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Thread: Self employed people virus payments

  1. #1
    Craftsman
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    Self employed people virus payments

    So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth


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  2. #2
    Master
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    Quote Originally Posted by scooby View Post
    So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth


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    And wait until June before you can apply for nothing

  3. #3
    Won't please everyone.

    You can continue to work.

  4. #4
    Still waiting to hear what help will be given to ltd company directors who donít get a salary thru paye.
    My accountant says heís still waiting to hear anything

  5. #5
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    Quote Originally Posted by Kingstepper View Post
    Won't please everyone.

    You can continue to work.
    No it wonít please many but thatís more about the wait until June I think, itís much better than where people where yesterday and at least theyíre doing something.
    An awful lot have lost all work already though itís not that they donít want to work there is no work for them rough few months for many but hopefully many are feeling a bit less abandoned now

  6. #6
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    Quote Originally Posted by scooby View Post
    So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth


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    How come self employed get nothing? I have only read the headline where it says 80% of profit but I guess this isnít the case?

  7. #7
    Quote Originally Posted by bootneck View Post
    No it wonít please many but thatís more about the wait until June I think, itís much better than where people where yesterday and at least theyíre doing something.
    An awful lot have lost all work already though itís not that they donít want to work there is no work for them rough few months for many but hopefully many are feeling a bit less abandoned now
    Reasoning seemed to be to wait for people who haven't filed yet. Aren't they late - if so that should be their problem?

  8. #8
    Master
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    Anyone have an understanding how the grant will work?> is it interest free ie £ for £

  9. #9
    Quote Originally Posted by Kingstepper View Post
    Won't please everyone.

    You can continue to work.
    Depends what you do for a living.

  10. #10
    Quote Originally Posted by R0bertb00th View Post
    Anyone have an understanding how the grant will work?> is it interest free ie £ for £
    Why interest? They're giving you money.

  11. #11
    Quote Originally Posted by R0bertb00th View Post
    Anyone have an understanding how the grant will work?> is it interest free ie £ for £
    It's a grant so no need to pay it back, but will be taxable

  12. #12
    Quote Originally Posted by chrisparker View Post
    Depends what you do for a living.
    You can do something else.

  13. #13
    Master Tifa's Avatar
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    Self employed should be trated the same as employed.
    Based on earnings.
    Easy enough to calculate, just base benefit against income tax paid over last 3 or 4 year average?

  14. #14
    Craftsman
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    Quote Originally Posted by lenlec View Post
    Still waiting to hear what help will be given to ltd company directors who donít get a salary thru paye.
    My accountant says heís still waiting to hear anything
    Yep
    Thats the other issue not addressed
    Not all company directors earn vast salaryís


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  15. #15
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    [QUOTE=scooby;5363258]So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth

    How have you come to this conclusion? I heard a grant equal to 80% of the self employed profit averaged over the last 3 years tax returns.

  16. #16
    [QUOTE=wotsthecrack;5363337]
    Quote Originally Posted by scooby View Post
    So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth

    How have you come to this conclusion? I heard a grant equal to 80% of the self employed profit averaged over the last 3 years tax returns.
    Where did you hear that?

  17. #17
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    BBC

    "The scheme is open to those who earn under £50,000 a year - up to 3.8 million of the 5 million people registered as self-employed."

  18. #18
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    Quote Originally Posted by scooby View Post
    So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth


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    Apologies, Self employed profits only up to £50k

  19. #19
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    [QUOTE=wotsthecrack;5363337]
    Quote Originally Posted by scooby View Post
    So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth

    How have you come to this conclusion? I heard a grant equal to 80% of the self employed profit averaged over the last 3 years tax returns.
    The scheme is open to those who earn less than 50k per year


    Sent from my iPad using Tapatalk

  20. #20
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    Quote Originally Posted by scooby View Post
    So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth


    Sent from my iPad using Tapatalk
    Apologies, Self employed profits only up to £50k qualify

  21. #21
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    Tonights news programme.

  22. #22
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    [QUOTE=wotsthecrack;5363337]
    Quote Originally Posted by scooby View Post
    So if your employed on paye and earn £55k you get a payment of £2500
    If your self employed on £55k you get nothing
    Um that seems like a kick in the teeth

    How have you come to this conclusion? I heard a grant equal to 80% of the self employed profit averaged over the last 3 years tax returns.
    For those that earn under £55k, £55k+ £1 = SFA...

  23. #23
    Grand Master Chris_in_the_UK's Avatar
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    Quote Originally Posted by lenlec View Post
    Still waiting to hear what help will be given to ltd company directors who donít get a salary thru paye.
    My accountant says heís still waiting to hear anything
    Martin Lewis has just tweeted that director bonus payments are outside of the scheme.
    When you look long into an abyss, the abyss looks long into you.........

  24. #24
    Journeyman turbomolwi's Avatar
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    So what happens to Ltd company directors who get a salary And dividends from Company ? Will they be qualify as self employed or payee ? Will call my accountant tomorrow as its unclear

  25. #25
    Quote Originally Posted by lenlec View Post
    Still waiting to hear what help will be given to ltd company directors who don’t get a salary thru paye.
    My accountant says he’s still waiting to hear anything
    It seems directors can claim on ‘their PAYE salary’ part but can’t claim anything for dividends.

  26. #26
    Grand Master Chris_in_the_UK's Avatar
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    Quote Originally Posted by turbomolwi View Post
    So what happens to Ltd company directors who get a salary And dividends from Company ? Will they be qualify as self employed or payee ? Will call my accountant tomorrow as its unclear
    ML posted that any PAYE salary would count but dividends would not.
    When you look long into an abyss, the abyss looks long into you.........

  27. #27
    Quote Originally Posted by Chris_in_the_UK View Post
    ML posted that any PAYE salary would count but dividends would not.
    Would have to be furloughed of course.

  28. #28
    Master mondie's Avatar
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    The above is my understanding. Apparently you don't apply, the HMRC contacts you if you qualify. I suspect that loss of any control may unnerve a lot of of people. The Chancellor also mooted a future increase in NI for the self-employed to bring them in line with PAYE.

  29. #29
    Grand Master Chris_in_the_UK's Avatar
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    Quote Originally Posted by Kingstepper View Post
    Would have to be furloughed of course.
    Yes, forgot to add that bit.
    When you look long into an abyss, the abyss looks long into you.........

  30. #30
    No doubt some will manage to get both payments.

  31. #31
    Master blackal's Avatar
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    Quote Originally Posted by turbomolwi View Post
    So what happens to Ltd company directors who get a salary And dividends from Company ? Will they be qualify as self employed or payee ? Will call my accountant tomorrow as its unclear
    A director, if he performs work which generates revenue for the company - is an employee if he does work other than being a director.

    Dividends are completely out with the income stream.

  32. #32
    Has a company director of a small company,basically self employed,Iíll not bother claiming,thereís no such thing as free money and weíll pay heavily one way or another.


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  33. #33
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    Quote Originally Posted by mondie View Post
    The above is my understanding. Apparently you don't apply, the HMRC contacts you if you qualify. I suspect that loss of any control may unnerve a lot of of people. The Chancellor also mooted a future increase in NI for the self-employed to bring them in line with PAYE.
    Which is fine if they bring the benefit/employment laws to parity too, Iíll not hold my breath.

  34. #34
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    Quote Originally Posted by mk1974 View Post
    Has a company director of a small company,basically self employed,Iíll not bother claiming,thereís no such thing as free money and weíll pay heavily one way or another.


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    I suspect youíll pay either way, you might want to reconsider.

  35. #35
    Quote Originally Posted by mk1974 View Post
    Has a company director of a small company,basically self employed,Iíll not bother claiming,thereís no such thing as free money and weíll pay heavily one way or another.


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    Iím the same mate. Think we are one of a few who wonít get a penny

  36. #36
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    Quote Originally Posted by mk1974 View Post
    Has a company director of a small company,basically self employed,Iíll not bother claiming,thereís no such thing as free money and weíll pay heavily one way or another.


    Sent from my iPhone using Tapatalk
    I'm the same, I'd rather cut back and try and make it on my own than claim anything. I just hope I have work to go back to once we're over the worst of this virus.

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  37. #37
    Master blackal's Avatar
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    Quote Originally Posted by mk1974 View Post
    Has a company director of a small company,basically self employed,Iíll not bother claiming,thereís no such thing as free money and weíll pay heavily one way or another.


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    You might as well - you are going to be paying that bill anyway

  38. #38

  39. #39
    Quote Originally Posted by blackal View Post
    You might as well - you are going to be paying that bill anyway
    Think your right. Get what your legally entitled too at this crazy time

  40. #40
    Grand Master learningtofly's Avatar
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    Quote Originally Posted by Kingstepper View Post
    You can do something else.
    Why donít you stop posting these stupid one liners, you idiot!

  41. #41
    Quote Originally Posted by learningtofly View Post
    Why donít you stop posting these stupid one liners, you idiot!
    Why not concise?

  42. #42
    Journeyman turbomolwi's Avatar
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    Obviously we or our kids will pay all these billions or trillions back after all settles down . So be sensible when applying for grants or support from gov .

  43. #43
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    I guess the system that helped the self employed is screwing them now.

    I have lots of friends who are self employed and have avoided tax for years as the system allowed them. They seem to be taking the view of we can't have out cake and eat it. I mean some are still looking to avoid the tax from last year.

  44. #44
    Quote Originally Posted by jonny View Post
    It seems directors can claim on ‘their PAYE salary’ part but can’t claim anything for dividends.
    If the company actually stops trading and has no contact with customers or suppliers, obviously that isn’t going to happen, in my case I won’t get a penny but all of my staff can be furloughed, provided the self employed have been honest with HMRC they should be ok.

  45. #45
    Craftsman Rbains0708's Avatar
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    I run my own business and I Just want to clarify that when you are self employed and run a business you have a turnover and a profit once your business expenditure has gone out. This scheme covers people whose trading PROFIT is £50 000 per year or less not their turnover. If your business turns over £74 000 and your business expenditure is £25 000 then your trading profit is £49 000 and you would qualify for the grant


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  46. #46
    Journeyman turbomolwi's Avatar
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    Yes but what if you take salary and dividends from that trading profit and leave the rest in company for expand or buy more stock ?

    I think self employed rule of £50000 per anum are for sole traders ?

    And if its ltd and you take salary then you will be eligible for 80% of that salary.

    Please correct me if wrong



    Quote Originally Posted by pugster View Post
    Quote Originally Posted by Rbains0708 View Post
    I run my own business and I Just want to clarify that when you are self employed and run a business you have a turnover and a profit once your business expenditure has gone out. This scheme covers people whose trading PROFIT is £50 000 per year or less not their turnover. If your business turns over £74 000 and your business expenditure is £25 000 then your trading profit is £49 000 and you would qualify for the grant


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  47. #47
    Grand Master learningtofly's Avatar
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    Quote Originally Posted by JPCain86 View Post
    I guess the system that helped the self employed is screwing them now.

    I have lots of friends who are self employed and have avoided tax for years as the system allowed them. They seem to be taking the view of we can't have out cake and eat it. I mean some are still looking to avoid the tax from last year.
    I don’t know anyone in my position (owner and sole director of a small business) who avoids paying tax. I pay both corporation tax and income tax (including on dividends drawn) and don’t actually see why I should be stuffed whilst others receive assistance.

    Its barely any more tax efficient these days, and certainly doesn’t justify the government’s present position.

  48. #48
    Craftsman
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    Rishi doesn't like ltd company freelancers/contractors and nor does his father in law.

    I finish up on my current gig tomorrow and expect it will be a barren couple of months for cashflow unti I can land something.

    It is not clear if a director can furlough or not. Any reference to that answer would be useful.

    I have non-paid work for a start-up to keep me busy and have volunteered to help the NHS too.

  49. #49
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    Small Ltd companies are an easy target and won't get any public sympathy so are easy to shaft.(all in this together etc)
    Let's just hope it doesn't take too long to get back to working.

  50. #50
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    It's good to know my staff are on at least 80% of their wage paid by the government and that the self employed (even if they are racking it in now) will get another 80% added to their earnings whilst us honest company directors are being sold down the river. Well done Rishi, now run off and enjoy your month off on full pay sir

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