Chancellor is on now 5 PM self employed help

[eggsarascal]

4 minutes ago, kevinjohnsonmbe said:

Of all people I didn’t think I’d have to spell it out to you Egger. 
 

It’s me, laughing at me, not a PAYE laughing at a SE’d....

 

Ill get the crayons.....

Totally over me head. #notstressed

[kevinjohnsonmbe]

9 minutes ago, monkeybusiness said:

Surely anyone self-employed has survived on their declared income in previous years (if everything you earned was ‘invested’ back into your respective business how did you afford to put a roof over your head/food on the table?). You are entitled to 80% of that declared income, the same as the rest of us are on our salaries. I understand that the delay in receiving it isn’t ideal but the actual principle is very hard to argue with surely? Or do you all want the moon on a stick?!!!!

It’s a fair point.....

 

Keep business overheads as low as poss, keep your personal spending down to minimum, invest in good kit to make work more efficient, play the long game. 
 

Then sit back and wait for the rewards of your sacrifices. 
 

Well, that’s the theory, the practice seems to be more like, spend beyond your means, don’t plan ahead and wait for a hand out when the excrement hits the air con

[doobin]

1 minute ago, topchippyles said:

Will make a massive difference,Just come in from my workshop for bowl of stew and crack a tin open and will have a good look  into the details 

That’s the thing mate- there are no details published yet for any of these schemes!
 

one thing is clear- our boy rishi does not like the self employed. He will claw this back and then some. His first budget he did away with red diesel. He wasn’t keen on a scheme at all, claiming many self employed had seen income increase during crisis! And now he’s saying he’s not comfortable with the tax discrepancy between SE and PAYE. Not looking good. 

[topchippyles]

3 minutes ago, doobin said:

That’s the thing mate- there are no details published yet for any of these schemes!
 

one thing is clear- our boy rishi does not like the self employed. He will claw this back and then some. His first budget he did away with red diesel. He wasn’t keen on a scheme at all, claiming many self employed had seen income increase during crisis! And now he’s saying he’s not comfortable with the tax discrepancy between SE and PAYE. Not looking good. 

Interesting but he did say about NI being brought in line with paye so i saw that as his way of clawing back the money, If its gross then most will be quids in ?? just short term cash flow issues 

Edited March 26, 2020 by topchippyles

[kevinjohnsonmbe]

3 minutes ago, doobin said:

That’s the thing mate- there are no details published yet for any of these schemes!
 

one thing is clear- our boy rishi does not like the self employed. He will claw this back and then some. His first budget he did away with red diesel. He wasn’t keen on a scheme at all, claiming many self employed had seen income increase during crisis! And now he’s saying he’s not comfortable with the tax discrepancy between SE and PAYE. Not looking good. 

Yeah, apart from being a millionaire city boy, I bet his hands are as soft as kitten’s ear. 
 

 

[trigger_andy]

1 minute ago, topchippyles said:

Interesting but he did say about NI being brought in line with paye so i saw that as his way of clawing back the money, If its gross then most will be quids in ??

Surely NI will only be on the 'take home' part? And it should absolutely be inline with PAYE! 

[topchippyles]

I would say its gross earnings as that is your annual turn over not your net profit because that is just running cost claimed against running a business, 

 

This is the way i see  it and i will do it as i would on a balance sheet and post next 10 minutes 

[topchippyles]

7 minutes ago, trigger_andy said:

Surely NI will only be on the 'take home' part? And it should absolutely be inline with PAYE! 

Andy we get on great but a lot of guys do mention you do spout shite, posts like this i have to agree,Not looking for an argument but with the greatest respect only by your own words you have never been self employed so in my book one should not comment on a thread on the subject. As for equal NI we as self employed people do not enjoy the benefits of paye so do not go there please ?

[Richard 1234]

The way I understand it is it’s 80% of profits for past 3 years divided by 36 to give you a monthly figure of “x” and we will be getting 3 x “x” in. June

 

oh and it’s taxable as well for the June tax year

and don’t have to stop work if it comes in maybe......

Edited March 26, 2020 by Richard 1234

[topchippyles]

2 minutes ago, Richard 1234 said:

The way I understand it is it’s 80% of profits for past 3 years divided by 36 to give you a monthly figure of “x” and we will be getting 3 x “x” in. June

 

oh and it’s taxable as well for the June tax year

and don’t have to stop work if it comes in maybe......

Just having a read up on it but makes sense