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Author Topic: Help for (some of) the self-employed announcement at last - UK  (Read 26031 times)

ana30

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

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

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

Thanks Voluptuous curves, yes, I don't send invoices to my clients (lol) so what you say makes a lot of sense. I guess covid grants should be declared on my next tax return 2020-21 as you say.
« Last Edit: 18 January 2021, 03:29:18 pm by ana30 »
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saltysweet

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #286 on: 18 January 2021, 03:57:14 pm »
Thanks Ann and V I was sitting down today to mull this over and you've answered my question! :)

ana30

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

Yep.. I believe quite  a few have been asking themselves that question salty  ;D
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saltysweet

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #288 on: 18 January 2021, 06:58:55 pm »
 ;) Ana

EvelynWho

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

Cat_BBW

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

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

amy

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

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

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

Sammy13

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #292 on: 03 March 2021, 02:08:08 pm »
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)

Sammy13

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #293 on: 03 March 2021, 02:30:15 pm »
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.

ana30

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #294 on: 03 March 2021, 02:53:55 pm »
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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lillybliss

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #295 on: 03 March 2021, 03:12:45 pm »
Ithink it's the same as before (the procedure for the fifth one)  :).

Sammy13

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #296 on: 03 March 2021, 03:34:30 pm »
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

Mirror

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #297 on: 03 March 2021, 04:03:37 pm »
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.

xw5

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #298 on: 03 March 2021, 04:28:41 pm »
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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Cass

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Re: Help for (some of) the self-employed announcement at last - UK
« Reply #299 on: 03 March 2021, 05:03:28 pm »
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.