Discuss Self employed income support scheme in the Electricians Chat - Off Topic Chat area at ElectriciansForums.net

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It really all depends on how much your yearly profit is as to how much your going to get.So if your profit is only £5000 per year then 80% of £5000 is £4000.Divided by 12 is £333.33.Times that by the 3 months they are allowing you is £1000.

So if you have not been to work for the 3 months that they are allowing you then the money the government give you will equate out to £83 a week.
Not to be sneezed at but hardly a big enough amount to live on.

Obviously if you have paid more tax then you'll get more.
 
It really all depends on how much your yearly profit is as to how much your going to get.So if your profit is only £5000 per year then 80% of £5000 is £4000.Divided by 12 is £333.33.Times that by the 3 months they are allowing you is £1000.

So if you have not been to work for the 3 months that they are allowing you then the money the government give you will equate out to £83 a week.
Not to be sneezed at but hardly a big enough amount to live on.

Obviously if you have paid more tax then you'll get more.

In addition to that the grants are not dependant on you having a lack of work. It was made clear when these were announced you could continue to work and still claim the grant.

The payments are based on your last three years tax returns worked out as a monthly average, multiplied by 80%, with a maximum payment of £2500 a month.
 
You have to confirm your business has been adversely affected by coronavirus.

There's no further guidance on this, but it's assumed that if your profits are even a few £ lower than normal you'll qualify. If you've made more this year then you won't - however unlikely that is.

LINK
 
You have to confirm your business has been adversely affected by coronavirus.

There's no further guidance on this, but it's assumed that if your profits are even a few £ lower than normal you'll qualify. If you've made more this year then you won't - however unlikely that is.

LINK

It's a weird one for sure. How do I collect evidence of no work ?

I could show them my tax return that will only be available to file in 11 months time ?
 
Ok, I got a reply back from my accountant stating this.....

"In relation to your query, I think the reason you are not eligible may be due to your self-employment profits not being more than 50% of your total taxable income....."

Someone want to translate that into English for me....

Not so fast, Buzz... ;)
 
Ok, I got a reply back from my accountant stating this.....

"In relation to your query, I think the reason you are not eligible may be due to your self-employment profits not being more than 50% of your total taxable income....."

Someone want to translate that into English for me....

Not so fast, Buzz... ;)

The grant is only available to those people who have a self employed income which makes up more than 50% of their total income for a tax year.
 
You have to confirm your business has been adversely affected by coronavirus.

There's no further guidance on this, but it's assumed that if your profits are even a few £ lower than normal you'll qualify. If you've made more this year then you won't - however unlikely that is.

LINK
Far as I’m aware it’s nothing uk do with profits and loss....if your income from self employment comprises more than 50% of your normal income and you’ve been trading a predetermined period you qualify even if you’ve continued working during this period you can still claim, it’ll just affect this year’s profits, if you’ve adhered to the rules (vague as they are to some) and stayed at home then the amount you receive will be an average of 3 months in 3 years, not perfect but to be fair how else could they do it, other than a bit sooner ? so if you’ve carried one working and claim the grant you’ll potentially pay a bit more tax next year...
 
I will wait till and see if the bank of England to grant. Me any monies for the profits I made I the last 3 years in which equate to 0
My profits have gone in holidays, fast donkeys, cramped out cars and beers. Lol.
 
Far as I’m aware it’s nothing uk do with profits and loss....if your income from self employment comprises more than 50% of your normal income and you’ve been trading a predetermined period you qualify even if you’ve continued working during this period you can still claim, it’ll just affect this year’s profits, if you’ve adhered to the rules (vague as they are to some) and stayed at home then the amount you receive will be an average of 3 months in 3 years, not perfect but to be fair how else could they do it, other than a bit sooner ? so if you’ve carried one working and claim the grant you’ll potentially pay a bit more tax next year...

To qualify for the grant your income must have been adversely affected, it's not available to self employed people who's income has not been adversely affected.

See here:
 
To qualify for the grant your income must have been adversely affected, it's not available to self employed people who's income has not been adversely affected.

See here:
Point being though Dave how will they/you know your income has been adversely affected untill next April?....if anyone compares to this period last year you’ve probably been affected to some degree, conversely if I’m doing a large build with staged payments that are not due till June for instance then it will still look like I’ve earned nothing for this period....but self employed work 12 months to 12 months so all qualify at this point
 
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Point being though Dave how will they know your income has been adversely affected untill next April?....so all qualify at this point

Only those adversely affected qualify for it as stated.
If you are not adversely affected and you apply, stating that you have been, then that doesn't mean you qualify, it means you've lied and committed fraud.

They will likely look at declared profits in the future to check that people didn't claim the grant fraudulently.
 
Only those adversely affected qualify for it as stated.
If you are not adversely affected and you apply, stating that you have been, then that doesn't mean you qualify, it means you've lied and committed fraud.

They will likely look at declared profits in the future to check that people didn't claim the grant fraudulently.
Agian that’s my point Dave.....no one will know they’ve been affected untill next April......so if there’s a massive job comes in later in the year pushing up profits have I lied that I was skint in April? At that point someone would most definitely have been adversely affected surely?
 
Agian that’s my point Dave.....no one will know they’ve been affected untill next April......so if there’s a massive job comes in later in the year pushing up profits have I lied that I was skint in April? At that point someone would most definitely have been adversely affected surely?

Yes someone will know, the person who applies will know if they have been adversely affected or not, and they will make the declaration to say that they have.

If you get a massive job that makes up for the months of reduced income, and it's significant enough to 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.
 
Yes someone will know, the person who applies will know if they have been adversely affected or not, and they will make the declaration to say that they have.

If you get a massive job that makes up for the months of reduced income, and it's significant enough to 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.
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?....
 

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