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Author Topic: Help for (some of) the self-employed announcement at last - UK  (Read 9500 times)

Blondieblueeyes

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As has just been announced self employed are being covered up to 2500 a month on a net income of under 50k a year. So I was almost correct on my figures.
The unfortunate thing was it’s not being paid until June that was a bit of a blow. I thought it would be sooner than that.

ladyofthemansion

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #1 on: 26 March 2020, 05:16:59 pm »
Need a tax return for 2019 submitted within next four weeks to qualify for taxable grant of 80% of income up to 2,500 per month for next three months.
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xw5

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #2 on: 26 March 2020, 05:32:50 pm »
"Self-Employed Income Support Scheme" will pay 80% of average profits over the past three years, up to £2,500 per month, for at least three months, IF your annual profit is not more than £50,000 AND the majority of your income is from self-employment.

If you've made more than that or this has topped up other income, it appears the attitude is 'tough'. If you don't have at least one year's tax return, it appears the attitude is 'tough'. If you haven't yet done a 2018/19 return, which was due in Jan this year, you've got about a month to make one.

There will be a "simple online form" where you apply to HMRC for this. They will then pay the grant straight into your bank account. The grant is taxable.

It might just be applicable to England & Wales, rather than the whole of the UK - certain announcements have been different in Scotland in particular.
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xw5

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #3 on: 26 March 2020, 05:39:22 pm »
Need a tax return for 2019 submitted within next four weeks to qualify for taxable grant of 80% of income up to 2,500 per month for next three months.

For those who were good, I suspect you can't go back and amend what you submitted in January.

'The Ian formerly known as SW5'. What they said: "Indispensable", "You are our best resource", and (hours later!) "I'm afraid that you're being made redundant..."

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Ann

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #4 on: 26 March 2020, 05:39:46 pm »
"Self-Employed Income Support Scheme" will pay 80% of average profits over the past three years, up to £2,500 per month, for at least three months, IF your annual profit is not more than £50,000 AND the majority of your income is from self-employment.

If you've made more than that or this has topped up other income, it appears the attitude is 'tough'. If you don't have at least one year's tax return, it appears the attitude is 'tough'. If you haven't yet done a 2018/19 return, which was due in Jan this year, you've got about a month to make one.

There will be a "simple online form" where you apply to HMRC for this. They will then pay the grant straight into your bank account. The grant is taxable.

It might just be applicable to England & Wales, rather than the whole of the UK - certain announcements have been different in Scotland in particular.

Just seen it. Really pleased and happy. May be singing to NHS on my balcony at 8pm.  ;D

xw5

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #5 on: 26 March 2020, 05:49:48 pm »
What they're not singing from the balconies about is that it looks like everyone who qualifies will have to wait until June for any payment. Nothing from this in March, April and May.

On the plus side, at least very few escorts will have been working as directors of their own limited liability company for this (prostitution is not a lawful business for companies to be involved in) because they don't qualify either: they need to look to the business interruption LOANS and universal credit.

« Last Edit: 26 March 2020, 06:15:56 pm by xw5 »
'The Ian formerly known as SW5'. What they said: "Indispensable", "You are our best resource", and (hours later!) "I'm afraid that you're being made redundant..."

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xw5

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #6 on: 26 March 2020, 05:54:34 pm »
Ah, in June, people who qualify will get three months' of money, i.e. it will be effectively backdated. But that's still waiting until June.

They're also noodling about changing the taxes that self-employed people pay, i.e. increasing them to match what people on PAYE pay, in future. This should include allowing self-employed people to qualify for all the benefits that PAYE gets you, but that bit hasn't been mentioned.

« Last Edit: 26 March 2020, 06:16:10 pm by xw5 »
'The Ian formerly known as SW5'. What they said: "Indispensable", "You are our best resource", and (hours later!) "I'm afraid that you're being made redundant..."

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EveEveEve

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #7 on: 26 March 2020, 06:00:31 pm »
Is the application form available now? Or something they’re setting up

xw5

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #8 on: 26 March 2020, 06:14:15 pm »
"Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational."

gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals

I suspect the June date for payments is an indication that it's going to be some weeks before it is.
'The Ian formerly known as SW5'. What they said: "Indispensable", "You are our best resource", and (hours later!) "I'm afraid that you're being made redundant..."

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DarcyLady

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #9 on: 26 March 2020, 08:57:00 pm »
I have a feeling that we won't be able to apply till June.. :-\

amy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #10 on: 26 March 2020, 09:32:46 pm »
I have a feeling that we won't be able to apply till June.. :-\

As Ian said, HMRC will contact those eligible and we will be able to fill in a form then (I assume with bank details on and suchlike). It's plastered all over the .gov website and they're sending out emails too - I've had two already :).

EDIT: I've now had three :D
« Last Edit: 26 March 2020, 10:05:31 pm by amy »
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Ann

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #11 on: 26 March 2020, 10:06:35 pm »
and they're sending out emails too - I've had two already :).

Me too. They are clearly stating:

Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible customers by the beginning of June, inviting them to apply

Gypsy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #12 on: 26 March 2020, 11:48:14 pm »
Will we have to pay this back at some point? Some people say we do  :-\ Loans etc you have to pay back ... didn't think the same applied with grants.
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Philipa

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #13 on: 27 March 2020, 12:16:08 am »
Will we have to pay this back at some point? Some people say we do  :-\ Loans etc you have to pay back ... didn't think the same applied with grants.
The grant is taxable, so HMRC will get some of it repaid through taxes.
When you do 2020/2021 tax returns, the grant is added to your income. Hope that makes sense...

Grant or not, I'm just glad to be able to defer my July tax payments to January 2021!

MsRedhead

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #14 on: 27 March 2020, 01:21:39 am »
For those who were good, I suspect you can't go back and amend what you submitted in January.
I am one of those fools