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Author Topic: Help for (some of) the self-employed announcement at last - UK  (Read 9454 times)

amy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #30 on: 29 March 2020, 10:39:58 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.

You should still get 80% of your average monthly profit for the last three years LB - it's nothing to do with hours worked and I doubt many of us do 36-40 hours a week. So if you average monthly profit was £500 you would have been well under the income tax threshold but you ought to still get 3 months worth of £400, so £1200 as I understand it.

That said, and aa we've been at pains to point out (with a limited degree of success, admittedly), this isn't the best place to ask, and either a finance resource like moneysavingexpert or the HMRC site itself would be a lot more useful.
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Mirror

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #31 on: 29 March 2020, 12:17:20 pm »
You should still get 80% of your average monthly profit for the last three years LB - it's nothing to do with hours worked and I doubt many of us do 36-40 hours a week. So if you average monthly profit was £500 you would have been well under the income tax threshold but you ought to still get 3 months worth of £400, so £1200 as I understand it.

That said, and aa we've been at pains to point out (with a limited degree of success, admittedly), this isn't the best place to ask, and either a finance resource like moneysavingexpert or the HMRC site itself would be a lot more useful.

I haven't received the general email I have heard referred to both here and in other places [on the internet], however had a look at the HMRC website this morning. There's a fairly good explanation on there about the scheme, how it will work, as I understand it people who's PAYE income from an employer exceeds that of their self-employed  income may not qualify for the SE scheme. Looks like government will cover 80% of one (either SE or PAYE) but not the other.

Apart from that it's based on profit averaged over 3 years, divided into a monthly income. Other stipulations are that your business has been affected by the CV-19 situation, which I guess being told not to travel unless essential nor to get within 2m of people not in your household as well as enquiries reducing definitely qualifies!!!!

I am guessing they'll want to just whack it out plus of course it'll end up on our tax returns as income, so for those who do get over the taxable allowance they'll get some of it back that way.

amy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #32 on: 29 March 2020, 12:23:56 pm »
I haven't received the general email I have heard referred to both here and in other places [on the internet], however had a look at the HMRC website this morning. There's a fairly good explanation on there about the scheme

Thanks Mirror - I haven't looked because I wasn't sure how long it would take for the site to be updated but I'll read through it this afternoon. What I could really do with knowing is when in June we're likely to get it - there's a big difference between the 1st or 2nd and the 30th and things are going to be pretty thin around here by then.

Apart from that it's based on nor to get within 2m of people not in your household as well as enquiries reducing definitely qualifies!!!!

Yeah, that part pretty much stuffed it ;D
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Lushblossom

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #33 on: 29 March 2020, 02:19:28 pm »
Thank you very much Amy and Mirror for your input.

Nora batty

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #34 on: 29 March 2020, 03:41:21 pm »
My accountant has emailed me stating the date to get any late accounts in to HMRC is 23rd April, anyone missing that deadline will not get the 80%.  But he thinks in his opinion that they will start giving the money at some point in May rather than June.  Hope he's correct as I didn't qualify for Universal Credit due to me having an accident prior to the Virus situation and would be off work for 3 months on crutches, so as I not fit for work I not able for UC.

LittleMinx2

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #35 on: 29 March 2020, 03:43:53 pm »
My accountant has emailed me stating the date to get any late accounts in to HMRC is 23rd April, anyone missing that deadline will not get the 80%.  But he thinks in his opinion that they will start giving the money at some point in May rather than June.  Hope he's correct as I didn't qualify for Universal Credit due to me having an accident prior to the Virus situation and would be off work for 3 months on crutches, so as I not fit for work I not able for UC.

Do you need to do the tax return for 19/20? Like the one you submit in April this year? Just not sure if I have to file that ASAP or can wait.

Mirror

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #36 on: 29 March 2020, 03:47:20 pm »
Do you need to do the tax return for 19/20? Like the one you submit in April this year? Just not sure if I have to file that ASAP or can wait.

That's not due until the normal date of Jan 2021 (as far as I'm aware), it's the 18/19 due in January 31st 2020 which I understand is the crucial one.

Cat_BBW

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #37 on: 29 March 2020, 04:21:07 pm »
My accountant has emailed me stating the date to get any late accounts in to HMRC is 23rd April, anyone missing that deadline will not get the 80%.  But he thinks in his opinion that they will start giving the money at some point in May rather than June.  Hope he's correct as I didn't qualify for Universal Credit due to me having an accident prior to the Virus situation and would be off work for 3 months on crutches, so as I not fit for work I not able for UC.

There's a "sick" component of UC so you may be entitled to that.

Caledonia

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #38 on: 29 March 2020, 05:57:45 pm »
That's not due until the normal date of Jan 2021 (as far as I'm aware), it's the 18/19 due in January 31st 2020 which I understand is the crucial one.

So by the last 3 years they mean 18/19, 17/18, 16/17, rather than 19/20, 18/19, 17/18?

Mirror

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #39 on: 29 March 2020, 06:44:25 pm »
So by the last 3 years they mean 18/19, 17/18, 16/17, rather than 19/20, 18/19, 17/18?

As I understand it yes  19/20 hasn't even finished yet, I don't think asking everyone to submit their tax returns now would be a great idea. Their systems struggle end of January having given 10 months to do so, and quite a few do submit over that time period. If everyone did it now at once, and on top of everything else I think it would be impossible.

The extended deadline as I understand it is for late submissions from last year.

Taken from the HMRC website from page about help for self-employed;

have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
traded in the tax year 2019-20
are trading when you apply, or would be except for COVID-19
intend to continue to trade in the tax year 2020-21
have lost trading/partnership trading profits due to COVID-19

Ann

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #40 on: 29 March 2020, 06:48:16 pm »
So by the last 3 years they mean 18/19, 17/18, 16/17, rather than 19/20, 18/19, 17/18?

Hi Caledonia, yes that's what I've been told by my accountant we have to start from 2016/2017.

Mirror

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #41 on: 29 March 2020, 06:58:37 pm »
Hi Caledonia, yes that's what I've been told by my accountant we have to start from 2016/2017.

And yes that's what the website says, just didn't copy the whole lot. It's there on the HMRC website, there is a link 'Grants for the self employed' or something similar.

Caledonia

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #42 on: 29 March 2020, 07:15:13 pm »
As I understand it yes  19/20 hasn't even finished yet, I don't think asking everyone to submit their tax returns now would be a great idea. Their systems struggle end of January having given 10 months to do so, and quite a few do submit over that time period. If everyone did it now at once, and on top of everything else I think it would be impossible.

The extended deadline as I understand it is for late submissions from last year.

Taken from the HMRC website from page about help for self-employed;

have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
traded in the tax year 2019-20
are trading when you apply, or would be except for COVID-19
intend to continue to trade in the tax year 2020-21
have lost trading/partnership trading profits due to COVID-19

Did think that but then I had seen this years mentioned, so had got confused

ana30

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #43 on: 29 March 2020, 08:04:37 pm »
There is this statement on the HMRC site:

You cannot apply for this scheme yet.

HMRC will contact you if you are eligible for the scheme and invite you to apply online.

Individuals do not need to contact HMRC now and doing so will only delay the urgent work being undertaken to introduce the scheme.


Basically they're telling us that ONLY those who get contacted are eligible to the scheme?

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xw5

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #44 on: 29 March 2020, 11:12:04 pm »
I suspect they're going to look at who did at least a 2018/19 tax return as self-employed (but preferably 16/17 and 17/18 as well), subtract anyone who got more income from PAYE, and contact those who are left.
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