Chancellor is on now 5 PM self employed help

[topchippyles]

12 hours ago, Ratman said:

Pipe down trigger! Or you’ll be on the forum members lockdown...... the ignore button!!! ???

Seems every few posts i see this,Will this help pipe trigger down  ?

 

Edited March 27, 2020 by topchippyles

[trigger_andy]

3 minutes ago, Big J said:

It's OK if:

 

• You can value add to your end product. So if you run a timber framing business, or perhaps a fencing company
• If you can find a niche. Ours was timber for beehives and national sales of sawn elm.
• If you're very good (and patient) at grant applications. There are lots of grants available. We never bothered.
• You can combine it with a mutally beneficial business enterprise. So we did a lot of elm harvesting/merchanting (especially veneer grade) at the same time.

There are many ways to make it work well, but it's an episode I'm done with. Always happy to help anyone else get going in it, as it's good fun.

 Makes sense.

 

I like having my wee hobby Mill, but cant see there ever being money in it unless like you say, you add value to it. 

[topchippyles]

49 minutes ago, kevinjohnsonmbe said:

No, been a long term prescription ?

 

All I’d say is, alongside the usual aspects of 2 dimensional forum format potential for misunderstanding / misrepresentation of intent, we also have frustration / emotion and brevity due to time constraints to contend with when trying to interpreting posts. 
 

ive found some people can ‘read between the lines’ and interpret implied / inferred meaning without the need for a lengthy post. Sometimes I can from others posts, sometimes I miss it. 

 

Im not sure what has pressed yr buttons but happy to expand if you can be a bit more specific. 
 

 

Big words like this post you may want to consider a change of direction and start to represent some of the businesses in the courts in the coming months ahead fight off the tax man ?

[topchippyles]

58 minutes ago, Big J said:

It's OK if:

 

• You can value add to your end product. So if you run a timber framing business, or perhaps a fencing company
• If you can find a niche. Ours was timber for beehives and national sales of sawn elm.
• If you're very good (and patient) at grant applications. There are lots of grants available. We never bothered.
• You can combine it with a mutally beneficial business enterprise. So we did a lot of elm harvesting/merchanting (especially veneer grade) at the same time.

There are many ways to make it work well, but it's an episode I'm done with. Always happy to help anyone else get going in it, as it's good fun.

Big J you seem a very capable person with a huge backbone and have great respect for you ? hope you and all your crew along with all the hard working guys and girls in this industry come out with their shirts on. Just on a comment you posted about on my position. When my lad (TOM) was given his assessment at 3 years he old diagnosed  on the autistic spectrum. Me and his mum went through heart break coming to terms with it. Fast forward 12 years on and he is in a special needs school and doing very well but what i did because i new he was never going to be able to live a normal day to day life as we do. I  changed my whole way of thinking and set about putting a father and son future partnership together. I invested in some land which i have planning on for a single dwelling (bungalow) Have a fully rigged out joinery shop with a workable yard, an excavator customized for logging.Sold my last sawmill 2 weeks ago to one of the lads off here (JOSH PURTON)  In the next few months i will let the mist clear and see which setup i move onto next. (work in progress) My lad has done 20 hours with me this week learning and watching the MASTER at work and there is no place on earth i would rather be than with my tommy tucker ? I will be looking in 18 months at starting the self build but my point being all the timber will be milled by me and tom which i estimate will be around a £1000 in lumber unless i stock pile my own between now and then. Dai my partner in the mill has just spent 15 k on a 5 bedroom timber fame materials only. Knows f all about wood which is why i call him money bags dai ?

Edited March 27, 2020 by topchippyles

[kevinjohnsonmbe]

57 minutes ago, topchippyles said:

Big words like this post you may want to consider a change of direction and start to represent some of the businesses in the courts in the coming months ahead fight off the tax man ?

No need, we’ve got AA for that ?

[kevinjohnsonmbe]

1 hour ago, Big J said:

My 2 cents on it and my jusfication for keeping my tax bill minimised (I did pay just over £12k in income tax in January, for the record).

 

If a company chooses to offset some of their tax liability by purchasing new machinery, they will do so so that they can expand their business and hopefully, the eventual profitability. It's always a gamble of course, and that's a risk largely shouldered by the self employed. Certainly in normal times. This epidemic is unprecendented in living memory. 

 

With the expansion of a business, new jobs are created, and the exchequer benefits from overall economic expansion as well as specific tax receipts. I have paid £36000 in VAT on my last two VAT returns. This high figure is largely down to the fact that I charge VAT on my timber, but many of my expenses are VAT free (chainsaw operatives). 

 

Capital allowances are rarely paid for outright, rather, they are financed. So the capital expenditure may appear to be (for example) £30k on the books, but that figure is being paid for over 3-5 years, so the cash is might still be there. It's complicated and messy, and perhaps the system ought not to be the way it is, but that is the way it is.

 

Either way, the self employed create jobs, and as such are afforded preferential taxation treatment. We are effectively the entrepreneurs who are going out there, day to day, seeking out work in order to earn money for the exchequer. Whether we pay it directly through income tax, corporation tax or dividend tax, or through VAT or through the PAYE on our employees, we're still earning money for the exchequer. 

 

As such, in extraordinary times such as these, support for people in our position needs to be unequivocal, and without such caveats as "we're going to come after you for extra tax once this is all over". 

 

I'm not sure what we're going to do personally. We are sort of able to keep working, but at the moment is sort of feels like we're standing on top of a log stack where logs keep rolling away. Bits of the supply chain keep dropping out. Parts are going to be tricky to get, my agricultural mechanic has shut down for the time being, haulage is a nightmare, despite us having our own lorry. Many of the big mills have temporarily shut down and one of the largest mills in the South West has shut down permanently. 

 

Unsettling times.

 

 

That right there is a brilliant post!

 

Straight out of (what used to be considered the Tory party play book - all the more noteworthy coming from J)

 

J, please, send that in a letter to the Chancellor to remind him what colour his scarf is meant to be ????????

[swinny]

2 hours ago, Big J said:

My 2 cents on it and my jusfication for keeping my tax bill minimised (I did pay just over £12k in income tax in January, for the record).

 

If a company chooses to offset some of their tax liability by purchasing new machinery, they will do so so that they can expand their business and hopefully, the eventual profitability. It's always a gamble of course, and that's a risk largely shouldered by the self employed. Certainly in normal times. This epidemic is unprecendented in living memory. 

 

With the expansion of a business, new jobs are created, and the exchequer benefits from overall economic expansion as well as specific tax receipts. I have paid £36000 in VAT on my last two VAT returns. This high figure is largely down to the fact that I charge VAT on my timber, but many of my expenses are VAT free (chainsaw operatives). 

 

Capital allowances are rarely paid for outright, rather, they are financed. So the capital expenditure may appear to be (for example) £30k on the books, but that figure is being paid for over 3-5 years, so the cash is might still be there. It's complicated and messy, and perhaps the system ought not to be the way it is, but that is the way it is.

 

Either way, the self employed create jobs, and as such are afforded preferential taxation treatment. We are effectively the entrepreneurs who are going out there, day to day, seeking out work in order to earn money for the exchequer. Whether we pay it directly through income tax, corporation tax or dividend tax, or through VAT or through the PAYE on our employees, we're still earning money for the exchequer. 

 

As such, in extraordinary times such as these, support for people in our position needs to be unequivocal, and without such caveats as "we're going to come after you for extra tax once this is all over". 

 

I'm not sure what we're going to do personally. We are sort of able to keep working, but at the moment is sort of feels like we're standing on top of a log stack where logs keep rolling away. Bits of the supply chain keep dropping out. Parts are going to be tricky to get, my agricultural mechanic has shut down for the time being, haulage is a nightmare, despite us having our own lorry. Many of the big mills have temporarily shut down and one of the largest mills in the South West has shut down permanently. 

 

Unsettling times.

 

Good post J!

[Matthew Storrs]

15 hours ago, topchippyles said:

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 

Can’t be right because isn’t £50k the cap? If that’s £50k turnover I reckon that’s most of us eliminated

[AA Teccie (Paul)]

24 minutes ago, Matthew Storrs said:

Can’t be right because isn’t £50k the cap? If that’s £50k turnover I reckon that’s most of us eliminated

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

 

See

Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme - GOV.UK

WWW.GOV.UK

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Use this scheme if you're self-employed or a member of a partnership and have lost income due to coronavirus.