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Chancellor: Three-month 80% income grants for self-employed
http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=2&t=35603		 Page 1 of 3
Author:  Sussex [ Thu Mar 26, 2020 6:22 pm ]
Post subject:  Chancellor: Three-month 80% income grants for self-employed
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.
Author:  StuartW [ Thu Mar 26, 2020 6:23 pm ]
Post subject:  Chancellor: Three-month 80% income grants for self-employed
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/
Author:  StuartW [ Thu Mar 26, 2020 6:28 pm ]
Post subject:  Re: Chancellor set to announce self-employed get 80% of earn
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?
Author:  StuartW [ Thu Mar 26, 2020 6:33 pm ]
Post subject:  Re: Chancellor set to announce self-employed get 80% of earn
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:
Author:  westgatelad [ Thu Mar 26, 2020 6:45 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
So does (grant) mean u pay it back?
Author:  Sussex [ Thu Mar 26, 2020 6:45 pm ]
Post subject:  Re: Chancellor set to announce self-employed get 80% of earn
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.
Author:  Sussex [ Thu Mar 26, 2020 6:46 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
westgatelad wrote:
So does (grant) mean u pay it back?

No, it's all yours to keep.

However it will be subject to tax.
Author:  StuartW [ Thu Mar 26, 2020 6:48 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
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.
Author:  StuartW [ Thu Mar 26, 2020 6:50 pm ]
Post subject:  Re: Chancellor set to announce self-employed get 80% of earn
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:
Author:  Sussex [ Thu Mar 26, 2020 6:51 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
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.
Author:  StuartW [ Thu Mar 26, 2020 6:55 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
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:
Author:  Sussex [ Thu Mar 26, 2020 6:56 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
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.
Author:  Sussex [ Thu Mar 26, 2020 6:56 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
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:
Author:  StuartW [ Thu Mar 26, 2020 7:06 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
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:
Author:  grandad [ Thu Mar 26, 2020 7:08 pm ]
Post subject:  Re: Chancellor: Three-month 80% income grants for self-emplo
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.
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