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Author Topic: Help for (some of) the self-employed announcement at last - UK  (Read 15137 times)

ana30

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #285 on: 18 January 2021, 03:23:39 pm »
Ana as long as you account for it in full, it will be fine either way. But it should be declared as one lump sum (or eventually, 4 of them) so there is no need to pro-rata it across two tax years. If you were paid on May 20th 2020 then declare it in your earnings for 2020-2021.

That is presuming you are declaring your accounts as "cash basis", which you should be.

(The other option is "traditional accounting" which relies on you declaring income and outgoings on the basis of invoices that you've sent to clients, and business bills that you've received, but have not yet been paid. Which none of us will be doing for sex work!)

Thanks Voluptuous curves, yes, I don't send invoices to my clients (lol) so what you say makes a lot of sense. I guess covid grants should be declared on my next tax return 2020-21 as you say.
« Last Edit: 18 January 2021, 03:29:18 pm by ana30 »
"My wife is a sex object, every time I ask for sex she objects" - A client said.

saltysweet

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #286 on: 18 January 2021, 03:57:14 pm »
Thanks Ann and V I was sitting down today to mull this over and you've answered my question! :)
Yeah like I'll let the human guineapigs have first dibbs at eating the food that's been sitting in those restaurant freezers for the past 4 months.

ana30

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #287 on: 18 January 2021, 04:08:17 pm »
Thanks Ann and V I was sitting down today to mull this over and you've answered my question! :)

Yep.. I believe quite  a few have been asking themselves that question salty  ;D
"My wife is a sex object, every time I ask for sex she objects" - A client said.

saltysweet

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #288 on: 18 January 2021, 06:58:55 pm »
 ;) Ana
Yeah like I'll let the human guineapigs have first dibbs at eating the food that's been sitting in those restaurant freezers for the past 4 months.

EveEveEve

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #289 on: 01 February 2021, 02:29:25 pm »
Just been reading about the 4th grant - I was under the impression it would be open for applicants this month - but reading the updates I can find on google apparently it’s not going to be confirmed or details decided on until March?  Anyone know anything about the 4th grant ? And when we’ll be able to get it, x

Cat_BBW

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #290 on: 01 February 2021, 02:45:14 pm »
Just been reading about the 4th grant - I was under the impression it would be open for applicants this month - but reading the updates I can find on google apparently it’s not going to be confirmed or details decided on until March?  Anyone know anything about the 4th grant ? And when we’ll be able to get it, x

Pretty sure last week Rishi Sunak/Treasury confirmed that we won't hear anything or be able to apply until March. Martin Lewis (moneysavingexpert) tweeted about it.

amy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #291 on: 01 February 2021, 03:04:37 pm »
Pretty sure last week Rishi Sunak/Treasury confirmed that we won't hear anything or be able to apply until March. Martin Lewis (moneysavingexpert) tweeted about it.

As far as I know the details are being announced with the Budget, so the 3rd of March. I assume it opens shortly after that - the last grant didn't open until November 30th so not massively different :)

What it possibly means is that more people - including some here - might be able to apply, since the people who had not yet sent in a tax return because they started after April 2019 will now have done so and therefore HMRC have some figures to go on. Fingers crossed :).
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