SAAFE forum
General Category => Questions and Answers => Topic started by: GucciGang on 26 March 2020, 05:14:03 pm
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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.
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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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"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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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.
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"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
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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.
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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.
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Is the application form available now? Or something they’re setting up
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"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.
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I have a feeling that we won't be able to apply till June.. :-\
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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
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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
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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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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!
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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
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Edit: Never mind
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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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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. :'(
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I doubt I will hear from them as my income from escorting is so low anyway and I don't work regularly.
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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
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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.
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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. :-[ :'(
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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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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.
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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
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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.
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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.
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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.
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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! :)
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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.
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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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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.
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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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Thank you very much Amy and Mirror for your input.
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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.
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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.
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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.
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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.
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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?
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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
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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.
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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.
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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
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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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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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As far as I’m aware if you’re struggling to make ends meet until the payment in June, I.e. can’t put food on the table, the self employed can apply for universal credit/ESA ...only do this if you’re desperate though.
However my plan of action is to not pay my rent until the June payment has been received that way I can use the money I have got on other bills such as utilities etc. In these 3 months, go into your overdraft, spend on credit cards if you need to.
Watch Martin Lewis on ITV, He’s got a easy to understand programme about how to manage financially over this pandemic - well worth watching!
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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'.
I started escorting full time on the 1st April 2019. When I registered with HMRC a few weeks later, this is the date that I (truthfully) gave them. So does this mean I'm not covered by the self-employed support scheme? I will submit my first tax return this year to cover 2019-2020. If anybody else is in the same situation and has any other information I would love for them to share it, please...
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I started escorting full time on the 1st April 2019. When I registered with HMRC a few weeks later, this is the date that I (truthfully) gave them. So does this mean I'm not covered by the self-employed support scheme? I will submit my first tax return this year to cover 2019-2020. If anybody else is in the same situation and has any other information I would love for them to share it, please...
It’s too early to do 2020
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I know that, but what they seem to be saying is that unless you submitted (or are about to submit) a tax return for 2018-2019, then the 80% wages covered up to £2,500 will not apply, and basically I (and all the others in the same boat) will be entitled to nothing
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I know that, but what they seem to be saying is that unless you submitted (or are about to submit) a tax return for 2018-2019, then the 80% wages covered up to £2,500 will not apply, and basically I (and all the others in the same boat) will be entitled to nothing
You can apply for universal credit x
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Thank youx
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I know that, but what they seem to be saying is that unless you submitted (or are about to submit) a tax return for 2018-2019, then the 80% wages covered up to £2,500 will not apply, and basically I (and all the others in the same boat) will be entitled to nothing
Speak to your accountant about it he should know a bit more. My one was a bit like we will know more later and is not sure of every detail yet but that was couple of days back.
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I don't have an accountant, I decided to do my accounts for myself.
From what I can find on the gov website, to get universal credit when self-employed, you have to prove you are in 'Gainful self-employment' and prove that 'your work is organised, developed, regular and in expectation of profit'
Normally there will be an interview for you to prove this, I would assume they want to see documentary evidence of how you run your business. They have suspended these interviews for the duration of the COVID-19 distancing measures and will take your word for it that you are gainfully self-employed.
But I'm worried that when the time period is up, they will want us to attend meetings to show that evidence, and if I can't provide good enough evidence I would have to pay the money back, or worse, get prosecuted for benefit fraud?? Obviously I didn't write a business plan for my escorting career... and I would rather not show them invoices, accounts, marketing materials etc... plus don't know if they would suffice...
Has anybody else recently done a UC claim and have any thoughts on this?
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First I'd say get what emergency pay you're entitled to now and worry about the face to face later. Most people aren't benefits experts or lawyers so many people will make genuine mistakes on their forms, it's correctable. So I'd not panic about prosecution.
I don't imagine UC even have enough agents to tackle the tsunami of 5 million physical interviews. That's like 4.5 x Birminghams. My feeling is it might take months to skim the top if they do it the 'old way'.
Yes I recently experienced everything you mentioned. I had the interviews and demands for invoices several times.
The way they couch the questions can be confusing and get you stuck in the wrong category and denied benefit.
The whole point of going on benefit is that you can't support yourself isn't it?
So you're not gainfully employed are you?
I was pulling my hair out with UC demands-till I sat down with a Citizen's Advice lawyer for a couple hours. (You can ring also)
I suggest getting solid legal advice from Citizens Advice before you step into a UC building.
I did and Citizens guided me beautifully. I'm very satisfied.
(I also do my own accounts.I'm registered as something in health and well being field.)
Don't fret too much as the whole UC system is changing daily and who knows, it might be completely different in a few weeks :)
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SWARM hardship fun, Does anybody know about this? Vivastreet have asked for Donatiin to SWARM to help the hardship WGs face. Not sure if anyone can access help financially, Those who may end up homeless and not able to support family.
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From what I can find on the gov website, to get universal credit when self-employed, you have to prove you are in 'Gainful self-employment' and prove that 'your work is organised, developed, regular and in expectation of profit'
What that translates as is 'be able to prove you have been living off the earnings of self-employment to some degree'. You don't need to be running a successful business - you might be still paying off start-up costs or your ad spend might have exceeded your income recently - but you have to expect that it will be financially profitable.
So having casual sex with lots of randoms wouldn't count - it's not in expectation of profit. Similarly, waving around a business plan for something you haven't started wouldn't count - it's not developed or regular.
I'd be astonished if anyone who's been doing indoor work for more than a month or two couldn't show this, if they're prepared to be out to the DWP as doing sex work: here are my ads, here's a record of how many bookings I've had over the past couple of months, here's - if you were working in March 2019 - my 2018/19 tax return.
I would rather not show them invoices, accounts, marketing materials etc... plus don't know if they would suffice...
I can't see that they wouldn't, but as I say, this is if you're prepared to be out to the DWP...
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I think if you need the money, and you're registered with HMRC, it's not really much different giving the same info to the DWP?
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I just want to share my experience with applying for universal credit at the moment for anyone considering and concerned. I completed the form online and selected I am self employed. I arranged a time for a phone interview regarding my self employment - all 'interviews' are being done over the phone right now. You will receive a document ahead of time detailing what they expect you to bring for your self employment interview, but this was very obviously written before the current situation.
My 'interview' lasted maybe 10mins at max, they confirmed my details like name and address and then the only real question asked was "what is your self employment?" I chose to answer this with what I have registered for tax as, which is a personal assistant. No further questions or evidence asked. I was fully ready to have to email them copies of my accounts and things, but they didn't want anything. Didn't even ask how long I have been doing it for or how much I usually earn.
I think they have so many applications coming through at the moment that they are just speeding through the process.
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I just want to share my experience with applying for universal credit at the moment for anyone considering and concerned. I completed the form online and selected I am self employed. I arranged a time for a phone interview regarding my self employment - all 'interviews' are being done over the phone right now. You will receive a document ahead of time detailing what they expect you to bring for your self employment interview, but this was very obviously written before the current situation.
My 'interview' lasted maybe 10mins at max, they confirmed my details like name and address and then the only real question asked was "what is your self employment?" I chose to answer this with what I have registered for tax as, which is a personal assistant. No further questions or evidence asked. I was fully ready to have to email them copies of my accounts and things, but they didn't want anything. Didn't even ask how long I have been doing it for or how much I usually earn.
I think they have so many applications coming through at the moment that they are just speeding through the process.
Thank you so much for posting this.
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Great to know Ashley! Hope you get your monies.
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The whole point of going on benefit is that you can't support yourself isn't it?
So you're not gainfully employed are you?
;D lol
Thank you Ian and Salty your advice is really really useful as always
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:) ahh! welcome
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This waa announced yesterday and so there isn't a lot of information yet, but it launches on Monday and I can't see anything that prevents us applying :)
[From the .gov page:]
Apply for a coronavirus Bounce Back Loan
This scheme will help small and medium-sized businesses affected by coronavirus (COVID-19) to apply for loans of up to £50,000.
Published 27 April 2020
From:
Department for Business, Energy & Industrial Strategy
Contents
Eligibility
How to apply
This scheme is not available yet. It will launch on 4 May 2020.
The Bounce Back Loan scheme will help small and medium-sized businesses to borrow between £2,000 and £50,000.
The government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Loan terms will be up to 6 years. No repayments will be due during the first 12 months. The government will work with lenders to agree a low rate of interest for the remaining period of the loan.
The scheme will be delivered through a network of accredited lenders.
Eligibility
You can apply for a loan if your business:
is based in the UK
has been negatively affected by coronavirus
was not an ‘undertaking in difficulty’ on 31 December 2019
Who cannot apply
The following businesses are not eligible to apply:
banks, insurers and reinsurers (but not insurance brokers)
public-sector bodies
further-education establishments, if they are grant-funded
state-funded primary and secondary schools
If you’re already claiming funding
You cannot apply if you’re already claiming under the Coronavirus Business Interruption Loan Scheme (CBILS).
If you’ve already received a loan of up to £50,000 under CBILS and would like to transfer it into the Bounce Back Loan scheme, you can arrange this with your lender until 4 November 2020.
How to apply
The Bounce Back Loan scheme will launch on 4 May 2020.
More information about the scheme will be published shortly.
Published 27 April 2020
[End quote]
I poked about a bit and it seems likely that the loan can be for up to 25% of turnover or average turnover - I suppose they'll use the same time period as they do for the self-employed grant but this is just guesswork. It opens at 9am for anybody who wants to have a go :).
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25% of turnover. Is that what we earned as a profit not everything we had as income right?
Sounds like an awesome scheme, sorry I missed you posting it above and hey again I’m thankful for this site I think I’d have otherwise missed the whole thing.
Is this alongside the 80% thing for self employed or instead of?
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25% of turnover. Is that what we earned as a profit not everything we had as income right?
Sounds like an awesome scheme, sorry I missed you posting it above and hey again I’m thankful for this site I think I’d have otherwise missed the whole thing.
Is this alongside the 80% thing for self employed or instead of?
Turnover is the whole thing (like with VAT), so it's your takings before expenses unlike the Self Employed grant next month which is calculated just on profit (so with that one if you have fixed costs like work flat rent, you're basically having to pay them again out of your profit).
I don't know how they decide on what constitutes an 'undertaking in difficulty' as it'll be based on criteria which we haven't been told, and it isn't clear how the simple online form they've promised will interact with the 'network of accredited lenders' mentioned, but it's something to try at least :).
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Turnover is the whole thing (like with VAT), so it's your takings before expenses unlike the Self Employed grant next month which is calculated just on profit (so with that one if you have fixed costs like work flat rent, you're basically having to pay them again out of your profit).
I don't know how they decide on what constitutes an 'undertaking in difficulty' as it'll be based on criteria which we haven't been told, and it isn't clear how the simple online form they've promised will interact with the 'network of accredited lenders' mentioned, but it's something to try at leaat :).
Aha, thanks for explaining. Another game of wait and see I guess. Thanks x
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Aha, thanks for explaining. Another game of wait and see I guess. Thanks x
I know :). It'll make a massive difference to me if I can get it so I'm really trying not to be too hopeful, but I'm looking at the page every day to see if any more information goes up and if it does I'll post it here.
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I don't have an accountant, I decided to do my accounts for myself.
From what I can find on the gov website, to get universal credit when self-employed, you have to prove you are in 'Gainful self-employment' and prove that 'your work is organised, developed, regular and in expectation of profit'
Normally there will be an interview for you to prove this, I would assume they want to see documentary evidence of how you run your business. They have suspended these interviews for the duration of the COVID-19 distancing measures and will take your word for it that you are gainfully self-employed.
But I'm worried that when the time period is up, they will want us to attend meetings to show that evidence, and if I can't provide good enough evidence I would have to pay the money back, or worse, get prosecuted for benefit fraud?? Obviously I didn't write a business plan for my escorting career... and I would rather not show them invoices, accounts, marketing materials etc... plus don't know if they would suffice...
Has anybody else recently done a UC claim and have any thoughts on this?
I applied for universal credits because I've not received any letters from HMRC about the 80% grants. Although I've done my tax returns since starting escorting. I had a phone interview with my local job centre & Ive not been asked for any evidence of anything other than my identity.
Now I'm confused about weather I've done the right thing or not. If you do apply for UC, it needs to be done ASAP as they wont backdate.
Also remember to update the Tax credits office. I've received a hefty overpayments bill from them. You need to be brain of britain to understand this other antiquated system. Can't seem to update any of my changes online with them. Beyond frustrating.
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I applied for universal credits because I've not received any letters from HMRC about the 80% grants. Although I've done my tax returns since starting escorting. I had a phone interview with my local job centre & Ive not been asked for any evidence of anything other than my identity.
Now I'm confused about weather I've done the right thing or not. If you do apply for UC, it needs to be done ASAP as they wont backdate.
Also remember to update the Tax credits office. I've received a hefty overpayments bill from them. You need to be brain of britain to understand this other antiquated system. Can't seem to update any of my changes online with them. Beyond frustrating.
The contact for 80 percent grants won't start until mid May - this is on the HMRC website.
https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
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I applied for the bounce back loan this morning - it was very straightforward and there is a list of FAQs here:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/faqs-for-small-businesses/#f17
The list of lenders is currently just major banks as far as I remember, but they will be adding more as they go for those who can afford to hang fire for a bit. I chose Santander as I have an account there which makes it easier, but I need to send them my most recent tax return (these are easy to download from the HMRC site) because it's a current account and not a business account. You can borrow up to 25% of your turnover from the year 2018-19 but it's rounded to the nearest thousand (so if it's £10,001 you can borrow £10K, but if it's £9999 you can only borrow £9K, if that makes sense :)).
If the lender you choose turns you down you can pick another and try again, and they say that we should hear within 24 hours. Mine will take slightly longer because of having to send the tax return, but the scheme is designed to let businesses access money quickly so hopefully not more than a week or so.
Fingers crossed.
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The contact for 80 percent grants won't start until mid May - this is on the HMRC website.
The online tool for checking eligibility is now online here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
You will need your UTR/tax reference number (don't put it in with the letter on the end - I did and it doesn't work until you just use the digits ;D) and your National Insurance number. It will tell you right away whether you're eligible and that if so you can claim from the 13th of May.
You must have a Government Gateway account to claim this and they can take a few days to set up because they send a code in the post (or they used to) to activate it, so anybody who wants to claim and doesn't have one needs to crack on with that now.
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That's a nice wedge! Spend it
unwisely :)
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That's a nice wedge! Spend it unwisely :)
Well it's a loan (unlike the grant, which counts as taxable income) so it won't be for everybody, but it means I can pay off all the bits of IKEA debt I racked up setting up my new work flat in February that I would have earned enough for by now, and then sock a bit of what's left away for rent and bills. That's assuming they don't turn me down, but it's self-certifying and my previous is fine so I'm hoping not. I could do with a break after not being eligible for anything else :).
There are no repayments for a year and the first year is also interest free, but I'd recommend anybody going to apply checks how much the payments will be once they start - the interest is only 2.5% though, so if it's not a bad deal really.
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The online tool for checking eligibility is now online here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
You will need your UTR/tax reference number (don't put it in with the letter on the end - I did and it doesn't work until you just use the digits ;D) and your National Insurance number. It will tell you right away whether you're eligible and that if so you can claim from the 13th of May.
You must have a Government Gateway account to claim this and they can take a few days to set up because they send a code in the post (or they used to) to activate it, so anybody who wants to claim and doesn't have one needs to crack on with that now.
I noticed the tool today, used it - says I am eligible.
The blurb says although the claiming system goes live at noon 13th May, each person will be given a set date(s) from which they can apply. The wording which seems to be continuously updated, suggests there'll be tranches of applicants - possibly trying to prevent a tsunami of applications all at the same time?
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My HMRC application time has been set for midday 15th May 2020 when I checked my eligibility this morning. I have received emails regularly from the government without prompting them throughout this phase. Yesterday's email invited me to check eligibility.
It will be such a relief when it is paid into my account. I have been feeling very anxious of late and it is sorely needed.
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The online tool for checking eligibility is now online here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
You will need your UTR/tax reference number (don't put it in with the letter on the end - I did and it doesn't work until you just use the digits ;D) and your National Insurance number. It will tell you right away whether you're eligible and that if so you can claim from the 13th of May.
You must have a Government Gateway account to claim this and they can take a few days to set up because they send a code in the post (or they used to) to activate it, so anybody who wants to claim and doesn't have one needs to crack on with that now.
Thank you for the link Amy. It said I was eligible and they emailed me to say once they give me a date, all I'll need is my bank account number, sort code, gateway ID and password, then once they verify my claim, I'll have the money in my account within 6 working days :)
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Interestingly although mine says eligible I've not received any emails at all at any point, they have my email address which I also entered in the form part of the checker. I've checked junk mail religiously, other HMRC emails have in the past come through just fine.
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I get snail mail from HMRC rather than emails, and got the letter this morning telling me I was eligible for the SE grant (though I'm not planning to apply for it at the moment, fingers crossed...)
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Thank you for the link Amy. It said I was eligible and they emailed me to say once they give me a date, all I'll need is my bank account number, sort code, gateway ID and password, then once they verify my claim, I'll have the money in my account within 6 working days :)
I thought this was for the 50K loan, but checking my email last night it's for the self employed grant. HMRC emailed me on Friday to say I am eligible, so I've set up my gateway account and now just have to wait till the 15th 😊
I am going to do it because although I am not desperate for the money we have no idea how long this is going to be for and what things will be like when we can eventually return.
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I thought hmrc were supposed to email me on 13th to say I can make my claim. They haven't emailed but my accountant said just go ahead and claim. If you search the gov website help for self employment coronavirus claim, it's the top result. If the date they gave you when you did the eligibility test has come up, it lets you claim. I just did mine and it says approved and it will be in my bank account within 6 days :)
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Tried to apply but the website has already crashed after the midday opening of applications and the probable onslaught. Looks like I'll be spending my afternoon trying to gain entry before I can apply. Frustrating.
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Few! Didn't actually take that long to get it sorted in the end so have my grant sorted. Thats a bit of a relief.
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Application windows are also staggered - I'm being told I can make a claim from 8am tomorrow.
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I just did mine and it says approved and it will be in my bank account within 6 days :)
Mine too! It also said it would email me, but I never got one so I won't be holding my breath waiting for the promised one to tell.me the grant money's on its way ;D.
Still waiting to hear about the bounceback loan, and after an hour on hold to Santander yesterday the best I could get was some mumbling about a 'backlog' and that they couldn't give me any timescale. Apparently along with HBSC and Barclays (which is reportedly having far more problems and delays than any of the rest) they're working 24 hours trying to plough through all the applications, so if anybody was going to apply.amd hasn't yet I'd maybe give it a week until it thins out a bit.
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Decided to wait and see what if anything I’d be able to get with the 80% thing. After spending 3 days on hold for a few hours to my bank regarding the bounce back loan.
Didn’t get an email today about the 80% thing but I was told (when I checked my eligibility) that I’d be able to apply from 8am today. Looked online around 8:40 this morning and (while still laying in bed having just woken up, lol) I was able to input my details - very simple name address bank details, and it showed me how much I’m going to get in 6 working days.
Thanks Amy for your advice about the bounce back. Hoping I won’t have to rely on that at all with this 80% thing, that’s if we’re back to working by July.
So if you haven’t had an email. Google how to check your eligibility and it should tell you (if you are eligible) when you’re able to apply. Xx
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Mine is through too, took a while probably due to backlog and over load.
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Mine is through too, took a while probably due to backlog and over load.
I think there must be a backlog, I'm legible too and when I typed my info I got a warning stating I need to file my claim on may 15th! maybe that's because I left it to the last minute today (thinking there would be less of a backlog) and went into the site to do my claim at 7;00 pm. Silly cow. Ladies I would reccomend not leaving this for too late otherwise they'll put you at the end of the queu like me.
>:(
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I think there must be a backlog, I'm legible too and when I typed my info I got a warning stating I need to file my claim on may 15th! maybe that's because I left it to the last minute today (thinking there would be less of a backlog) and went into the site to do my claim at 7;00 pm. Silly cow. Ladies I would reccomend not leaving this for too late otherwise they'll put you at the end of the queu like me.
>:(
The date allocation via the eligibility checker started last week, I know other people given 14th and 15th last week. I've heard it's based on tax code, or something else unrelated to today.
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I’ve got my grant today also I’m very pleased. This will help bridge the gap between now and work coming in again. It’s definitely a cushion and I found the process fairly straightforward. I feel so much better knowing it’s there and I don’t have to worry of work isn’t busy for a few months.
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So the aid is supposed to cover for march, April May and June, but Looks like the UK furlough scheme for coronavirus has been extended for four more months (that's till the end of October). I'm guessing this extension applies to the self-employed too (?), however If anyone has any details on this last bit would be nice to know. I've looked elsewhere and can;t find if the extension applies to us or not.
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I think there must be a backlog, I'm legible too and when I typed my info I got a warning stating I need to file my claim on may 15th! maybe that's because I left it to the last minute today (thinking there would be less of a backlog) and went into the site to do my claim at 7;00 pm. Silly cow. Ladies I would reccomend not leaving this for too late otherwise they'll put you at the end of the queu like me.
>:(
i dont think its the fact you only did it today.... i applied 2 weeks ago and was given the dates 15th may to!
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So the aid is supposed to cover for march, April May and June, but Looks like the UK furlough scheme for coronavirus has been extended for four more months (that's till the end of October). I'm guessing this extension applies to the self-employed too (?), however If anyone has any details on this last bit would be nice to know. I've looked elsewhere and can;t find if the extension applies to us or not.
Nothing (further) has been announced for the self employed yet. I know, cos I am always on the lookout for that too!
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Nothing (further) has been announced for the self employed yet. I know, cos I am waiting for that too!
Thanks cat.
If anyone gets any updates on this issue please let us know.
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So the aid is supposed to cover for march, April May and June,
March, April and May, not June. We get three months of 80% average profit, not four :)
Nothing (further) has been announced for the self employed yet. I know, cos I am waiting for that too!
Without checking back, it was a good couple of weeks between the furlough scheme being announced and this one. I know part of that was because this one would be far more complicated to work out, but even with most of that out of the way I don't think it's unreasonable for them to need more than 24 hours - we don't have employers to split the costs with (which is the plan for some employees from July, I think) so somebody will need to get the trusty Texas Instruments calculator out again :D.
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Without checking back, it was a good couple of weeks between the furlough scheme being announced and this one. I know part of that was because this one would be far more complicated to work out, but even with most of that out of the way I don't think it's unreasonable for them to need more than 24 hours - we don't have employers to split the costs with (which is the plan for some employees from July, I think) so somebody will need to get the trusty Texas Instruments calculator out again :D.
;D
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So the aid is supposed to cover for march, April May and June, but Looks like the UK furlough scheme for coronavirus has been extended for four more months (that's till the end of October). I'm guessing this extension applies to the self-employed too (?), however If anyone has any details on this last bit would be nice to know. I've looked elsewhere and can;t find if the extension applies to us or not.
The SE grant is 3 months cover, no word on any extension yet. Furlough started first, so makes sense the furlough extension has been announced first.
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Ref SEISS Martin Lewis has stated Wed i.e. yesterday, in his weekly email to all who are on his subscription list, that the SEISS is live from Wed 13th to Mon 18th May. We should have been given our date and time to apply from by now via emails. If we have not been given this then apparently from Sun 17th May there is something further that can be done.
I have had my date so I am fine i.e. mine is tomorrow 12 midday ie Fri 15th May. A client was wondering where his had got to and he is not very clever with paperwork even though a competent electrician. This is how I noticed this.
If people subcribe to Martin Lewis weekly emails it is on this week's one. Hope this helps.
If people are really out of depth (and it would seem the electrician client is lol) then best to approach/inform the accountant you use to see to it on your behalf. For example this client is due c £7k as I worked it out for him as he is my main regular at the minute for 2 hours monthly.
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Ref SEISS Martin Lewis has stated Wed i.e. yesterday, in his weekly email to all who are on his subscription list, that the SEISS is live from Wed 13th to Mon 18th May. We should have been given our date and time to apply from by now via emails. If we have not been given this then apparently from Sun 17th May there is something further that can be done.
I have had my date so I am fine i.e. mine is tomorrow 12 midday ie Fri 15th May. A client was wondering where his had got to and he is not very clever with paperwork even though a competent electrician. This is how I noticed this.
If people subcribe to Martin Lewis weekly emails it is on this week's one. Hope this helps.
If people are really out of depth (and it would seem the electrician client is lol) then best to approach/inform the accountant you use to see to it on your behalf. For example this client is due c £7k as I worked it out for him as he is my main regular at the minute for 2 hours monthly.
There was a warning at some point during mine that said not to do the application on behalf of someone else or it could flag it as fraud and cause it to be rejected or delayed.
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Ref SEISS Martin Lewis has stated Wed i.e. yesterday, in his weekly email to all who are on his subscription list, that the SEISS is live from Wed 13th to Mon 18th May. We should have been given our date and time to apply from by now via emails. If we have not been given this then apparently from Sun 17th May there is something further that can be done.
I have had my date so I am fine i.e. mine is tomorrow 12 midday ie Fri 15th May. A client was wondering where his had got to and he is not very clever with paperwork even though a competent electrician. This is how I noticed this.
If people subcribe to Martin Lewis weekly emails it is on this week's one. Hope this helps.
If people are really out of depth (and it would seem the electrician client is lol) then best to approach/inform the accountant you use to see to it on your behalf. For example this client is due c £7k as I worked it out for him as he is my main regular at the minute for 2 hours monthly.
I didn't receive any email or letters about my claim date, or even that I could claim.
I went to the elibigility checker which gave me my date and time.
The actual form was really simple, just personal details you don't even have to have your returns or figures, the HMRC system does the calculation.
I suspect I didn't receive any emails or letters because I opt out of anything which might be lots of contact/spam type excessive contact. All I receive are the reminders to submit returns, and the twice yearly payments due.
Would advise your friend to visit the checker, they'll need national insurance number, UTR (On any letters from HMRC), possibly passport or driving license for ID. That is all, the checker then displays a date and time on the page, which may have already started for the individual so can progress to application immediately.
Hope that helps.
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Yes same I received no date to apply I filled in the eligibility checker and got given the 13th of May from midday.
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Has anyone applied on their date but a bit earlier? Mine is from tomorrow 15th at midday, but would be more convenient for me if I could do it sometime in the morning.
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Has anyone applied on their date but a bit earlier? Mine is from tomorrow 15th at midday, but would be more convenient for me if I could do it sometime in the morning.
I tried an hour before my start time yesterday, same message giving me the time I could apply. You can do it anytime after the time allocation as far as I understand so Saturday and Sunday. It's fully automated so would also guess you can to it through the night ie 24 hours a day as long as it's after the start time.
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Has anyone applied on their date but a bit earlier? Mine is from tomorrow 15th at midday, but would be more convenient for me if I could do it sometime in the morning.
When you enter your unique taxpayer reference number and NI number, it knows when you're allowed to claim from and won't let you do so if you're asking early.
Once the time comes, the longest bit for me was looking up my bank details and printing out the 'you've done it' pages afterwards.
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thanks all for the info so far
Just a question about the Bounce Back loan if anybody could advise?
Would an 'escort' as profession get knocked back for the loan ? HMRC i am down as a massage therapist
but would this mean the loan application was fraudulent if I stated massage therapist? ???
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thanks all for the info so far
Just a question about the Bounce Back loan if anybody could advise?
Would an 'escort' as profession get knocked back for the loan ? HMRC i am down as a massage therapist
but would this mean the loan application was fraudulent if I stated massage therapist? ???
I don't think so, no. Just apply for a loan as a massage therapist. So long as your tax returns are in order, it should be fine.
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I didn't do the form for the client.I have left that up to him.Will be pleased when Fri midday has passed and the matter is in hand. I was trying to help the client so I could keep securing two hourly bookings on a monthly basis for now. However it sounds like he has mistakenly applied through a bogus email Monday of this week. I have suggested he sees his accountant. Have given up helping him got my own stress!
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thanks all for the info so far
Just a question about the Bounce Back loan if anybody could advise?
Would an 'escort' as profession get knocked back for the loan ? HMRC i am down as a massage therapist
but would this mean the loan application was fraudulent if I stated massage therapist? ???
You're not applying to HMRC, you're applying for a bank loan so it's entirely up to the lender you choose.
If you already have a business bank account with them it'll probably be slightly easier, but think about what you'll put if they ask you about the nature of your business; to be fair, they're unlikely to think that a massage therapist would be unaffected by the distancing rules.
It's worth pointing out (without wanting to wander off too much) that this is an extremely cheap loan, so even if you can manage without the money it's likely worth trying for if you're paying off more more expensive debts on other loans or credit cards. Provided you're a sole trader and not a limited company (which ought to be most people here, since prostitution is not an acceptable activity to register with Companies House), you are the business therefore the money is yours to do as you wish with, including reducing existing debts to free up more of your income when you get some :).
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You're not applying to HMRC, you're applying for a bank loan so it's entirely up to the lender you choose.
If you already have a business bank account with them it'll probably be slightly easier, but think about what you'll put if they ask you about the nature of your business; to be fair, they're unlikely to think that a massage therapist would be unaffected by the distancing rules.
So if you pay your earnings into a personal account, not a business one, are you not eligible to apply? I cannot get beyond the first page of the online application form.
I have had my self-employment grant confirmed and Universal Credit came through after 5 weeks, so at least I have something to live off for a short while.
::)
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So if you pay your earnings into a personal account, not a business one, are you not eligible to apply? I cannot get beyond the first page of the online application form.
It depends on the lender but while some will have you open a business account (even if it's just a 'loan feeder' account for you to make repayments into and nothing else) to apply, others are fine if you operate through a personal account - a huge proportion of very small businesses do. It just means you'll need to provide more information (which they would already have if you had a business account) because it's a business.loan, not a personal one. There is plenty of information about this and a table with details of the different lenders' policies on both the siye linked above and also on MSE :)
Did you pick a bank where you already have an account? If not, I think HSBC is the current go to for the ones taking applications from new customers.
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Yes Amy, I was applying with the bank I’ve been with all my life.
On further investigation it appears they are not accepting applications from new customers and if you only have a personal account, you’ll need to apply for a business account first, at a rate of £7pm after the first 18 months free. Plus charges to pay in and take out cash.
It was only to clear off my credit cards (at the higher interest rate) but may not be worth the bother. I’ll take a look at the one you suggested. Thank you!
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My grant just came through :) I applied on 13th got it at 1 minute to midnight so 6 days exactly
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Good for you Aussie, now go and spend it very unwisely hey, well that's what I will do when mine arrives ;D ;D.
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My grant just came through :) I applied on 13th got it at 1 minute to midnight so 6 days exactly
I applied on the 15th and haven;t got it yet :-(
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I applied on the 15th and haven;t got it yet :-(
Mine arrived last night too,no email which was advised.
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Mine arrived last night too,no email which was advised.
You mean... you didn't get a confirmation email that the grant had arrived? Just asking because I was told when I finished filling the grant that I would get a confirmation email from HMRC that the money is in the bank but haven;t gotten it yet. However... haven;t looked at my bank account for the last three days...
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Mine arrived last night too,no email which was advised.
Same it just arrived, 6 working days as said but no email.
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You mean... you didn't get a confirmation email that the grant had arrived? Just asking because I was told when I finished filling the grant that I would get a confirmation email from HMRC that the money is in the bank but haven;t gotten it yet. However... haven;t looked at my bank account for the last three days...
Like you when I completed the application, information on the screen told me I would receive an email when the payment is made which should be in 6 days. I applied on 13th the money arrived yesterday no email.
I have never received any emails or letters about any of the SE grant scheme, did receive the standard April letter telling me to submit usual tax return by January 31st 2021.
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I check my bank account online first thing every morning have been doing for around 20 years to check no fraud has been committed.
I applied Fri 15th May at midday. 6 working days is Mon 25th May. So I anticipating its arrival then.
Pleased for those who were allowed to apply sooner.
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I check my bank account online first thing every morning have been doing for around 20 years to check no fraud has been committed.
I applied Fri 15th May at midday. 6 working days is Mon 25th May. So I anticipating its arrival then.
Pleased for those who were allowed to apply sooner.
Got to me in 5 actual days - 13th I applied so hopefully will be with you in a couple more days.
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I have mine too! There's pretty much bog all left after setting the rent and bill money aside for the next couple of months and doing a big online grocery shop, but it's here :D
I got the email saying they were 'processing my claim' about half an hour ago, so probably about twelve hours after it was paid in :D.
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I applied on 14th and received it today :) Then I received an email from HMRC saying there's help for the self employed and they will be holding webinars this week on how to claim the grant. ::)
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I applied on 14th and received it today :) Then I received an email from HMRC saying there's help for the self employed and they will be holding webinars this week on how to claim the grant. ::)
I got that one too :D
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I got that one too :D
LOL - I got excited thinking this was something to do with a potential future payment. No such luck.
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Just wondering if anyone’s heard back from the Business Bounce Back loan yet? I’m going to apply tomorrow via HSBC as seems to be the only one that accepts applications from people who don’t have a current business account.
Also wondering what they use the calculate your turnover, so is it the 3 years tax returns same as the grant, or can I use this years figures (19-20)? Tried to look this up but I seem to be going in circles!
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Just wondering if anyone’s heard back from the Business Bounce Back loan yet? I’m going to apply tomorrow via HSBC as seems to be the only one that accepts applications from people who don’t have a current business account.
Also wondering what they use the calculate your turnover, so is it the 3 years tax returns same as the grant, or can I use this years figures (19-20)? Tried to look this up but I seem to be going in circles!
Yes, I got mine through Starling. Applied for an account on Sunday, got the debit card through and activated the account on Wednesday, applied for loan straight away. Had to use my turnover for the 2019 calendar year (I'm assuming that each bank may have different criteria). Approved and signed for loan on Thursday, money was in my account within 15 mins!
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Yes, I got mine through Starling. Applied for an account on Sunday, got the debit card through and activated the account on Wednesday, applied for loan straight away. Had to use my turnover for the 2019 calendar year (I'm assuming that each bank may have different criteria). Approved and signed for loan on Thursday, money was in my account within 15 mins!
Brilliant, thank you!
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Meanwhile Santander are still not answering over two weeks later, despite hours of holding and multiple messages left on their chatbot thing. I'm starting to wonder whether to just apply to another lender and if they ever do get back to me I'll tell them to stick it.
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Had to use my turnover for the 2019 calendar year
Glad it worked out so smoothly
Please what evidence did they ask for/use to workout your turn over for the calendar year, or did they ask you for a figure for 2019 turnover, and if so what did you have to show to support that?
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I checked my bank account online an hour ago the money (SEISS grant) was credited today which was surprisingly fast. Three working days from Friday 15th May. Today being Wed 20th May.
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I checked my bank account online an hour ago the money (SEISS grant) was credited today which was surprisingly fast. Three working days from Friday 15th May. Today being Wed 20th May.
Great news I suspect they just want to get it done, and us out of the way.
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I got my grant too after applying on 15th at 12pm :)
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Glad it worked out so smoothly
Please what evidence did they ask for/use to workout your turn over for the calendar year, or did they ask you for a figure for 2019 turnover, and if so what did you have to show to support that?
I think they worked it out themselves ? Don’t think I’ve been asked to supple any evidence (if you’re meaning the 80% not the loan) x
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Got my grant today, wasn’t due till Friday so pleased with how quick it all was.
Doesn’t look like I’ll be eligible for a business bounce back loan with HSBC however as they want 18-19s tax return which was very low for me as I was employed half the year. I was also declined for a business account (not a feeder account, thought I’d try applying online before calling). Will keep an eye out for other banks who don’t require you to be a customer of theirs. Know Barclays is an option but I don’t want to use them.
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I think they worked it out themselves ? Don’t think I’ve been asked to supple any evidence (if you’re meaning the 80% not the loan) x
No sorry I meant the bounce back loan x
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they want 18-19s tax return which was very low for me as I was employed half the year
As you say it varies from bank to bank but I read on at least couple (including HSBC I think?) that if started being self employed part way through the tax year 2018-2019 or calendar year 2019, they will take the portion that you did work and pro-rata it to get an annual amount, which they will then x25% to arrive at the figure you can borrow.
It's a loan at the end of the day that you/the govt will pay interest on so I suppose it's in their interest to approve you for borrowing as much as possible. This is what I was hoping they would do with the SEISS grant too as I started towards the end of 2018/2019 tax year, but unfortunately they haven't, I spose bcs it's a grant and not a loan.
A couple of the others also allow you to open a feeder account as mentioned if you are a personal customer with them.
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Glad it worked out so smoothly
Please what evidence did they ask for/use to workout your turn over for the calendar year, or did they ask you for a figure for 2019 turnover, and if so what did you have to show to support that?
I had to send them my tax return.
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Hi ladies, for anyone still interested in the bounce back loan with HSBC. I applied Tuesday night fully expecting a no from them, got an email Wednesday morning to sign terms of the loan and set up direct debit. I won’t be surprised if I receive the money today Thursday or by Friday going by how quick the whole process has been.
I have a registered LTD and a business acct with HSBC which I think is the reason it was so quick. If you have a current account instead, they want proof of your last years self assessment I believe.
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I applied on 14th and received it today :) Then I received an email from HMRC saying there's help for the self employed and they will be holding webinars this week on how to claim the grant. ::)
AND then yesterday I received an email saying they'd received my application and it was being processed and I can expect my payment "within 3 working days of this email".
(I am happy to see lots of info coming through. Not very happy that it's coming through rather late and after everything's already happened and been processed!)
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Hi,
Does anyone know of a lender who are lending to new customers that dont use a business account?
My bank is only lending to those who use a business account, but I just use a standard personal account solely for work. I am registered sole trader and have 3 years tax returns, not including 19/20, which hasn't been filed yet.
Any suggestions would be great!
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I've just applied for the bounceback loan via hsbc as my current account is with them. I had to send my self assessment for 18-19 (only started trading from September 2018). The process was simple and quick (no tears or swearing). I'll let you all know how i get on.
The SEISS thingy came through fine much to my relief.
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Hi,
Does anyone know of a lender who are lending to new customers that dont use a business account?
My bank is only lending to those who use a business account, but I just use a standard personal account solely for work. I am registered sole trader and have 3 years tax returns, not including 19/20, which hasn't been filed yet.
Any suggestions would be great!
I had this problem to. I have put in for a business account obviously had to make some things up so doubt I will be accepted
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Rishi Sunak just announced that the self employed grant will be extended another 3 months with applications opening in August. Such good news!
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Rishi Sunak just announced that the self employed grant will be extended another 3 months with applications opening in August. Such good news!
All I have seen so far on the BBC coverage is the furlough, great if SEISS is also extended will watch out for the mention.
Excellent just seen it appear in the write up, it'll be a little lower this time but still more than welcome and needed many sectors.
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They have JUST announced a further "and final" grant of 70% for self employed, but I haven't checked who is eligible yet, so will be back in a bit with the details. /cross fingers it includes us
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They have JUST announced a further "and final" grant of 70% for self employed, but I haven't checked who is eligible yet, so will be back in a bit with the details. /cross fingers it includes us
This grant covers June until August. 70% of profits up to £2,190 a month, paid in a lump sum. If you were eligible for the 1st grant you will be eligible for this. All same rules as the first grant. Again you have to declare that your biz has been affected by coronavirus. You still have until 13th July to claim the FIRST grant. You cannot claim the SECOND one until August (rollseyes).
I got my info from Martin Lewis (moneysavingexpert) on Twitter. The info will be on the gov.uk site later, I'm sure.
So it looks like the self employed are expected to be able to be working with no corona issues from August, and employed people on furlough able to work from October with no corona issues. I'm in the dark as to why I get cut off in August but if I was working for someone else I'd be paid to October. (more rolleyes)
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I suppose the reason the self employed are getting less help than those furloughed is the government assumes if we have enough up top to be running a business then we can manage to restructure and adapt and change any business to suit any new circumstances. I am only guessing mind.
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I suppose the reason the self employed are getting less help than those furloughed is the government assumes if we have enough up top to be running a business then we can manage to restructure and adapt and change any business to suit any new circumstances. I am only guessing mind.
Individual, self employed people tend to be poor and/or economically insecure and Tories don't often give a hoot about the poor and economically insecure, I reckon. I mean, I might earn a good wedge per hour as an escort, but I'm forever an accident or prolonged illness away from being properly buggered, so...still I'm relieved I'm getting something to help, though, of course.
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U got a point burly! Oh well help is help. Gratefully received.
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Rishi Sunak just announced that the self employed grant will be extended another 3 months with applications opening in August. Such good news!
I was over the moon with this. It takes the pressure off for sure while hotels are adjusting and it will give me some space to work out what I’m doing with work.
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Bounce back loan - just had confirmation that my application with HSBC was successful. I have a personal account with them which I admit that I haven't managed very well over the years so I was glad that i was accepted. It took about 3 weeks with no communication until final request for ID and confirmation today
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I applied for the bounce back loan with Nat West I didn’t have a business account set one up that day. The money was in the account in 2 days. Found it so easy to do. I will say it did get credit checked. I looked on my Experian. What a stroke of luck.
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Anyone been given the wrong amount by the self employed payment? They've done my calculation wrong & I'm around 3k short. I've been getting UC & I'm sure the guy on there phone was intimating that I should have kept quiet about the self employed grant or whatever they are calling it.
I don't want to get prosecuted/sanctioned so I'll have to tell them.
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Anyone been given the wrong amount by the self employed payment? They've done my calculation wrong & I'm around 3k short. I've been getting UC & I'm sure the guy on there phone was intimating that I should have kept quiet about the self employed grant or whatever they are calling it.
I don't want to get prosecuted/sanctioned so I'll have to tell them.
You won’t get prosecuted. You will he asked to pay back any over payment when you file your next tax return. I had a grand which was over paid on tax credits when I was first working before I went full time. They only know your early income when you file your tax. Then the universal credit would ask you to pay it back and you can do a minimum of £20 a month or as much as you like. Don’t worry too much we are in stressful times. Even tax doesn’t need to be paid till next summer.
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For those who have set up business accounts to help access the bounce back loan, what have you said you do? Just obviously can't put down what we actually but also don't want to be lieing on an official form.
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For those who have set up business accounts to help access the bounce back loan, what have you said you do? Just obviously can't put down what we actually but also don't want to be lieing on an official form.
In what way 'obviously'? I got sick of getting nowhere with Santanter so applied for a NatWest business account with full and accurate details including a link to my site - if I want the best tailored service from my bank, why wouldn't I give them the correct information?
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I got an invoice from HMRC today with my tax due in July that they say is due in January. It also said if we want to defer the summer tax, we must log into our account to do so.
Am I missing something? Why would say they say we must notify them if we want to defer it and then send an invoice that is not due till January anyway.
Judging from a previous post when I email my accountant to ask them about it I'll also ask them to double check the amount I got paid with my grant. 3K is a lot of pennies to lose out on. Wonder how many other people they've short changed.
Mind you, if they've given me too much then that's no problem :D
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For those who have set up business accounts to help access the bounce back loan, what have you said you do? Just obviously can't put down what we actually but also don't want to be lieing on an official form.
I put down massage therapist Caledonia I put this on tax returns as well so sensible to match up
Amy I would love to just be more honest - is there a risk though the bank could refuse / freeze an account based on 'immoral earnings' at any point they feel like it or is there a legal protection of sorts?
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Amy, did Natwest open the business account with you when you gave them all the honest info, the reason being I would like to do the same thing, and be totally upfront, could you let us know how you got on?
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In what way 'obviously'? I got sick of getting nowhere with Santanter so applied for a NatWest business account with full and accurate details including a link to my site - if I want the best tailored service from my bank, why wouldn't I give them the correct information?
Apologies Amy, just I had tried to open an account for another business and was turned down because it was within the adult industry
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Apologies Amy, just I had tried to open an account for another business and was turned down because it was within the adult industry
Oh that's OK - I just wanted to make the distinction between 'can't' and 'don't want/choose not to'. I don't want newbies thinking there's anything wrong with their job, or feeling they have to lie if they'd rather not.
is there a risk though the bank could refuse / freeze an account based on 'immoral earnings' at any point they feel like it or is there a legal protection of sorts?
The term 'immoral earnings' has never existed in law - it's a myth. Obviously banks can pick and choose who they deal with like any other business, but provided the business is operating legally there isn't any reason for them to turn you away unless they don't want your money, in which case you'd be better with another bank anyway.
Amy, did Natwest open the business account with you when you gave them all the honest info, the reason being I would like to do the same thing, and be totally upfront, could you let us know how you got on?
I can't say yet as I only did it at the start of the week, and I've only had the apology email telling me my application is being processed but things are slower than usual because there's so much going on. I will update once I can :).
As far as the alternatives go, I would think massage therapist' is pretty safe middle ground :)
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I’m listed as an exotic dancer which even comes up under drop down menus on your car insurance now So it’s a recognised profession dealing in lots of cash. No one bats an eyelid at the bank when I go in with my wads.
Back on topic. I feel that Nat west have been one of the fastest banks at agreeing and getting the money out on the bounce back loan. I was reading though all the hashtag #bouncebackloan complaints on twitter and people have had nightmares. I felt very blessed mine was agreed straight away. The form took me ten mins glass of wine in hand. And when you fill it out the business account was opened up at the same time and you can name this what ever you like. It’s going to be fab using that account for clients so they don’t get my real name.
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Quite a few of the banks have stopped accepting new applicants at the moment which is a bit of a pain.
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Quite a few of the banks have stopped accepting new applicants at the moment which is a bit of a pain.
That’s strange as it’s still on the government web sight with the links to the lenders.
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That’s strange as it’s still on the government web sight with the links to the lenders.
Apologies I meant applications for business account not for the loan itself
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You won’t get prosecuted. You will he asked to pay back any over payment when you file your next tax return. I had a grand which was over paid on tax credits when I was first working before I went full time. They only know your early income when you file your tax. Then the universal credit would ask you to pay it back and you can do a minimum of £20 a month or as much as you like. Don’t worry too much we are in stressful times. Even tax doesn’t need to be paid till next summer.
Tax credits are a nightmare. I've not been able to get through to the that office to sort all that out. I absolutely hate dealing with these official bodies. I asked for UC for March because I was ill with coivd symptoms, then took the whole month off. They refused to pay me, even though I have 5 medical letters to say I've got ongoing health conditions. I've just found out last week that I have a condition that's classed as a disability. Never claimed for it or asked for any benefits when off sick at least 10 days every month. This was brought into place in 2010. I had no idea so, I'll have to contact citizens advice for help.
I wont be paying any tax until January next year & they'll be lucky to get anything out me with all the road blocks they throw. Absolute scum are the government.
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Hy ive got email not a while ago from hmrc when you could claim again to get income support for the 2nd time. Altough this time you must proof that your got affected negatively ca by covid. Ive asked my accountant he said i just have to write a letter i registered as therapists. Any ideas if wether they will accept letter written by me then verified by accountant or not?
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Hy ive got email not a while ago from hmrc when you could claim again to get income support for the 2nd time. Altough this time you must proof that your got affected negatively ca by covid. Ive asked my accountant he said i just have to write a letter i registered as therapists. Any ideas if wether they will accept letter written by me then verified by accountant or not?
If you look at the gov.uk site it says nothing of the sort. Basically if your business/income has been affected by COVID ON OR AFTER 14th JULY you are entitled to the 2nd payment and you do not need to show anything at all at the time of claiming. It's a tick box thing and has to be done by YOU and not your accountant.
MoneySavingExpert has brilliant advice, please remove the spaces I've put in:
moneysavingexpert. com /news/2020/04/self-employed-help-coronavirus/#seiss
AND
moneysavingexpert. com /news/2020/06/i-am-self-employed-but-confused-about-whether-i-can-claim-my-bus/
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Aren't we (the self -employed) getting 70% this time (instead of 80%)?
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Aren't we (the self -employed) getting 70% this time (instead of 80%)?
As per the announcement a few weeks ago apparently so, will go check the .gov.uk website.
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Aren't we (the self -employed) getting 70% this time (instead of 80%)?
I believe so.
Couldn't find any information re having to prove income being affected by COVID19.
I have never gotten any emails and was successfully able to claim the first instalment .
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I believe so.
Couldn't find any information re having to prove income being affected by COVID19.
I have never gotten any emails and was successfully able to claim the first instalment .
Aren't we (the self -employed) getting 70% this time (instead of 80%)?
Yes just been to the government website to check the scheme, this time it is 70%.
Like you Coolbeanz I didn't receive any communication about the schemes, I am eligible, did claim and receive first installment successfully.
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You can’t claim the second round of self employed support until August. So if you check back on the gov sight then it will have a link. Can’t wait fir the next one it really took the pressure off last time.
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Yes, I am aware its not until August, but reluctant to find any information you about having to provide evidence that ones income was negatively affected.
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Like you Coolbeanz I didn't receive any communication about the schemes, I am eligible, did claim and receive first installment successfully.
I did get my first claim too but haven;t got any emails (yet) regarding the second claim.
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Yes, I am aware its not until August, but reluctant to find any information you about having to provide evidence that ones income was negatively affected.
There wasn't any last time, it's a tick box where you certify you have been affected.
I would guess if they ever investigate they'll want to see less cash going in/fewer bookings. These schemes are huge, it's a blanket payment made very quickly.
Also can quote the guidelines as telling everyone to not go near anyone else, closing most businesses apart from the essentials.
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I did get my first claim too but haven;t got any emails (yet) regarding the second claim.
Did you get emails for the first claim, I didn't, not even a letter - but was eligible. Did get it.
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Did you get emails for the first claim, I didn't, not even a letter - but was eligible. Did get it.
Yes, I actually got like two or three emails the first claim telling me I was eligible. Once I filed and got the money I got another 2 emails from HMRC with links to webminars on how to file COVID help etc... To be honest filing the COVID claim was no rocket science so haven't yet watched those webminars (although now I think about it maybe I should watch them in case I'm missing something), however... no other emails regarding I'm eligible for second claim. I did notice it's a "tad" disorganized.
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The Gov sight has been updated now to show the date to apply for the second grant.
This scheme is being extended until 19 October 2020. You’ll be able to claim a second and final grant from 17 August 2020 when the online service will be available.
We will work out your eligibility the same way as the first grant. If you make a claim for the second grant you will have to confirm your business has been adversely affected on or after 14 July 2020.
This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.
You can claim for the second and final grant even if you did not make a claim for the first grant.
The online service for the second and final grant is not available yet. Do not contact us as we will update this guidance when this service
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It's not too dissimilar from the procedure of claiming the first instalment then.
'Confirm' and 'prove' are two different things.
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On Martin Lewis's programme last night the SEISS will be payable by end of August. Though I hope it is quicker than that! We cannot apply until the 17th August though.
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On Martin Lewis's programme last night the SEISS will be payable by end of August. Though I hope it is quicker than that! We cannot apply until the 17th August though.
HMRC made the first payment a month earlier than they said they would, so fingers crossed the second one will be early.
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HMRC made the first payment a month earlier than they said they would, so fingers crossed the second one will be early.
I believe they'll do like last time, ladies form an orderly queu. They'll give everyone a day and a time to apply during a 3 week period. That's why some got the money before last time.
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I have a form phobia and nearly didn't claim.
I've just sat down to apply for the first Self Employed Grant and they made it really simple! Can't believe it! I chugged right through once I dug up my passport and forgotten passwords. I was shocked. All forms should be like this.
Thanks for the helpful comments and tips ladies. You don't have to give evidence of Corry effecting work, in this form, as I guess we were all at home in jammies eating chocolates as instructed.
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I just found a statement on gov.com about keeping evidence of how Corry's effected on your business. Everyone will show a reduction in business so I shouldn't think it's anything to worry about. If they even bother to ask the 66 million who were sat at home...
You should also keep any evidence that your business has been adversely affected by coronavirus such as:
business accounts showing a reduction in turnover
confirmation of any coronavirus-related business loans you have received
dates your business had to close due to lockdown restrictions
dates you or your staff were unable to work due to coronavirus symptoms, shielding or caring responsibilities due to school closures
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The best evidence is what Adultwork and VS have done with advertising. Although I don't think anyone would expect to have to send a link to their profile ???
How can we prove it otherwise? By sending in a screenshot of our diary with bookings? :-\
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The best evidence is what Adultwork and VS have done with advertising. Although I don't think anyone would expect to have to send a link to their profile ???
How can we prove it otherwise? By sending in a screenshot of our diary with bookings? :-\
I'll give CatBBW a rest, since she did it on the last page.
We don't need to prove anything.
The form is self-certifying.
There will be a box which says 'has your business been adversely affected by CV on or the since the 14th of July?' Tick 'Yes'.
Job done.
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Is anyone paying their July tax?
I've had a read of HMRC's website and although it says you will be entitled to the second grant if you don't pay it says nothing about being entitled to the grant if you do pay it.
If I did pay the tax, I think I'd be giving them pretty much the amount I'm entitled to claim with my second grant.
None of us know what business is going to be like till January, so I think I'm going to hang on to my money until then. Of course, Hmrc recommend paying the tax this month if you can but of course they're going to say that ::)
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Is anyone paying their July tax?
I've had a read of HMRC's website and although it says you will be entitled to the second grant if you don't pay it says nothing about being entitled to the grant if you do pay it.
If I did pay the tax, I think I'd be giving them pretty much the amount I'm entitled to claim with my second grant.
None of us know what business is going to be like till January, so I think I'm going to hang on to my money until then. Of course, Hmrc recommend paying the tax this month if you can but of course they're going to say that ::)
I pay by direct debit towards each bill soon after I received the first SEISS I calculated then paid the difference for the July bill. Once this month's DD goes out the balance is paid so the decision has already been made.
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Is anyone paying their July tax?
I've had a read of HMRC's website and although it says you will be entitled to the second grant if you don't pay it says nothing about being entitled to the grant if you do pay it.
If I did pay the tax, I think I'd be giving them pretty much the amount I'm entitled to claim with my second grant.
None of us know what business is going to be like till January, so I think I'm going to hang on to my money until then. Of course, Hmrc recommend paying the tax this month if you can but of course they're going to say that ::)
I am, because next year's payments are going to be horrific, so I'd like to get this one out of the way! I think if you expect your income to be low for the next 6 months it's not a bad idea to hold off though.
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I pay tax in January don't think I've had a request yet as probably too early.
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I pay tax in January don't think I've had a request yet as probably too early.
For self-employed there's usually a bill for July as well as January, or do you pay everything in January so July is covered?
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Oh I didn't know that. I pay everything in January. I just copied what my accountant used to do. He explained about starting dates but I forgot why. Good to know these other options lol :)
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Does anyone know when is the second COVID help available? I know it would be available after the 7th August but I haven;t got any emails from HMRC. They did send me a webminar to watch but haven't had the time.
Any updates on the second installment?
Thanks all.xx
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Does anyone know when is the second COVID help available? I know it would be available after the 7th August but I haven;t got any emails from HMRC. They did send me a webminar to watch but haven't had the time.
Any updates on the second installment?
Thanks all.xx
Government website says can make a claim for second self-employed grant from 17th August.
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Government website says can make a claim for second self-employed grant from 17th August.
Thanx for the update mirror, I thought it was the 7th :FF
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Thanx for the update mirror, I thought it was the 7th :FF
I couldn't remember.
If you Google 'support for the self-employed the .gov.uk website should come up, it's updated regularly.
Also I signed up for the general .gov.uk update emails, nothing to do with being self-employed - I receive an email every day with links to updates on everything to do with coronavirus. You can skim down the pick the links you wish to look into, includes local restrictions, all sorts of things.
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Have those who received the first grant been given a specific date yet for when they can apply for the second grant? I just received a generic email a few weeks ago saying people could apply from the 17th onwards but have heard nothing else since. Last time I was told the exact date I could apply Thanks
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Have those who received the first grant been given a specific date yet for when they can apply for the second grant? I just received a generic email a few weeks ago saying people could apply from the 17th onwards but have heard nothing else since. Last time I was told the exact date I could apply Thanks
No specific dates this time I received a generic email yesterday or this morning from HMRC explaining application system opens 17th, gives a date in October by which claim must be made by.
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I was just about to ask the same thing. They're being slow now in comparison.
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I received an email from them yesterday giving me the date that I can claim from, the date the scheme opens (it's not the same as the date I can claim from), and the date the scheme closes. So if your email says you can claim from 17th, that's your specific date.
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I received an email from them yesterday giving me the date that I can claim from, the date the scheme opens (it's not the same as the date I can claim from), and the date the scheme closes. So if your email says you can claim from 17th, that's your specific date.
Thanks mine was the first date last time, however drawing a link is not necessarily useful. I just know I can claim and there's plenty of time before the scheme closes if I drop down a hole tomorrow.
I'd also expect that some may not claim, and those ineligible might not be trying. Also may have improved the system since the first.
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The system is live I did mine 6am today. As long as you had your government gateway ID from before and your tax code the sight had saved all my income details. It had also saved the bank to be paid into. Was one click of a button to say yes I’ve been affected by corona. It was I so simple to do. Then it gives you the amount and is paid within a week. Super happy today :D
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I tried this morning and it said I can’t claim until Fri 21st so they are still staggering it. Can’t wait to get it done
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The system is live I did mine 6am today. As long as you had your government gateway ID from before and your tax code the sight had saved all my income details. It had also saved the bank to be paid into. Was one click of a button to say yes I’ve been affected by corona. It was I so simple to do. Then it gives you the amount and is paid within a week. Super happy today :D
Yes incredibly easy to do, in fact WOW!
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I tried this morning and it said I can’t claim until Fri 21st so they are still staggering it. Can’t wait to get it done
I got the same, Friday better hurry
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I tried this morning and it said I can’t claim until Fri 21st so they are still staggering it. Can’t wait to get it done
Same here. Looks like it's going to be like last time: everyone will be getting a different pay day, which makes sense otherwise they would have millions of people applying in the next two days causing a collapse of their system. Government must have certain quotas per week of numbers of people that can apply.
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I've just checked and for me it's 20th which is Thursday.
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The HMRC sent me an email saying it is Thursday I can apply from.
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A follow up to my message I’ve had an email saying I will be paid within 3 days. It’s loads faster this time. So even if you apply on Friday or lady it should be processed faster not two weeks or even a week. It will be a couple days.
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A follow up to my message I’ve had an email saying I will be paid within 3 days. It’s loads faster this time. So even if you apply on Friday or lady it should be processed faster not two weeks or even a week. It will be a couple days.
Mine was paid within 3 days the first time, 6 days quoted, in on 3rd day.
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I got the email two days ago stating I can apply after the 20th (rubs her hands with excitement). :D
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I've applied for mine ;D I didn't get a confirmation email, but I did get the confirmation screen that said it would be in my bank within 6 working days, although last time it hit far quicker than that. I think (although would have to read back) I claimed on the Thurs and received on Monday night. Hoping it's just as quick this time :)
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Thought since I was awake I would give it a try as it is the 21st and it was just as simple as last time.
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Mine arrived evening of 2 working days after the date I applied.
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Made my claim on Thursday and got it today :)
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Made my claim on Thursday and got it today :)
Same here. :D
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Made my claim on Thursday and got it today :)
I made mine on Thursday too, nothing yet 😭
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Woo hoo mines is in ;D
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Woo hoo mines is in ;D
I had fingers crossed for you, so pleased to hear it.
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I had fingers crossed for you, so pleased to hear it.
Thanks, was good timing too as cupboards were getting rather bare
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So it looks like the SEISS is being extended but only for 20% now. Can anyone confirm as I’m finding the information really confusing. Thanks
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Also I think we can delay our tax bills again in Jan. As usual all the information is as clear as mud at the moment though
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20% ?? Christ. :-\
Self employed expected to survive on that??
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20% ?? Christ. :-\
Self employed expected to survive on that??
I went to look at BBC news website, article about support for self-employed states 20%.
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I went to look at BBC news website, article about support for self-employed states 20%.
Surely we’re expected to carry on working as well then?
Although I’ve had hotels cancel on me already this week. So maybe there won’t be any hope at all?! Uuuuhh
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Surely we’re expected to carry on working as well then?
Although I’ve had hotels cancel on me already this week. So maybe there won’t be any hope at all?! Uuuuhh
The furlough continuation has been made on the basis employees are back working, on limited- less-than-precovid-hours. SEISS is supposed to be the self-employed equivalent, the implication is that yes we are assumed or supposed to be working.
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I went to look at BBC news website, article about support for self-employed states 20%.
It's actually 22%, not 20 % ;D . massive difference (insert sarcastic tone here).
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It's actually 22%, not 20 % ;D . massive difference (insert sarcastic tone here).
Was reading whilst eating my tea and talking, my fault for not concentrating.
Gone back to article which states 20% I'm guessing the article isn't correct.
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The furlough continuation has been made on the basis employees are back working, on limited- less-than-precovid-hours. SEISS is supposed to be the self-employed equivalent, the implication is that yes we are assumed or supposed to be working.
That's the people who can work from home, how about the whole hospitality industry, manufacturing, retail, travel, medical, beauty and long etc... who can't work from home? Those of us who depend on human interaction? We are not being able to support ourselves because we have no clients as the government keeps encouraging the population to "work from home". So we have the government literally ruining our businesses for encouraging people to stay at home and then not helping us (dear Boris: 22% of our earnings is definately not going to save us). i don't think Boris is reading this but you never know. ;D
???
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Was reading whilst eating my tea and talking, my fault for not concentrating.
Gone back to article which states 20% I'm guessing the article isn't correct.
I read it on the Guardian today, but knowing how prone to drama they are love to exagerate everything I wouldn;t be surprised it's actually 20%.
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20% according to this. https://www. gov. uk/government/publications/ self-employment-income-support-scheme-seiss-grant-extension (remove spaces)
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I read it on the Guardian today, but knowing how prone to drama they are love to exagerate everything I wouldn;t be surprised it's actually 20%.
22 percent of worker pay is the Guardian headline, I think that means 22 percent of [all] workers pay rather than 22 per cent for every individual. Further down there's mention of the extension of Self-employed scheme without any figures.
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Just applied for my Covid part 2 which was quick and easy to do as Part 1. I hate forms but it was painless. So waiting to get confirmation. Won't be much but it all helps to keep us in champagne and chocolates. ;D
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2. What the grant extension covers
The extension will provide two grants and will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 20 per cent of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £1,875 in total.
HMRC are providing broadly the same level of support for the self-employed as is being provided for employees through the Job Support scheme.
The second grant will cover a three-month period from the start of February until the end of April. HMRC will review the level of the second grant and set this in due course.
The grants are subject to Income Tax and National Insurance Contributions.
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So basically just a small percentage towards what your normal income would have been.
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Just seen that SE grants are going to be increased from 20% to 40% :) It's not that much but it's better than nothing :)
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Just seen that SE grants are going to be increased from 20% to 40% :) It's not that much but it's better than nothing :)
Thanks for that Gypsy. I hadn't seen that and it'll make a big difference to me :).
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Thanks for that Gypsy. I hadn't seen that and it'll make a big difference to me :).
You're welcome, Amy. It made my afternoon too after all the arseholes and timewasters lately ::)
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Yes was hidden in the new job support scheme presentation.
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That’s great. Does anyone know roughly when we can apply for the third one? And is there going to be a fourth at 40% too or is that to still be decided?
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On a side note related to this thread so there it goes: There's a scam doing the rounds and it happened to me a few days ago. Someone from HMRC calls you stating your name is being used for fraudulent Covid help, you then panick, he them proceeds to ask more questions and have you confirm your personal details over the phone. he says if you don;t give him the details you'll get arrested. It's a dodgy call and because I didn;t fall for it he hang up on me. I'm in London and my caller ID showed me a Glasgow phone number. Scammers on the loose. Be careful ladies.
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That’s great. Does anyone know roughly when we can apply for the third one? And is there going to be a fourth at 40% too or is that to still be decided?
Afaik it's still to be decided.
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It was my understanding the most recent SEISS will have to carry us through to April 2021.
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It was my understanding the most recent SEISS will have to carry us through to April 2021.
No, I think we get another grant after this upcoming one. From November to January and then February to April, or something like that.
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Also I think we can delay our tax bills again in Jan. As usual all the information is as clear as mud at the moment though
::) i will contact them, but well look like that i am not able to pay it right now. so when i ll get the third grant feb-may 2021 i am going to start pay it. LOL
seems that i can ask for it, more if we are on universal credit? seems logic, we need money to survive atm...i do not think that i am not only one to be like this??
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Just an update on when you can actually apply online for the third payout. Worrying if we go on national lock down for a month from Monday.
The online service for the next grant will be available from 14 December 2020. HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.
To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:
have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
declare that they intend to continue to trade and either:
are currently actively trading but are impacted by reduced demand due to coronavirus
were previously trading but are temporarily unable to do so due to coronavirus
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Just an update on when you can actually apply online for the third payout. Worrying if we go on national lock down for a month from Monday.
The online service for the next grant will be available from 14 December 2020. HMRC will provide full details about claiming and applications in guidance on GOV.UK in due course.
To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:
have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
declare that they intend to continue to trade and either:
are currently actively trading but are impacted by reduced demand due to coronavirus
were previously trading but are temporarily unable to do so due to coronavirus
I thought we could apply in November? They've missed a month out >:( >:(
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I thought we could apply in November? They've missed a month out >:( >:(
Info on the. Gov. UK website says it starts from/covers from 1st November - the claim service starts 14th December.
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Info on the. Gov. UK website says it starts from/covers from 1st November - the claim service starts 14th December.
Does anyone know what percentage we're getting this time? (assuming we're only going to get a percentage of the claim, I've heard 20% then 40% and I'm lost at this point).
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Its 40%. Rishi announced a week or two ago that he was upping it to 40% from 20%
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Its 40%. Rishi announced a week or two ago that he was upping it to 40% from 20%
Thanks Sammy!
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I have a feeling that the 40% will be increased to 80% for the self-employment support scheme and can apply for it from 14th December. The furlough scheme was supposed to end 31st October but has been extended for another month as from today. Furlough is 80% - I think the self employment grant will have to match the 80%. It will cover 6 months and be paid in 2 instalments, Nov, Dec, Jan and then the 2nd one is February, March and April.
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I have a feeling that the 40% will be increased to 80% for the self-employment support scheme and can apply for it from 14th December. The furlough scheme was supposed to end 31st October but has been extended for another month as from today. Furlough is 80% - I think the self employment grant will have to match the 80%. It will cover 6 months and be paid in 2 instalments, Nov, Dec, Jan and then the 2nd one is February, March and April.
We only got 70% last time, did the employed still get 80% or did they get what we got? I can't remember ???
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We only got 70% last time, did the employed still get 80% or did they get what we got? I can't remember ???
I think their's dropped for the second time, just like ours did HOWEVER that was for a period of relaxed restrictions.
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Mirror might be right about Furlough going down to 70% TBH the whole year is a blur. I am sure Rushi Sunak will be clarifying help for the self-employed anytime soon.
It is a bit worrying when politicians are planning up until April next year for help with those who cannot work. It may well be next Spring before we see the beginning of the end. I think they know more than we do and don't want to cause panic in the country. All we know is that we cannot plan anything right now. Martin Lewis knows more than the Government, so be sure to watch him each Thursday!!!
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Good ole Martin Lewis will advise us Thursday yes. Great man.
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New info from Martin Lewis & the Treasury... bit confusing at the mo. 80% for one month, 40% the next two, overall 55%. A tiny raise in what was offered previous to now...
Plus we can apply from end of November.
https://twitter. com/ MartinSLewis/status/1323290727464525825
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It’s gone up to 55% Martin Lewis just confirmed it
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It’s gone up to 55%
BBC website reporting on the statement being read to Parliament says it's up to 80% from November.
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BBC website reporting on the statement being read to Parliament says it's up to 80% from November.
Only for the first month. 40% for the following 2 months.
https://twitter. com/ RishiSunak/status/1323289338793385994
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Only for the first month. 40% for the following 2 months.
https://twitter. com/ RishiSunak/status/1323289338793385994
Like shifting sands at the moment!
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Good news: Self Employment Grant 3 will now be 80% of trading profits (without the ridiculous 40% on second/third months - just 80% overall). Applications from 30 Nov.
There will be a 4th grant early next year.
https://twitter. com/MartinSLewis/status/1324326417119760385
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OMG just had a look at the government website ;D
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Ladies I’m so chuffed with this news of it going up. Such a relief it means I can just chill out now and have no money worried until this dam thing is over. Finally our luck is changing.
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So we should get the same as we got for the 1st one?
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So we should get the same as we got for the 1st one?
Yes :angel:
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Yes :angel:
That's great that will help pay for Christmas
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That's great that will help pay for Christmas
I think Christmas may well be cancelled this year
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So glad I saw this I missed it in the news. Such a massive relief, the pressures off for a few months at least :)
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Yes I am only going to see returning clients for a while knowing we are getting the SEISS monies.
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If anyone is up I’ve just applied for the third grant took 30 seconds. And got my amount to be paid in a few days. The system was live at 12.01
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If anyone is up I’ve just applied for the third grant took 30 seconds. And got my amount to be paid in a few days. The system was live at 12.01
Just checked I can claim from Friday
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Just did mine 🙂
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Just did mine this morning.
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quick question (bumping this thread up again), I' a bit confused... I got my last grant begining December so when should we be getting the next grant? I'm guessing begining February?
thanks.
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quick question (bumping this thread up again), I' a bit confused... I got my last grant begining December so when should we be getting the next grant? I'm guessing begining February?
thanks.
The gov site doesn't say, only says "There will be a fourth grant covering February 2021 to April 2021. We will set out further details, including the level of the fourth grant in due course."
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I’m thinking it will be around Feb as they have been every 3 months so far. Fingers crossed it isn’t reduced too much
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I’m thinking it will be around Feb as they have been every 3 months so far. Fingers crossed it isn’t reduced too much
Ditto! I hope we don;t get that 40% bollocks we got in October I believe it was >:(
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Ditto! I hope we don;t get that 40% bollocks we got in October I believe it was >:(
If the Government has still got most of the country locked up, I can't see them offering us anything as low as that.
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Ditto! I hope we don;t get that 40% bollocks we got in October I believe it was >:(
70% in August.
We've been offered 3 grants so far. It was 80% for the first, 70% for the second, 80% for the third (the most recent). There's a 4th due in about March-ish 2021.
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70% in August.
We've been offered 3 grants so far. It was 80% for the first, 70% for the second, 80% for the third (the most recent). There's a 4th due in about March-ish 2021.
wasn't the second grant "40%? maybe I'm loosing my marbles here, but then it's new years eve and I had two coffees today ???
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wasn't the second grant "40%? maybe I'm loosing my marbles here, but then it's new years eve and I had two coffees today ???
The proposal was initially for 40% but was rapidly changed to 80% ahead of T3 impostion and the subesquent November restrictions, this was all done before the application date.
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The proposal was initially for 40% but was rapidly changed to 80% ahead of T3 impostion and the subesquent November restrictions, this was all done before the application date.
I think that was the current (3rd) grant - it's only been open a month and doesn't close until the 29th of January, so the fourth will likely open about a month after that. I daresay the rates will be announced sometime between the two (and on the .gov website, which appears to be working fine) :)
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Hi ladies I'm finishing my taxes and stuck between a wall and a rock as nobody seems to know the answer to this question: it's a tax question regarding the covid grant for us the self employed: As we all know it's been paid in instalments of 3 months. I got my first grant mid May 2020. The tax year I'm filing for is 6th April 2019 to 5 April 2020 (deadline is end of this month and I'm filing online as usual). As per HMRC covid grants need to be declared. So far so good. Does that covid grant given to us mid May 2020 include those ten days between 24th March when lockdown started and April 5th (end of tax year)? How would you calculate that (assuming I have to). Did you ladies all included those ten days of covid grant in your taxes 2019-2020? I'm sooo confused!
if anyone has an answer to this question will really appreciate. Thanks!
ana
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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!)
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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.
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Thanks Ann and V I was sitting down today to mull this over and you've answered my question! :)
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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
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;) Ana
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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
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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.
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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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Rishi Sunak has just announced that the 4th grant of 80% will be available to apply for in April and there will also be a 5th grant in July (he hasn’t confirmed what the % of that one will be yet)
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Have just seen the update about the 5th grant in July - if you can prove your income has dropped by at least 30% can claim for 80%. If your income hasn’t dropped by that much then you can only claim for 30% capped at £2850.
The 4th grant is 80% capped at £7500 for everyone eligible.
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Have just seen the update about the 5th grant in July - if you can prove your income has dropped by at least 30% can claim for 80%. If your income hasn’t dropped by that much then you can only claim for 30% capped at £2850.
The 4th grant is 80% capped at £7500 for everyone eligible.
When you say "if you can prove" do you mean we will have to attach some sort of paperwork to prove it? or will it be the same procedure as last covid grant were you just had to press the "yes my business has been affected" button and that was that?
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Ithink it's the same as before (the procedure for the fifth one) :).
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I think for the 4th one it will definitely be the same as before where you don’t have to provide proof. I’ve read conflicting things online about the 5th one where some are saying you have to provide proof for that one that your income has dropped by more than 30% to get the 80% grant. If not then you just get 30% for that one. Other articles are saying no proof will be needed for either so I guess we’ll just have to wait and see when he confirms it
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Have just seen the update about the 5th grant in July - if you can prove your income has dropped by at least 30% can claim for 80%. If your income hasn’t dropped by that much then you can only claim for 30% capped at £2850.
The 4th grant is 80% capped at £7500 for everyone eligible.
As I heard it 'turnover' dropped by 30%, claim for 80% of profits. Turnover being before expenses, income after expenses are deducted. We shall see how the clever wording works out in reality.
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What I am waiting to see is if the rules around "over 50% of income has to be from self-employment" still applies and if so, what period of time are they talking about.
For me, before Covid-19, yes.
In the 2019-2020 tax return done just over a month ago, no.
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On the gov website it says the fifth and final grant covers from May-Sept but there's only 3 months money :FF. Can't believe we have to wait til the end of April to claim to fourth one, I'm struggling enough as it is.
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April?? Fuck sake.
Is that the one we’re meant to be surviving on right now? Which we haven’t got.
How is anyone coping. I can’t. This is ridiculous.
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Is that the one we’re meant to be surviving on right now? Which we haven’t got.
Yep. And there's a missing 2 months this year like there was last year. It's like they think people can live on fresh air and clapping.
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Just read we have to wait until “late” April to claim the 4th grant. That’s about 7 weeks away! I’m obviously grateful for the help but I don’t get why there’s such a long delay when people on furlough get paid monthly
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Just read we have to wait until “late” April to claim the 4th grant. That’s about 7 weeks away! I’m obviously grateful for the help but I don’t get why there’s such a long delay when people on furlough get paid monthly
It's disgusting making people wait on the grant but not on furlough. Plus it's there fault not allowing us to work legally so the ones that have stuck to lockdown rules really suffer. What is more bad they do not take into account the last years tax return especially if job title changed. Business loans are not great either as you still have to pay that debt back and they are stopping us working til May.
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What I am waiting to see is if the rules around "over 50% of income has to be from self-employment" still applies and if so, what period of time are they talking about.
For me, before Covid-19, yes.
In the 2019-2020 tax return done just over a month ago, no.
Just read the doc on..Gov websites 'at least equal to'
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Just read we have to wait until “late” April to claim the 4th grant. That’s about 7 weeks away! I’m obviously grateful for the help but I don’t get why there’s such a long delay when people on furlough get paid monthly
Its ridiculous it will probably be May before we get anything but the payment is for January, February, March. What are our bills disappearing for April?
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Mid fucking April, seriously wtf :FF.
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To qualify, you must have filed your 2019-20 Self Assessment tax return by 2 March 2021, at the latest.
You what???
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To qualify, you must have filed your 2019-20 Self Assessment tax return by 2 March 2021, at the latest.
You what???
Shouldn't your 2019-2020 one have been filed between April 2020 and January 2021? Or am I missing something
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To qualify, you must have filed your 2019-20 Self Assessment tax return by 2 March 2021, at the latest.
You what???
Me being dumb as fuck. Never mind. I thought it meant 20/21 -
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Me being dumb as fuck. Never mind. I thought it meant 20/21 -
I mean either way it's not quite right as it's late for the 2019-2020 one and early for 2020-2021.
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I mean either way it's not quite right as it's late for the 2019-2020 one and early for 2020-2021.
[/quote
Some people file late, the deadline was at the last minute quietly extended to 28th February this year for 19/20.
Last year folk were scrambling to get the 18/19 return in for the 23rd April deadline for the first SEISS, should have been in for 31st January that year (2020).
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What is more bad they do not take into account the last years tax return
They are. That's the reason being given for the wait; the time needed to process all the tax returns for the year ended April 2020, not just for people who claimed previous grants but also the half million or so people who can now access it but couldn't before because they became self employed after 5th April 2019. What is shit is that they didn't put some plans to sort this in place before now, since I find it hard to believe this was just decided this morning.
Its ridiculous it will probably be May before we get anything but the payment is for January, February, March. What are our bills disappearing for April?
The fourth grant is for February, March and April - January was covered by the last one.
I've just paid some big bills that I was behind with (stupidly assuming that we'd be able to get the grant at some point by mid-late March) so it's going to be a very thin couple of months. That'll learn me.
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Yeah your right Amy i just read that the last tax return there including it. Not sure how much including but it will be better for some that got nothing.
Actually i cannot believe too that they let a lot suffer this whole time and now are only including it which i read some poor people commited suicide over getting nothing. They should back date people to be fair.
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Just pleased I will be getting a tax rebate in April once I submit my 2020/21 earnings so that will help survive better again sorely needed as the balance of my private pension monies is being dipped into until I can replenish it.....
Shocking to know that people have committed suicide over their lack of SEISS money. It really is so unfair on them and their families.
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:) after that one if april seems there is another one? fourlough is going to be till september? grants are going to follow?
;D
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Don’t know about anyone else but I’m getting sick of waiting for the dates for the last grant. All it keeps saying on Gov is we will receive an email this month telling us when to apply. It’s all so vague this time. All cloak and dagger. I Hope after Easter they really get moving on this.
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I thought they'd extended furlough until the end of September?
Surely this can't be the last one?
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I thought they'd extended furlough until the end of September?
Surely this can't be the last one?
Yes there is one in September but it’s worked out differently to the other three. The calculations for the last one are
The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.
The fifth grant will be worth:
80% of 3 months’ average trading profits, capped at £7,500, for those with a turnover reduction of 30% or more
30% of 3 months’ average trading profits, capped at £2,850, for those with a turnover reduction of less than 30%
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Yes there is one in September but it’s worked out differently to the other three. The calculations for the last one are
The amount of the fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.
The fifth grant will be worth:
80% of 3 months’ average trading profits, capped at £7,500, for those with a turnover reduction of 30% or more
30% of 3 months’ average trading profits, capped at £2,850, for those with a turnover reduction of less than 30%
Ah, okay. Thank you for explaining :)
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Ladies I have a hack for finding out your grant date. I know we are supposed to wait for an email to find out the date we ca apply. But if you follow this link with your unique tax code and national insurance number you can get the date online.
https://www.tax.service.gov.uk/self-employment-support/only-claim-for-self
I found this out on the Martin Lewis Twitter today and it’s relaxed me so much knowing another lump
Is on its way.
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I just checked that link and it says I can apply from the 29th April.
Seems like a life time ago that I received the last grant.
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I just checked that link and it says I can apply from the 29th April.
Seems like a life time ago that I received the last grant.
Aha! I'm luckier than you as I just checked and can claim from the 28th April! ;D
(starts throwing confetti and orders her favourite sushi)
(Gosh I need to wait till the end of the month. I too feel it's been a life time since I got the last grant :FF
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Ladies I have a hack for finding out your grant date. I know we are supposed to wait for an email to find out the date we ca apply. But if you follow this link with your unique tax code and national insurance number you can get the date online.
https://www.tax.service.gov.uk/self-employment-support/only-claim-for-self
I found this out on the Martin Lewis Twitter today and it’s relaxed me so much knowing another lump
Is on its way.
So as I understand (please correct me if I'm wrong) is that this fifth grant will different than the others because it's based on the last "fiscal year" that is 2019/21 is that correct? Unlike the other grants that were based on the 2018/19 fiscal year? So basically if I made more money on 19/21 the grant will be higher?
Sorry if I'm being thick. ???
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So as I understand (please correct me if I'm wrong) is that this fifth grant will different than the others because it's based on the last "fiscal year" that is 2019/21 is that correct? Unlike the other grants that were based on the 2018/19 fiscal year? So basically if I made more money on 19/21 the grant will be higher?
Sorry if I'm being thick. ???
19/20
And yes.
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.
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Maybe I'm being dumb now... But I thought to get the grant you had to have seen a reduction in business/income due to covid.
So if your 19/20 profit was more than in 18/19, then how could you prove that you've lost out on business and thus get a higher grant?
Business wise I personally did better on 2019/20 than on 2018/19. Lockdown started end of March 2020, right before the end of the fiscal year 2019/20 (5th April), so self employed people were only "financially affected by two weeks, which is almost nothing. Covid has affected my business since end of March 2020 when the lockdowns started till now. It's the fiscal year 2020/21 (next taxes) which will show HMRC how covid affected your business, and yes... if you made plenty of money on 2020/21 and applied for Covid grants that's going to look veeeery strange to HMRC. There's been a lot of covid furlough fraud going on and HMRC are going to be looking at everyones 2020/21 taxes who applied for grants with a loupe (and rightly so).
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.
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Ah yes, I get you! That makes sense. So if I declared a much higher profit for 20/21 than 19/20 (which is definitely no the case lol) then that's when they'd start asking questions.
Exactly. I have also heard that Covid grants will need to be declared on your next taxes as "earnings". Not sure if this is true but that's the rumour.
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.
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Exactly. I have also heard that Covid grants will need to be declared on your next taxes as "earnings". Not sure if this is true but that's the rumour.
It's not a rumour was stated right from the start in announcements, and other information that the SEISS grants are taxable - as income.
Just checked and there's information on the .gov website clearly stating SEISS grant is subject to income tax and national insurance.
If you Google SEISS grant taxable should get the same result.
I remember this being in the announcements for the 1st grant right at the start of this.
Might even have been in the application process too.
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Maybe I'm being dumb now... But I thought to get the grant you had to have seen a reduction in business/income due to covid.
So if your 19/20 profit was more than in 18/19, then how could you prove that you've lost out on business and thus get a higher grant?
Because 19/20 year ended 31st March 2020, the lock down started March 2020 affecting 19/20 by 2 weeks but 20/21 was affected the most (all of 20/21) was affected by the pandemic.
But comparing this year to 20/21 could be different because grants became income.
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Exactly. I have also heard that Covid grants will need to be declared on your next taxes as "earnings". Not sure if this is true but that's the rumour.
At the start of the return it states that you received X amount in grant which you have to tick to agree that you did receive that amount. Then I'm sure there was a box for it at the income and expenses section where you just enter the full amount you have received in grants.
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At the start of the return it states that you received X amount in grant which you have to tick to agree that you did receive that amount. Then I'm sure there was a box for it at the income and expenses section where you just enter the full amount you have received in grants.
i don't recall filling a box with covid grant earnings when I filled my 2019/20 taxes. Ok, it was just two weeks but still. Am I missing something? I'm sure there will be some box mentioning "fill in your covid grant earnings" on our next 2020/21 taxes but I didn't see any mention to covid grants on 2019/20 online tax forms.
Did I mess up? Please don't tell me I messed up ???
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i don't recall filling a box with covid grant earnings when I filled my 2019/20 taxes. Ok, it was just two weeks but still. Am I missing something? I'm sure there will be some box mentioning "fill in your covid grant earnings" on our next 2020/21 taxes but I didn't see any mention to covid grants on 2019/20 online tax forms.
Did I mess up? Please don't tell me I messed up ???
The grants were not paid until well after the end of 19/20 tax year, if operating on cash basis accounting ie count the money when it arrives then it will be in the 20/21 accounts for submission for 20/21 return.
First grants were paid in I think June or July 2020 so not included in 19/20 tax year.
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Thank you GucciGang for that link :)
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Thank you GucciGang for that link :)
The dates have come through by email today from HMRC mine matches the one given on that link.
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i don't recall filling a box with covid grant earnings when I filled my 2019/20 taxes. Ok, it was just two weeks but still. Am I missing something? I'm sure there will be some box mentioning "fill in your covid grant earnings" on our next 2020/21 taxes but I didn't see any mention to covid grants on 2019/20 online tax forms.
Did I mess up? Please don't tell me I messed up ???
No don't worry it wasnt in last years, as Mirror said they weren't actually paid out until after that tax year
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The link to check which date eligible applicants can claim their SEI SSis on this week's Martin Lewis email. It takes you straight through to HMRC pages and you log in with the relevant Gateway information.
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Exactly. I have also heard that Covid grants will need to be declared on your next taxes as "earnings". Not sure if this is true but that's the rumour.
yes, they will. This was made clear at the time of claiming them. The grants are taxable.
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ive just used the link from martin lewis on twitter to claim as my date given was today and as before took 2 mins and the grant is being processed
at last!
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Had an email saying mine is being paid by tomorrow cannot wait to see that bank fill up hallelujah
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And this just in from HMRC - the fifth (and last) SEISS grant :D
I've done this already, but to claim it's exactly as before - they'll contact us with a claim date as usual but we need our turnover figure (that is the takings/income regardless of expenses) from a recent trading year (so 2019-2020 for most of us) and then our turnover figure from 2020-2021 - this is April to April. The purpose is to show how much your turnover has fallen by and whether it's more or less than 30%, which determines how much grant money is paid. Expected application dates will be at the end of this month :).
Mine had dropped by 75%, which is pretty sobering stuff :-\
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Am i right in thinking this grant only pays out 30% from previous grants which were more?
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Am i right in thinking this grant only pays out 30% from previous grants which were more?
No you are not :)
The amount depends how much your turnover has fallen as the post above suggests, so if it's by more than 30% you will get 3 months x 80% and the figure should be the same as the last one we got. If your turnover has fallen by less than 30% it's then that the payout will be smaller, since people who have still been able to earn >70% of their normal income are entitled to less grant money than people haven't. Again:
they'll contact us with a claim date as usual but we need our turnover figure (that is the takings/income regardless of expenses) from a recent trading year (so 2019-2020 for most of us) and then our turnover figure from 2020-2021 - this is April to April. The purpose is to show how much your turnover has fallen by and whether it's more or less than 30%, which determines how much grant money is paid.
It's all on the HMRC website, as ever :D
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Ok thanks Amy
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What if I had 0 income from escorting during the period April 20-April 21 ? Does that still count as trading?
Last tax return I submitted was 2019-20 and 2018-2019 prior to that.
Got all 4 grants no problem but getting a bit worried now as that may not be considered as trading although I have resumed it in May 2021 and have been earning since.
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What if I had 0 income from escorting during the period April 20-April 21 ? Does that still count as trading?
Last tax return I submitted was 2019-20 and 2018-2019 prior to that.
Your tax return for 2020-21 isn't due until 31 January 2022, and while some people will have got theirs in already I would think most haven't - I rarely do mine before Octoberish. If your turnover was zero then provided you're still trading I would think that makes it easier still, but as ever the best people to ask are HMRC :).
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More info seems to have been added today, I Googled SEISS grant to get straight to the page (checking it was the. Gov website).
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What if I had 0 income from escorting during the period April 20-April 21 ? Does that still count as trading?
Last tax return I submitted was 2019-20 and 2018-2019 prior to that.
Got all 4 grants no problem but getting a bit worried now as that may not be considered as trading although I have resumed it in May 2021 and have been earning since.
Do you have any expenses? I submit a double tax return, but from 1/4/20 to 31/3/21 I didn't do any escorting. I did, however, pay out for my mobile every month and the yearly fee to keep my website up and running, so I actually logged a small loss.
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Had an..
"Self-Employment Income Support Scheme.
Claims for the Fifth SEISS grant have now opened for Application .
We've determined that you are eligible to receive a tax claim grant .
Please submit your application for the fifth SEISS grant now.
Please "Sign in to HMRC online services" reference below and follow step 1 of 3 to have your tax refund credit to your bank account, also note you need your Passport and Driving Licence details to submit this application .
Sign in to HMRC online services self assessment.
Note : For your security, we will record (IP Address, Time and Date) Deliberate Wrong input or flooding will be criminally pursued.
Best regards,
HMRC Self Assessment"
.. email yesterday. The typos in that should have made me go 'scam', and I should also have checked it was to the email address that HMRC have, but surprise that I was eligible for this one, having not been for the fourth meant it was only after I copied the link to a browser that I went "Why's it 'eternalstarculture' and not 'gov.uk'?"
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What if I had 0 income from escorting during the period April 20-April 21 ? Does that still count as trading?
Last tax return I submitted was 2019-20 and 2018-2019 prior to that.
Got all 4 grants no problem but getting a bit worried now as that may not be considered as trading although I have resumed it in May 2021 and have been earning since.
The SEISS grants are classed as taxable income so you will need to include them on the Self-Assessment forms. HMRC are going to include a separate box for SEISS to make it easier. Any questions just ask HMRC they Bbc are generally pretty helpful x
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I have a maybe dumb question:
If the next grant is based on last years income, which the grants up to now count as (count as income that is) and those were for 80%.
But the next one (am I right in thinking:) you only get if your income was depleted by 30% or more?
So the grants last year were only 20% less.
Am I just confusing myself unnecessarily??
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I have a maybe dumb question:
If the next grant is based on last years income, which the grants up to now count as (count as income that is) and those were for 80%.
But the next one (am I right in thinking:) you only get if your income was depleted by 30% or more?
So the grants last year were only 20% less.
Am I just confusing myself unnecessarily??
The grants for last year will not (as I have read it on the .gov website) be counted as 'turnover' (do check this in the .gov explanation).
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Emails with the dates to apply are now going out, got mine this morning.
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hello kind ladies,
Can anyone who did the last grant let me know what exactly was asked and what details did they had to provide regarding their income? I tend to do my taxes begining January every year (as usual I leave all for last minute) so haven't kept up with my admin paperwork and would like to know what is being asked before I log into my HMRC profile and mess up (My deepest apologies, I just came back from holidays and my head is all over the place).
Thanks for the help!
ana
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I did mine this morning, for this one it asks for your turnover for 2020-2021 + turnover for 2019-2020.
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I did mine this morning, for this one it asks for your turnover for 2020-2021 + turnover for 2019-2020.
Thanks a lot Caledonia, that makes a lot of sense. I'll need to finish my admin of 4 months before logging in ??? thanks again. ana
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Thanks a lot Caledonia, that makes a lot of sense. I'll need to finish my admin of 4 months before logging in ??? thanks again. ana
You don't have to have submitted a return but you do have to have at least calculated your turnover.
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fair play to them ,. i applied yesterday and got an email tonight saying will be in my account in 3 working days . yes they missed 4 months for self employed but the grants have been a huge help x
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Do you have to log in and apply? Was sure I got an email last time with a link or something ?? Been waiting like a lemon if I just need to log in 😬
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Do you have to log in and apply? Was sure I got an email last time with a link or something ?? Been waiting like a lemon if I just need to log in 😬
I’m such a knob ffs. My date was the 29th as well 😂 just logged into the HMRC account and sorted it, :)
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You don't have to have submitted a return but you do have to have at least calculated your turnover.
Quick question Caledonia (or anyone who already applied for this last grant), do the COVID grants given to us by HMRC count as part of our 20-21 "turn over"? I read somewhere that once we submit our taxes they will count as part of our gains/turn over but do we need to add them to our 20-21 turnover to apply for this last grant in order to proof gain loss in 20-21?
Thanks everyone, I'm a bit confused with this last grant ???
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Quick question Caledonia (or anyone who already applied for this last grant), do the COVID grants given to us by HMRC count as part of our 20-21 "turn over"? I read somewhere that once we submit our taxes they will count as part of our gains/turn over but do we need to add them to our 20-21 turnover to apply for this last grant in order to proof gain loss in 20-21?
Thanks everyone, I'm a bit confused with this last grant ???
When you apply it will say “turnover not included any covid financial help”
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Quick question Caledonia (or anyone who already applied for this last grant), do the COVID grants given to us by HMRC count as part of our 20-21 "turn over"? I read somewhere that once we submit our taxes they will count as part of our gains/turn over but do we need to add them to our 20-21 turnover to apply for this last grant in order to proof gain loss in 20-21?
Thanks everyone, I'm a bit confused with this last grant ???
When you fill in your return there is a part for any grant amounts received during that tax period, however it is separate from your turnover. So no you don't count them just your actual turnover.
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Hiya ladies,
I applied for the 5th covid grant two days ago (HMRC told me I was legible) then got an email stating that my grant was being processed but still haven't received the funds.
How long did it take you guys to get the funds? I'm just concerned this is taking much longer than usual.
Thanks,
Ana
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Took 6 days to hit my account, compared to 1-2 days for the previous ones IIRC.
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Took 6 days to hit my account, compared to 1-2 days for the previous ones IIRC.
Thanks ladyfrog!, that makes sense. I was wondering because the other grants took only one day to hit my bank account.
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yep I got an email after 4 days saying they were 'processing' which I don't remember having before so I assumed that just meant there will be a little delay because their system is busy :)
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Just to let everyone know this is what they have sent through with regards to adding grants into your tax returns.
Grants you received on or before 5 April 2021 need to be included in your 2020-21 Self Assessment tax return, due by 31 January 2022. For most people, this will be the first, second and third SEISS grants.
• Grants you received on or after 6 April 2021 need to be included in your 2021-22 Self Assessment tax return, due to be submitted by 31 October 2022 if a paper return, or 31 January 2023 if an online return. For most people, this will be the fourth and fifth SEISS grants only.