Self employed income support scheme

[davesparks]

Yes mate obvious from my records next April......not a lot of use now to either the self employed of the tax man...so on the flip side all the furloughed wages the government is picking up.....assuming these people return to work and do lots of overtime to catch up you could say they’ve not been affected either?....

What do you mean its not a lot of use now?
Self employed people know now whether they have been affected or not, there's no way you can not know if you currently being affected.

The furlough scheme has nothing to do with this?

 

[Baddegg]

What do you mean its not a lot of use now?
Self employed people know now whether they have been affected or not, there's no way you can not know if you currently being affected.

The furlough scheme has nothing to do with this?

My point is all can claim the grant, you disagreed,I think you are saying they can’t unless adversely affected, I then make the point that on a yearly accounting basis it won’t actually show you were affected for that specific period as with simplified accounting at least it’s just an annual profit to pay tax on, so on that basis can any self employed person genuinely claim to have been affected?.....obviously we all have to some degree but all to different percentages ie some people will have lost a 100% of they income and someone else may have lost 14% over this lockdown period, but you can’t claim for a percentage you just claim for adversely affected, so my opinion is as before all claim and the amount will be added to 20-21 tax year and relevant tax paid on it.....what I think I’m saying is there is absolutely no way for either side to prove to what degree they were affected during this period.....the furlough scheme was just me trying to prove a point that the government is happy (doubtful) to pay the 80% but will make no effort to claim it back, or a percentage off,if the recipients earnings are bigger this year than last which means on paper at least they were no worse of, financially at least, from this situation.......bad example perhaps but it made sense in my head ?

 

[davesparks]

My point is all can claim the grant, you disagreed,I think you are saying they can’t unless adversely affected, I then make the point that on a yearly accounting basis it won’t actually show you were affected for that specific period as with simplified accounting at least it’s just an annual profit to pay tax on, so on that basis can any self employed person genuinely claim to have been affected?.....obviously we all have to some degree but all to different percentages ie some people will have lost a 100% of they income and someone else may have lost 14% over this lockdown period, but you can’t claim for a percentage you just claim for adversely affected, so my opinion is as before all claim and the amount will be added to 20-21 tax year and relevant tax paid on it.....what I think I’m saying is there is absolutely no way for either side to prove to what degree they were affected during this

Your tax return doesn't need to show that you were affected, however if it appears that your profits have increased and you have claimed the grant HMRC are likely to investigate and actually look at your accounts to see why.

Not everyone has been adversely affected, some people will have increased profits, for example undertakers and associated trades, carers and others.

My point is that only those who have been adversely affected are allowed to claim the grant, you make a declaration that your income has been adversely affected, if it has not then you are committing fraud.
[automerge]1588756954[/automerge]
If you claim now because your income is down then your claim is legitimate, if your profits increase in December then your claim now is still legitimate.

If you are investigated they will see that your profits were down at the time you made the claim and that should be the end of it, the claim is genuine

 

[Midwest]

Why don’t you guys ask your accountants to clarify your position.

I know you gonna say I ain’t got one.

 

[Baddegg]

Why don’t you guys ask your accountants to clarify your position.

I know you gonna say I ain’t got one.

I did...,,they don’t know either ?

 

[davesparks]

Why don’t you guys ask your accountants to clarify your position.

I know you gonna say I ain’t got one.

They don't know yet generally, they only have the same information as is available to us.
[automerge]1588759314[/automerge]
Accountants can probably be added to the list of people who are earning more than usual at the moment!

 

[Zerax]

...be noticed by HMRC then when they carry out an investigation and look at your records they will see that you were adversely affected because it will be obvious from your records.

You have a far higher opinion of HMRC than most I think. As a good, honest, law abiding taxpayer, I would love to believe that they would do some checking.

Sadly, the reality is somewhat different... I know of many investigations that result in no additional demands/penalties with very obvious things missed and ignored.

This is going to be made even worse with several million claims in the system and with any disgruntled perpetrators just needing to whine to the left wing press about how unfair it is !

Personally, I would be astonished if any grants are requested to ever be repaid, regardless of how they were claimed...

 

[buzzlightyear]

.and did you squander the rest

yes I did to the winos that wait outside mc Donald's s holding a placard asking to help them ,for gods sake if you want food and wine stand on the corner of the red light district.
[automerge]1588773594[/automerge]
I have just got in having spoken to a cloths line engineer to you aerial man and he said I can not wait around I can not wait till this blows over my phone has stopped ringing .
I asked are you going to claim ,he said I did not make enough profits over the years .
so you are in the same boat has other people then .

 

[ipf]

Submitted claim and grant awarded today. Payment within the next 6 days.
If we have a bad year (no doubt for the vast majority) it's probably gonna have to come in for paying last years tax .
But it's better than nothing and gonna help, for sure.

 

[buzzlightyear]

Submitted claim and grant awarded today. Payment within the next 6 days.
If we have a bad year (no doubt for the vast majority) it's probably gonna have to come in for paying last years tax .
But it's better than nothing and gonna help, for sure.

I did to day and awarded some, the tax man said the gold bullion will be with you in the next 6 days , so how the hell they going to post that thorough the letter box. Lol.

 

[ipf]

I did to day and awarded some, the tax man said the gold bullion will be with you in the next 6 days , so how the hell they going to post that thorough the letter box. Lol.

I'm sure you'll find a way, pal.

 

[multimick]

Applied and was turned down .a bit of background I have 2 pensions and 2 houses I rent out then my electrical business ..I was told my non trading income was more than my trading income because the rents are classed as non trading income as obviously are my pensions only posting this as information only

 

[sparkdog]

Same here, I didn't think they were going to give me anything anyway.

 

[Andy78]

Applied this morning and got my approved calculation immediately.
Will certainly help me out right now.

 

[pirate]

Just to add to the discussion, my daughter applied to the Newly Self-Employed Hardship Fund (she recently had only freelance work because she had been offered a good job but the offer was retracted due to the pandemic).
She got a grant of £2k within 2 weeks.

 

[ferg]

Got mine today.
My inner cynic has been silenced... for now.

 

[buzzlightyear]

Got mine today.
My inner cynic has been silenced... for now

what are you going to do with the moines freg roll it down the hill to catch up with it and say i have been waiting for this a long time ,anyway it does not make up for the lost jobs do it .

 

[ferg]

what are you going to do with the moines freg roll it down the hill to catch up with it and say i have been waiting for this a long time ,anyway it does not make up for the lost jobs do it .

It doesn't, but it is substantially better than nothing and will help take some of the sting out of lost earnings.

I only posted to let others know that it is rolling out ok.

 

[buzzlightyear]

It doesn't, but it is substantially better than nothing

I put in last week and HMRC said you have won , I hoping to get a shopping trolley run in the bank of England .lol.

 

[suffolkspark]

Got mine this morning