Taxi Driver Online

UK cab trade debate and advice
It is currently Sat Sep 19, 2020 7:21 am

All times are UTC [ DST ]




Post new topic Reply to topic  [ 29 posts ]  Go to page 1, 2  Next
Author Message
PostPosted: Thu Mar 26, 2020 6:22 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 46118
Location: 1066 Country
So it will be 80% of the three year average self-assessment return. If you only have one year that will be the basis of the 80%.

Not being paid until June at the latest, and HMRC will contact us with details.

If you have just became self-employed then you cannot use this scheme.

Self-employed status, and the amount of tax we pay, is going to be reviewed in future.

If you haven't returned your self-assessment return you have four weeks to do so or you will not be able to use this scheme.

_________________
IDFIMH


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:23 pm 
Offline

Joined: Wed May 16, 2012 6:33 am
Posts: 6197
Couldn't hear the chancellor's statement too well - TV was in other room (don't ask :roll: )

But think main points:

- Grants will be for three months (and treated as taxable income)

- Cap of £2,500 per month

- Averaged over last three years' taxable income

- Only eligible if main income from self-employment

- Those earning more than £50,000 per annum not eligible

- HMRC will contact you automatically

- Payments won't be available till early June, but you'll get a lump sum for the three months

- The newly self-employed aren't eligible

- If you haven't yet lodged your tax return in January this year you have a month or so to get it in

- The most surprising thing I think was that it doesn't matter if you're working or not? Maybe I misheard that bit

But apart from the fact that the cash won't be available until June I'm more than happy, at least as I understand it \:D/


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:28 pm 
Offline

Joined: Wed May 16, 2012 6:33 am
Posts: 6197
Sussex wrote:
So it will be 80% of the three year average self-assessment return. If you only have one year that will be the basis of the 80%.

Not being paid until June at the latest, and HMRC will contact us with details.

If you have just became self-employed then you cannot use this scheme.

Self-employed status, and the amount of tax we pay, is going to be reviewed in future.

If you haven't returned your self-assessment return you have four weeks to do so or you will not be able to use this scheme.

Indeed, and that's all consistent with what I posted in a new thread.

But did I mishear the bit about it being irrelevant whether you're working or not?


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:33 pm 
Offline

Joined: Wed May 16, 2012 6:33 am
Posts: 6197
Sussex wrote:
So it will be 80% of the three year average self-assessment return. If you only have one year that will be the basis of the 80%.

I was hoping it would just be based on the last year, because that would work out better for me than a three-year average.

But my income hasn't varied that much over the last three years (he says, urgently rifling through old paperwork), so I'm happy enough :D

Assuming the landlord agrees to defer the rent for a month or two :roll:


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:45 pm 
Offline

Joined: Thu Dec 11, 2014 9:24 pm
Posts: 237
So does (grant) mean u pay it back?


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:45 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 46118
Location: 1066 Country
Quote:
But did I mishear the bit about it being irrelevant whether you're working or not?

No you didn't, which is quite interesting.

He also says this payment will be taxable, which would also indicates you can work.

_________________
IDFIMH


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:46 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 46118
Location: 1066 Country
westgatelad wrote:
So does (grant) mean u pay it back?

No, it's all yours to keep.

However it will be subject to tax.

_________________
IDFIMH


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:48 pm 
Offline

Joined: Wed May 16, 2012 6:33 am
Posts: 6197
westgatelad wrote:
So does (grant) mean u pay it back?

No, that would be a loan :wink:

But it'll be included as your taxable income in the relevant future tax return, but of course it'll be less than what you'd normally declare from taxiing.


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:50 pm 
Offline

Joined: Wed May 16, 2012 6:33 am
Posts: 6197
Sussex wrote:
Quote:
But did I mishear the bit about it being irrelevant whether you're working or not?

No you didn't, which is quite interesting.

He also says this payment will be taxable, which would also indicates you can work.

Indeed, interesting.

Expect to see the ranks chocabloc with cars very soon, then :roll:


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:51 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 46118
Location: 1066 Country
Quote:
But my income hasn't varied that much over the last three years (he says, urgently rifling through old paperwork), so I'm happy enough :D

Why old paperwork, surely just log onto the Gov Gateway.

_________________
IDFIMH


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:55 pm 
Offline

Joined: Wed May 16, 2012 6:33 am
Posts: 6197
Sussex wrote:
Quote:
But my income hasn't varied that much over the last three years (he says, urgently rifling through old paperwork), so I'm happy enough :D

Why old paperwork, surely just log onto the Gov Gateway.

Didn't know about that. I'm a bit of a technophobe at times :-s

Like when people merge threads together/transfer posts between threads, and for a minute I think I'm going totally doolally 8-[ :lol:


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:56 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 46118
Location: 1066 Country
Quote:
Expect to see the ranks chocabloc with cars very soon, then :roll:

I think the issue is that many in our trade need to eat between now and June.

Which is why, maybe, working is being allowed.

That said we are only concerned with our trade, this scheme will apply to many people that are being urged to help out with hospitals and other vulnerable folks.

Clearly the government can't be seen to encourage those people to sit at home with their feet up.

_________________
IDFIMH


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 6:56 pm 
Offline
User avatar

Joined: Wed Sep 03, 2003 7:30 pm
Posts: 46118
Location: 1066 Country
Quote:
Like when people merge threads together/transfer posts between threads, and for a minute I think I'm going totally doolally 8-[ :lol:

There are some clever f***ers about. :roll: :roll: :roll:

_________________
IDFIMH


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 7:06 pm 
Offline

Joined: Wed May 16, 2012 6:33 am
Posts: 6197
Sussex wrote:
Quote:
Expect to see the ranks chocabloc with cars very soon, then :roll:

I think the issue is that many in our trade need to eat between now and June.

Which is why, maybe, working is being allowed.

That said we are only concerned with our trade, this scheme will apply to many people that are being urged to help out with hospitals and other vulnerable folks.

Clearly the government can't be seen to encourage those people to sit at home with their feet up.

Indeed - very fair points.

Don't know what I'll do - if I did ten hours a shift for £10 or less in fares as I've been doing then not worth the £3 in fuel, and wear and tear on the car, not to mention that it all might drive me over the edge :evil:

If I could manage £3/4 hour in fares then that might be a different ball game, but I can't really see that happening.

I'll probably just trying sucking it and see, maybe try a couple of days a week and see how it goes. Got plenty of stuff I could do for a few weeks, but I think if I wasn't on the ranks for three months then it would kill me going back :evil:

That's why I never really have a proper break, because the stress of going back that builds up feels like it's going to tip me over the edge. And that's only for two or three days away, never mind two or three months :shock:


Top
 Profile  
 
PostPosted: Thu Mar 26, 2020 7:08 pm 
Offline

Joined: Tue Apr 03, 2007 11:27 pm
Posts: 18332
Self employed drivers can still apply for the business interruption loan that is interest free for 12 months. So knowing that you are going to get 80% of your declared profits should mean that you can get the loan straight away and then pay it back when you get the grant so there is no interest.

_________________
Grandad,
old fart with no heart


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 29 posts ]  Go to page 1, 2  Next

All times are UTC [ DST ]


Who is online

Users browsing this forum: No registered users and 71 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Jump to:  
Powered by phpBB® Forum Software © phpBB Group