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UK cab trade debate and advice
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PostPosted: Thu Mar 26, 2020 7:12 pm 
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I also think the Chancellor indicated, albeit indirectly, that in future we will have to pay more for National Insurance.

And that might lead to a more fuller look at the self-employed scams that we all see happening daily.

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PostPosted: Thu Mar 26, 2020 7:13 pm 
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grandad wrote:
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.

Good point, but one has to wonder how long those loans will take to reach our bank accounts.

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PostPosted: Thu Mar 26, 2020 7:19 pm 
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How will it affect small business partnerships, is it based on each partners average share of the profits?


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PostPosted: Thu Mar 26, 2020 7:28 pm 
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bloodnock wrote:
How will it affect small business partnerships, is it based on each partners average share of the profits?

Would imagine so, but not 100% sure.

But suspect it'll just be based on 80% of the three year average of your share of the partnership taxable income as declared on your tax returns.


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PostPosted: Thu Mar 26, 2020 7:33 pm 
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Sussex wrote:
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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.

I am actually registered with that, which I did a couple of years ago, and only used once, but can't remember the exact purpose.

Found my ID number, and even remembered my password :shock:

But I can't get access to my Self Assessment details, and I have to activate it and they'll send an activation code in the post within 10 days :roll:

So think it's back to the paperwork...

Government Gateway wrote:
You need to request access to Self Assessment

This section is Access your Self Assessment

This may be because you have deregistered from Self Assessment online.

You will need your Unique Taxpayer Reference (UTR).

Your UTR is ***********

You will get an activation code in the post within 10 days of requesting access.


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PostPosted: Thu Mar 26, 2020 8:00 pm 
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I have spoken to a couple of "self employed" drivers here. 1st one said he will register on Monday. I told him it may be a bit late for the pay out. The second one said he declared £2400 profit last year so that his wife didn't lose benefits.
I think they will both be rather disappointed, along with many others who thought they could cheat the system.

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PostPosted: Thu Mar 26, 2020 8:26 pm 
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I am actually registered with that, which I did a couple of years ago, and only used once, but can't remember the exact purpose.

Do you not file your return online?

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PostPosted: Thu Mar 26, 2020 8:29 pm 
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I have spoken to a couple of "self employed" drivers here. 1st one said he will register on Monday. I told him it may be a bit late for the pay out.

If they are not registered then they are out of luck.

If they are registered but have filed late, then they have four weeks to file and be allowed to apply for the grant.

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PostPosted: Thu Mar 26, 2020 9:16 pm 
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It is giving me great pleasure to text lads I know in the trade to let them know what they will be getting, Without mentioning that I know have basically screwed the revenue and paid literally hardly anything every year. Or even not even declared to be self employed at all. Lol


I’m glad that the saying. It will end up biting you in the ass, springs to mind right now.


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PostPosted: Thu Mar 26, 2020 9:43 pm 
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Sussex wrote:
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I am actually registered with that, which I did a couple of years ago, and only used once, but can't remember the exact purpose.

Do you not file your return online?

I do mine via an accountant, and he files the completed return online once I've signed it.


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PostPosted: Thu Mar 26, 2020 9:44 pm 
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Just received a e-mail from HMRC with details about scheme.


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PostPosted: Thu Mar 26, 2020 10:28 pm 
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I do mine via an accountant,

What huge complex issues lead you to use an accountant?

It takes me about 60 minutes to do my yearly accounts, and 10 minutes to file it online.

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PostPosted: Fri Mar 27, 2020 12:51 am 
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From the Governments website:

"Notes

further information and details of the scheme will be shared shortly by HMRC
HMRC will use the average trading profits from tax returns in 2016-17, 2017-18 and 2018-19 to determine the size of the grant
this scheme also applies to members of partnerships
before grant payments are made, the self-employed will still be able to access other available government support for those affected by coronavirus including more generous universal credit and business continuity loans where they have a business bank account"


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PostPosted: Fri Mar 27, 2020 3:55 am 
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Sussex wrote:
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I do mine via an accountant,

What huge complex issues lead you to use an accountant?

It takes me about 60 minutes to do my yearly accounts, and 10 minutes to file it online.

Indeed, and the odd thing about it all is that, first, my tax affairs couldn't really be any more straightforward. Second, I know a reasonable amount about these things, and some years calculate what I'm owing in tax to within a pound or two of the figure my accountant comes up with. In fact once or twice I've even had to correct my accountant's figures :roll:

But it all comes back to when I started in the trade, and journied for a chap who had a taxi in Dundee. He used an accountant to do his books, to produce a set of accounts and to complete his tax return, so I had to use the same accountant to deal with my share of the car's income.

When I got my own car it just made sense to use the same accountant to deal with the transition and to select an accounting period that was best for me and the two sets of books straddling the tax year in question.

But it's just one of these things I got stuck in a rut with, and always meant to do something about it. But if I'd known back then that I'd still be in the trade now and still using an accountant then I'd do things differently, as I would with a whole lot of different things.

But hindsight is a wonderful thing, and all that :roll:


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