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Author Topic: Help for (some of) the self-employed announcement at last - UK  (Read 9453 times)

geordie

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #15 on: 27 March 2020, 06:50:39 am »
Edit: Never mind
« Last Edit: 27 March 2020, 01:29:19 pm by geordie »

Gypsy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #16 on: 27 March 2020, 07:38:22 am »
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!

Ah, yes, that makes sense ... thank you  :-*
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naynay91

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #17 on: 27 March 2020, 10:45:31 am »
I've been self-employed for less than a year and have no tax returns yet so I'm basically screwed and will have to settle for universal credit which is a measly £400-ish a month. Now I'm really worried.  :'(

Caledonia

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #18 on: 27 March 2020, 12:49:15 pm »
I doubt I will hear from them as my income from escorting is so low anyway and I don't work regularly.

geordie

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #19 on: 27 March 2020, 01:28:14 pm »
I doubt I will hear from them as my income from escorting is so low anyway and I don't work regularly.
I think I may well be in the same boat but will wait and see. Previous years weren’t so bad so maybe that will boost my average, I’ll have to work it out properly

DaisyDuck

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #20 on: 27 March 2020, 09:16:34 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.

Employees of Ltd companies will be covered by grants that cover 80% of wages.

francesday

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #21 on: 28 March 2020, 12:09:51 am »
I've been self-employed for less than a year and have no tax returns yet so I'm basically screwed and will have to settle for universal credit which is a measly £400-ish a month. Now I'm really worried.  :'(
Same boat. UC doesn't even cover my rent. Desperately worried. Sole traders are at their most vulnerable just after starting up, I don't know why they've hung us out to dry like this.  :-[ :'(

amy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #22 on: 28 March 2020, 12:57:09 am »
Same boat. UC doesn't even cover my rent. Desperately worried. Sole traders are at their most vulnerable just after starting up, I don't know why they've hung us out to dry like this.  :-[ :'(

Frances (and others) could you talk to your bank? You'd likely need to open a business account which does cost more long term if you keep it, but they often have good packages for new business startups and you might be able to get some help (including the business interruption loan mentioned above if they're one of the participating lenders), especially if you have a bit of history with them - a cheap/free overdraft even? But I'd do it right away before everybody else does :).
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francesday

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #23 on: 28 March 2020, 02:06:16 am »
Frances (and others) could you talk to your bank? You'd likely need to open a business account which does cost more long term if you keep it, but they often have good packages for new business startups and you might be able to get some help (including the business interruption loan mentioned above if they're one of the participating lenders), especially if you have a bit of history with them - a cheap/free overdraft even? But I'd do it right away before everybody else does :).
Thanks Amy! I have a business account with Monzo but from what I can see they aren't offering the CBIL, so I'll look into setting up one with my home bank. I was approved for a low rate overdraft earlier this month, so I have a bit of hope there.

zara12345

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #24 on: 28 March 2020, 08:14:34 am »
A friend who is also self employed has told me she can’t apply for UC as it will affect the payments coming in June and the grant the self employed can apply for. Does anyone know if this is true? What are you supposed to live on until June if this is the case ?

Thanks x

sultress000

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #25 on: 28 March 2020, 09:19:07 am »
A friend who is also self employed has told me she can’t apply for UC as it will affect the payments coming in June and the grant the self employed can apply for. Does anyone know if this is true? What are you supposed to live on until June if this is the case ?

Thanks x
No i dont believe this is true.
Martin Lewis was asked this question and categorically said it is fine to apply for universal payment in the meantime.

burly burlesque

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #26 on: 28 March 2020, 01:31:05 pm »
Yes it says on the HMRC website links etc that in the meantime apply for Universal Credit. What I am not sure about is whether or not this will then be minused from whatever you are due or entitled to in June (or earlier if they can get the scheme up and running earlier), although I imagine so, I guess there is little precedent for any of this.

Cat_BBW

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #27 on: 28 March 2020, 02:08:31 pm »
Yes it says on the HMRC website links etc that in the meantime apply for Universal Credit. What I am not sure about is whether or not this will then be minused from whatever you are due or entitled to in June (or earlier if they can get the scheme up and running earlier), although I imagine so, I guess there is little precedent for any of this.

It's likely it will work in the reverse - what you get from the self employed grant (which is a taxable income, as though you had worked for it) will be deducted from your future UC.

burly burlesque

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #28 on: 28 March 2020, 02:43:11 pm »
It's likely it will work in the reverse - what you get from the self employed grant (which is a taxable income, as though you had worked for it) will be deducted from your future UC.

I think I see what you mean. Although I’m hoping by June I’ll be back at work cross keys!  :)

Lushblossom

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #29 on: 29 March 2020, 09:14:35 am »
As I haven't been paying tax as I have been down as part-time all these years with my tax returns and Child Tax Credit claims do I assume I won't be getting the 80% of average profits paid from the Self-Employed Income Support Scheme?

I assume I don't qualify for a thing.  I am already getting barely any work except for 2 hours Monday in a v small hotel locally.

I have received the general email from the government but nothing other than that.