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Author Topic: Help for (some of) the self-employed announcement at last - UK  (Read 25971 times)

GucciGang

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #150 on: 16 June 2020, 09:00:52 pm »
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.

BangerRacing

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #151 on: 19 June 2020, 08:18:08 am »
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.

GucciGang

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #152 on: 19 June 2020, 10:19:56 am »
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.

Caledonia

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #153 on: 19 June 2020, 10:22:35 am »
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.

amy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #154 on: 19 June 2020, 11:32:45 am »
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?

Gypsy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #155 on: 19 June 2020, 12:16:33 pm »
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
These days there are no Prince Charmings. A girl just has to be her own hero

storm

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #156 on: 19 June 2020, 12:21:40 pm »
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?

Abbeycro

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #157 on: 19 June 2020, 01:39:43 pm »
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?

Caledonia

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #158 on: 19 June 2020, 04:18:08 pm »
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

amy

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #159 on: 20 June 2020, 02:46:13 pm »
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 :)

GucciGang

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #160 on: 20 June 2020, 03:26:24 pm »
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.
« Last Edit: 20 June 2020, 03:33:49 pm by Blondieblueeyes »

Caledonia

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #161 on: 20 June 2020, 03:32:29 pm »
Quite a few of the banks have stopped accepting new applicants at the moment which is a bit of a pain.

GucciGang

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #162 on: 20 June 2020, 03:36:05 pm »
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.

Caledonia

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #163 on: 20 June 2020, 03:58:38 pm »
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

BangerRacing

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #164 on: 22 June 2020, 07:06:47 am »
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.