Self employed help

Discussion in 'General Discussion' started by rustbucket, May 7, 2020.

  1. I agree.....they will of already worked out how to recoup it from all us self employed....
    We will have to declare it as earnings and pay tax and ni in the same way as we do now but I bet something else may crop up...
     
    jivedubbin likes this.
  2. Isn't that the same for PAYE people?
     
    CollyP likes this.
  3. Spare a thought for people like myself who got nothing but along with everyone else will pay for it mostly through indirect taxation. No party likes to hike the income tax rate too much.
     
    paulcalf likes this.
  4. Not really , they were furloughed but in effect the same net result - 80% pay to be clawed back at a later date ...

    :hattip:
     
  5. I meant that it will count as taxable income. Is that not the case?
     
  6. jivedubbin

    jivedubbin Moderator

    It's got to be taxable because it's classed as earnings ,but they are keeping that bit quiet for now
     
  7. jivedubbin

    jivedubbin Moderator

    Stick a bit on VAT to start with
     
  8. Exactly. Where's my compo!
     
  9. Did mine today. Worked first time. Took less than 5mins.
     
    Davipon and davidoft like this.
  10. Its an odd one for me this......

    Half of my work is self employed, I sell stuff online, model trains and bits etc; They've sent me the link and details to put a claim in.

    The first month of lock-down was normal rate of sales, but since then its fallen off a cliff.
    As I can't get out I can't replenish my stock of stuff to sell, and the places I but from are mostly closed down, hence its all dropped off alot.

    It doesn't feel right to claim 80% of my earnings over a 3 month period, but a bit of help to make up the difference would be good.

    Not sure how to play it really.

    I guess if we all get a grant, we'll be able to afford to pay our self assessment bill in July!!

    Phil
     
    Merlin Cat likes this.
  11. The govn can afford it......kind of....

    I say a stat somewhere that said the cost of furloughing and grants was only about 10-15% of the cost of the bail out of the banks in the financial crisis.
    70 billion versus 500 billion.

    The theory (in very simple terms) is that giving us all some cash, keeps jobs and businesses viable, people spending and the economy moving; and consequently all the cash eventually finds its was back into the exchequer anyway.

    Its basically better for the government to pay out now.....than have loads of dead businesses, and millions more on the dole for many years, which would be considerably worse than paying out to everyone now.

    Been very impresed with Rishi Sunak to be fair.
     
    Merlin Cat likes this.
  12. £8 billion vs £128billion
     
    76BayPhil and Merlin Cat like this.
  13. Get in there and get what you can. We'll all be paying for it including you. Your last paragraph made me chuckle because you're right.
     
    76BayPhil, Merlin Cat and Davipon like this.
  14. The scheme is to help all of us in that type of situation.
    It only takes a few minutes to check whether you're eligible and if you are it may help you keep trading.
    Make sure you go directly to the HMRC website to ensure you don't get scammed.
    The self assessment bill has been deferred for a while so don't pay it yet.
     
    paul2590 likes this.
  15. No they are not. It’s classed as income whether self employed or employee.

    It’s taxable, NI-able and pensionable.
     
    Davipon and Lasty like this.
  16. What if you ask for payment in cash? :Do
     
    Dubs, Davipon and monkeyvanwestybike like this.
  17. Then no tax etc. But don’t expect gov’t handout.

    Funny amount of people complaining about this.
     
  18. Heh-heh, I meant the HMRC payout.
     
    Davipon, 76BayPhil and Razzyh like this.
  19. jivedubbin

    jivedubbin Moderator

    I asked if I could have cash as I've used all my cheques
     
  20. I think if you are entitled to it then you absolutely should be claiming. Our economy needs successful businesses going forward to help with the recovery. You have been directly affected by the lockdown. This money is there to help people like you. We will all end up paying it back anyway so get on there and see if you can claim. As long as more than 50% of you income is from self employed work then you are entitled to it. So do it. The world needs more model railways. So post up some pics!!!!
     
    76BayPhil, Davipon and zedders like this.

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