Cid
Proper break this time
I declare everything, but have losses carried forward from big machinery purchases, major stashed materials (probably about £8k's worth of wood in various stages of drying), which it seems are going to screw me over.
Freelancers during this crisis and the Self Employment Income Support Scheme
- Thread starter Petcha
- Start date
I declare everything, but have losses carried forward from big machinery purchases, major stashed materials (probably about £8k's worth of wood in various stages of drying), which it seems are going to screw me over.
Leafster
.
On the first point, I suppose it depends on whether it's taxable profits before claiming Capital Allowances or after. We'll have to wait for more details. On the second point, if it's stocks of wood for later resale or incorporating into goods for resale wouldn't you have included a closing stock figure in your accounts which would have effectively negated the cost in the year when it was purchased?
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not-bono-ever
meh
forgive me for asking obvious Q, but does this include agency workers eg supply teachers ?
I don't think so. You pay PAYE right?
not-bono-ever
meh
yep. I guess its down the the agency itself then, so thats the total of fuck all given voluntarily
I think you'll just be regarded as out of work. Ie, statutory sick pay. Ie, 95 quid a week or something
Leafster
.
Yes, that's about right. More specifically, his announcement appeared to relate to the self-employed ie those that fill in the self employed pages of the Tax Return. If you're working through a personal service company * (PSC), other limited company * or short term PAYE contracts then what he's said today is irrelevant.
* owner managed companies
Leafster
.
Seems to be £50k after allowable expenses, so net taxable profits.
Anju
Well-Known Member
They have people's earnings on file, apart from 2018-2019 late files. How can it take so long to actually make payments when they have all the information needed. It should be a software tweak and done.
Just don't trust them to not try and wriggle out of this.
I'm only in my second year of trading so any payment will be based on my first year profit, which was just under £7000 as I had to buy a van and a surprising amount of tools.
Good luck to everyone is similar situation. Looks like universal credit queue for me.
Just don't trust them to not try and wriggle out of this.
I'm only in my second year of trading so any payment will be based on my first year profit, which was just under £7000 as I had to buy a van and a surprising amount of tools.
Good luck to everyone is similar situation. Looks like universal credit queue for me.
Proper Tidy
Arsed
I have no idea how this will work for me, or whether I can get anything. I did do a self assessment for 18/19 cos I was self employed up to end of 18, then did a year employed, then self employed again since Jan - am really hopeful I can claim off the s/e earnings I did self assessment for in 18/19 even though that was nearly 18 months and basically three jobs ago. Suspect I'll be told to fuck off.
Leafster
.
They've published a bit more detail on the Business Support page here: Business Support | Self-employment Income Support Scheme
It's possible you may still be eligible.
Proper Tidy
Arsed
Looks like it - sole traders and partnerships. Presumably thinking is ltd/llp can access govt assurance to businesses already announced
Right, well thats virtually every freelancer I know invalidated then!
So technically, the 80% thing the other day applies to freelancers with their own limited company? Ie, as a 'director' of a limited company, I'm an employee of that company (the one and only employee) and I get 80% of the dividend? Confused!
Septimus Rufiji
🍺 🥴 🤮
spoke to my agency the other day and they said:
"sorry, not our problem - you'd have to sign on for uc"
the bastards
Proper Tidy
Arsed
I don't think so. If you got anything it would be 80% of payroll (so 80% of not much based on how most people run personal services companies) but I think it's fuck all tbh, the guidance refers to self employed including partnerships, that indicates not ltd or llp (neither of which are strictly speaking s/e although it all gets clubbed together)
Leafster
.
That's one of the things the chancellor has been lobbied about. If you are the director of your own company you are probably an office holder rather than an employee and therefore probably not entitled to the 80% of your PAYE earnings via the Coronvirus Job Rentention Scheme. We're still waiting for clarification on that!
ETA: Proper Tidy is right. Even if you were deemed to be an employee of your own company you'd only get 80% of your wages and no percentage of any dividend you would have taken to top it up.
This is all so complicated!
My older brother's been a self-employed piano tuner (in piano-healthy Cambridge!) for not far off 40 years ... His normal income's not bad at all, but I'm going to have to ask him soon how he'll manage. I don't think he'll be going round any houses or schools/colleges in CB area any time soon anyway ......
But really I just wanted to say big sympathies to any self-employed people here, from someone who's always been PAYE, and wouldn't know how to complete a tax return
(being only semi-numerate ).
My older brother's been a self-employed piano tuner (in piano-healthy Cambridge!) for not far off 40 years ... His normal income's not bad at all, but I'm going to have to ask him soon how he'll manage. I don't think he'll be going round any houses or schools/colleges in CB area any time soon anyway ......
But really I just wanted to say big sympathies to any self-employed people here, from someone who's always been PAYE, and wouldn't know how to complete a tax return
(being only semi-numerate ).
Proper Tidy
Arsed
That's one of the things the chancellor has been lobbied about. If you are the director of your own company you are probably an office holder rather than an employee and therefore probably not entitled to the 80% of your PAYE earnings via the Coronvirus Job Rentention Scheme. We're still waiting for clarification on that!
ETA: Proper Tidy is right. Even if you were deemed to be an employee of your own company you'd only get 80% of your wages and no percentage of any dividend you would have taken to top it up.
A lot of people working through limited liability companies treat dividend like income, it's used like that just with a lower tax rate. But its not, it doesn't count towards NIC, it doesn't count towards pension allowances, so tbh it's consistent that it's not going to count towards this.
Not being snide there btw, feel for people, more a criticism of the whole limited liability/personal services company set up
Leafster
.
Don't get me started on the PAYE v Dividend argument. It wouldn't exist if any government had the balls to consolidate NI with Income Tax for one unified rate!
Karma!
MickiQ
In My Defence I was left Unsupervised
It was on the news this morning that there are somethng like half a million currently trying to get through to claim UC
Anju
Well-Known Member
I tried to apply online earlier and got as far as the email verification code but it's only valid for an hour and it took longer than an hour to receive the email with the code.
Hope the on hold music is good when I phone them tomorrow. Suspect it will be busy as a lot of people will have waited for the announcement today.
Proper Tidy
Arsed
I'm having same issue at moment, code doesn't come through until its expired. Dunno how an automated email process gets overwhelmed
klang
klang
that'll teach me not to do as many cash in hands in the future
klang
klang
yep
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