Not wanting to upset or get into a argument about this, but I'm confused by the comments various self employed who are appearing on tv....as was Naga on Breakfast news this morning. The government have announced that some self employed will get ( eventually) 80% of profits, but the people commenting, were complaining that it wasn't on earnings ? Surely earnings is before you've deducted costs of providing services and profit is the actual amount you have " made" providing that service. Isn't tax paid on profit not earnings or what I thought was called turnover....or am I confused?
Profits is what you pay tax on. So all those cash in hand jobs that didnt go on the books are invisible and dont count for the handout. Finally a way of getting to the black economy by starving out the biggger offenders..
So long as they are spending their money , don’t worry they will be paying tax and v a t on it . My business was cheque only but people assumed because I was self employed I had loads of cash . It’s the people who want to pay in cash who need watching or pay by card cos they don’t have any money . Don’t worry just spend your money and prop up the economy or the banks if you prefer .
I agree with all above, it is based on profit On my tax return I declare income and outgoings the difference between the two is my profit. I know the the proposed system doesn't please everybody ie those showing £50000 plus or those newly started who have not had a full tax year with which to base a value on but there has to be an upper and lower limit and HMRC being the ones who decide who is eligible will take some of the bogus claims out of the equation, and I strongly believe there would have been some if it was left to individuals to claim.
What gets me , I'm self employed I pay tax at the same rate as an employed person , I pay national insurance at a flat rate ,which is then boosted depending on my profits. So now because some self employed might get up to a maximum of 2,500 a month the same as an employee,everyone thinks that we are getting special treatment! My main source of work dried up at Christmas due to brexit ,new work has been slow I have just started for a new customer,but now with corona that has stopped. Getting paid is also in doubt as if he can't survive, and his business goes under then I won't get paid . Bugger
It is people's perception, in times like this many people do not look at the big picture just the little bit in front of them. The self employed felt left out when employees were given a package now we have a package it seems unfair to the employees. If you are self employed and submitted a tax return for a full year or more you will get something, probably not as much as you would like but at least it is something. Maybe the employees will think it is more than they get then into to the spiral we go
Zero cover if your company profit is over £50k....so anyone you employ on PAYE gets covered but you the owner is screwed. Anyone that hasn’t traded for 3 years and has tax returns for same is also screwed. It’s an ugly solution, but it cover a large swathe of people. If you’ve not run everything through your books then that’s how that comes home to roost. I stand to burn personal savings until they run out, then sell stuff to stay afloat and watch my business tank. Awesome.
Well said I had no work for 2 weeks in February , picked up 10 days in early March and haven't had a bean since. We're not struggling financially as we haven't got any stupid loans , credit card bills , a big house or a flash car on the never never . If we don't need we don't buy - unlike many of my self employed colleagues .... That said I pay my tax and would like to be treated the same as anyone fully employed, as I was until 6 years ago . Apart from 2 years travelling I've worked since leaving school at 16 so why should someone on benefits get enough to live on and I get nowt ?? It's only right - anything is better than nothing !! Sent from my SM-G960F using Tapatalk
I think its inevitable. Sounds stupid - but the more people that are covered the better the economy will be at the end in terms of recession (no doubt the banks will screw the government over so national debt will be ugly). If the economy is ok ish, then I'll dance for food - at least people with have money and pity! To be fair - the government are evolving, lets see what comes next, it might not be the end of the road.
Problem will be, in the banking crisis money given to banks has now been paid back. The only way to get this money back will be through tax. So watch this space if/when it gets back to some sort of normal.
We all pay massive tax if we spend money , if you don’t earn you can’t spend . Disided to cash my chips in and hope I die before it runs out , who knows huh . I’ve been very frugal the last few years but ...................I live in Kent now and they are a bit tight darn ear ! Keep smiling most will pull through . Had my share of nil work ,recessions three day weeks . Save some for a rainy day was my moto . Pension funds are taking a wallop as usual
Early working life during the miners strike, families/friends with no income for months. Only difference now Barn more people own their own home complete with every gadget known to man, which takes some paying for. If this goes on for months the country will be in a proper mess. Some still haven't got over the financial crisis 10years on. Will the government have any cash left to kick start new projects to get things moving again? They said they had no cash but now their bailing out workers and self employed.
