Self-employed & Coronavirus

[blueparrot]

It is a huge worry right now and we either get clarification later today or its a UC claim as my business is now in lockdown and shut for the foreseeable.

I looked at UC yesterday, more just in case for me, completed the application but then you have to verify id on the post office system. I was in the queue at 22800 at 3.00pm and was at 15000 when I went to bed. So leaving it to see what's announced today, it may calm down a bit. Hope you get through it .

 

[asahartford1]

I'm sure too.

As well as pay my due tax, also pay vat on all equipment , excise license duty on vehicles, liability insurance, tradesman insurance, Tax on thousands of pounds of diesel. National insurance etc, all from a self employed turnover. We do our bit for the economy.

 

[blueparrot]

it isn’t for PAYE.
It doesn’t start until the end of April for them.

I assume most will get a full or close to full wage paid this week for March so most would be paid for April at the end of April so that will be the reason for that I'd have thought.

 

[Mazzarelli's Swiss Cheese]

It's all very well basing any support on the last year's tax return, but hardly anyone tells the truth about their income on those. It'll probably need to be support in the region of 100% of declared income to get near 50% of what the self employed truly earn. It's all very well for the PAYE wankers to get 80%, but no help to the self employed /cash in hand sector.

 

[blueparrot]

M

It's all very well basing any support on the last year's tax return, but hardly anyone tells the truth about their income on those. It'll probably need to be support in the region of 100% of declared income to get near 50% of what the self employed truly earn. It's all very well for the PAYE wankers to get 80%, but no help to the self employed /cash in hand sector.

I do, so any that don’t who cares.

 

[asahartford1]

And I thought that the editorial said bluemoon wascoffering solace at this challenging time. As much solace ad the rags and scouse offering City -:)

 

[sir baconface]

It's all very well basing any support on the last year's tax return, but hardly anyone tells the truth about their income on those. It'll probably need to be support in the region of 100% of declared income to get near 50% of what the self employed truly earn. It's all very well for the PAYE wankers to get 80%, but no help to the self employed /cash in hand sector.

Not having a go as I’ve been self employed for 20 years. But you can’t have it both ways: under-declare for tax purposes then expect the taxpayer to give you a mark-up for being economical with the truth.

 

[Didsbury Dave]

Maybe a silly question but is this likely to apply to directors of their own companies as well as sole traders, etc? Or are directors deemed to be covered by the business and employee support measures already announced?

I’m struggling to get an answer to this because I don’t think anybody knows. My wife and I are both directors of a business and we employ people. I still have no idea whether we can claim the 80% as employees or whether, as I suspect, we will be given a totally different deal. I have read that anything could be means tested and based on last year’s earnings, which will be bad news for us as we took lots of money out of the business to pay for an extension and also to pay the associated income tax.

 

[m7mcfc]

All those that moan at being on the CIS scheme will be glad their 20% tax was deducted every week now.
Wait a minute it won't matter a jot as you will be in work for the whole of this crisis anyway and won't need these payments.

 

[PragueBlue]

I’m struggling to get an answer to this because I don’t think anybody knows. My wife and I are both directors of a business and we employ people. I still have no idea whether we can claim the 80% as employees or whether, as I suspect, we will be given a totally different deal. I have read that anything could be means tested and based on last year’s earnings, which will be bad news for us as we took lots of money out of the business to pay for an extension and also to pay the associated income tax.

If you are classed as employees of the company and pay tax on PAYE basis, wouldn't you just be classed as an employee and get the current 80% deal? I thought the self-employed deal (when it comes in) would be for those who complete self-assessments.