ed?
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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  . |
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Yeah, you will be asked on the online form:
https://www.entitledto.co.uk/help/Savings-and-other-capital-overview-Universal-Credit |
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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 ..
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"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. |
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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!
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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.
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A lot of financial worries for many during these hard days ahead.
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It’s the same old mantra, everyone needs three months bills in an emergency fund to lean on.
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sorry state of affairs
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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 |
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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  |
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'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. |
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Nationwide announced today no overdraft fee from 20th April to 1st July. A positive move for account holders.
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20th April? Why not now?
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"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 |
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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). |
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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!!! |
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Nationwide: Interest Free Overdraft Holiday from 20th Ap to 1st July.
There is an online application form to fill prior. |