Taxi Driver Online

Hope it is extended for those who are eligible as I know a lot of proprietors/drivers who will be up s*** creek without it.Some are wondering if they will have enough funds to renew licenses and insurance.

Fechin Typical, the HMRC sites just open to me and it's already experiencing technical difficulties and It wont let me in.

Phewwwww...now done

yes takes a bit of getting through but once your there takes about a minute to input your utr national insurance bank account details and then up pops a message telling you the amount you get

And they use the figure before depreciation deducted so got a little more than i was expecting

the down side is that it is based on your profits not the amount by which your revenue is down so although my fuel is much lower all the other bills are the same and the revenue is down 90 percent so it doesn't make up the shortfall but better than nothing and now the bills can be paid and next months bills should also be covered

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lack of modern legislation is the iceberg sinking the titanic of the transport sector

I think all of us will not be getting anywhere near what we want, especially as it's profit not turnover.

But at least it will help some get through this mess, a mess that none of us had anything to do with.

However in Parliament today Boris was asked about an extension to the self-employed scheme, and he basically ignored the question.

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IDFIMH

I must have been lucky, took me less than five minutes to login and complete my claim, pleasantly surprised, got a bit more than I thought with the way they’ve calculated it (as edders said) especially considering my takings from three years ago where part-time.

In the first couple of weeks of lockdown i panicked , i signed up for Universal Credit .They phoned me up and i told them i was still working but earning a lot less than i would normally. I was paid some money , but can i now claim 80% of my previous
3 year tax returns instead of UC or have i missed out because i claimed UC ?

I'm not sure, but maybe try out the eligibility criteria.

https://www.gov.uk/guidance/claim-a-gra ... ort-scheme

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IDFIMH

The page linked to by Sussex says that UC shouldn't affect the self-employment grant, but the self-employment grant may affect the amount of UC you get.

Not 100% sure how the grant figure is worked out yet, but I'm assuming it's 80% of *taxable profits*, or thereabouts, so if you know your taxable profits then should be easy enough to work out how much of a grant you'd be entitled to. Even a relatively modest taxable profit figure of £15,000 works out at a grant of £1,000 per month, so as you're automatically entitled to three months worth that's £3,000 in total, so not to be sniffed at.

Only reason I can think of NOT to apply for the grant is if you were receiving quite a lot in UC, and that might disappear if you got the grant.

But I suspect your UC payments will be quite modest, so even if they disappeared I suspect you'd be a lot better off with the grant.

And remember that the grant is a fixed sum regardless of whether you're still making a bit from taxi driving, as long as your taxi income has suffered because of Covid-19.

Thanks for the good information . I think i will go down the 80% route grant i also think it will
keep things simpler for my next tax return .

Thanks .

As I suspected, it's just the taxable profit figure they've used to calculate the grant.

So once I'd found the three figures from my records, took literally less than a minute to work out my grant several weeks ago when the scheme was first announced.

Not that I'm trying to brag about it, because I've worked in tax and so know a bit about these things. But for someone with relatively straightforward tax affairs, working out the grant is very straightforward.

Of course, there's always that nagging doubt that you've got it spectacularly wrong, and that while you think you're entitled to several grand, you're actually due tuppence ha'penny

Worked out in the end though. But now it's a case of checking my bank account umpteen times a day to make sure the cash arrives

All a bit academic now, but if you know your taxable profits for the three years in question, just add the three together, divide by 15, and that's your grant.

For example:

2016-2017 £18,000

2017-2018 £20,500

2018-2019 £19,700

So the total is £58,200.

Divide that by 15, and that's your grant figure - £3,880.


The long way, as per HMRC's description, is to take the average yearly figure for the three years, so £58,200 divided by three is £19,400

So one month's worth of average profit is £1,616.67

And 80% of that is £1,293.33

But the grant is three month's worth, so that multiplied by 3 is £3,880

Apparently boss of HMRC will be on Martin Lewis's Money Show tonight asking questions about self-employment, and any extension of the grant scheme will be discussed (although I doubt the HMRC boss will have anything to say about an extension - he'll leave that to the politicians).

ITV, 8pm tonight.

Don't think keeping things simple really matter at the mo, although in all fairness provided you have your Government Gateway login details up to date it is incredibly simple.

What matters is getting money into your hands, and this money is basically free money that you as a taxpayer is 100% entitled to.

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IDFIMH

Ditto and hopefully for everyone else in our trade that has applied.

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IDFIMH