Self employed

[CropleyWasGod]

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Surely that only applies to those paying themselves through a limited company. Which means they are employed and their PAYE wage is already covered if they put themselves on furlough.

I think there are 2 things being confused here.

Self-employed people don't pay dividends, as you say. But there is an issue with those who have a one-person Limited Company, and who might define themselves as s/e. They normally pay themselves a low salary, at the NI threshold, and take the rest of their money as dividends.

They can furlough themselves, but the most they will receive from HMRC is about £575 per month. That's obviously not enough, which is where the suggestion that their help should be based on dividends comes from.

That, in itself, is fraught with difficulty, but it does make some sense.

[The Modfather]

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Aye, harsh.

The bit in bold, that you posted, infers that it happens. Nobody is saying you do it, absolutely nobody. Guy makes a joke and you call him a twat.

Harsh.

I've plenty mates who are struggling self employed just now, some do, some don't do the books right. They're all struggling.

If you think my post is crap...ignore it, or block me, I don't care.

Out of interest, what/how is it they do with their books?

[easty]

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Out of interest, what/how is it they do with their books?

I dunno, it's not me doing it. I am and always have been PAYE.

I'm not sure what point you're trying to make, and I think you know exactly what I mean.

[Ozyhibby]

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I'm not sure what this has to do with my post to be honest, but I agree with you. I've never suggested otherwise.

Further, I absolutely think the government has been too slow to act with helping out the self-employed.

I was agreeing with you and adding another point of my own.


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[marinello59]

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I think there are 2 things being confused here.

Self-employed people don't pay dividends, as you say. But there is an issue with those who have a one-person Limited Company, and who might define themselves as s/e. They normally pay themselves a low salary, at the NI threshold, and take the rest of their money as dividends.

They can furlough themselves, but the most they will receive from HMRC is about £575 per month. That's obviously not enough, which is where the suggestion that their help should be based on dividends comes from.

That, in itself, is fraught with difficulty, but it does make some sense.

Yes, I get that.
When the Government is struggling with the technical aspects of this though it is going to be easy for them to leave those of us who used a Ltd company in limbo as they point out that that dividends were used to avoid paying NI.
By the way, I’m not saying that is the correct course of action for them to take.��

[The Modfather]

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I dunno, it's not me doing it. I am and always have been PAYE.

I'm not sure what point you're trying to make, and I think you know exactly what I mean.

I was genuinely curious about what your mates did/do.

I’m now through an Umbrella company (not through choice) so it’s academic to me now. However previously I did my own returns, and while I tried to manage things as smartly and tax efficiently as possible. I don’t see how I could “fiddle” the books as such. Might be different for those who work cash in hand.

[easty]

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I was genuinely curious about what your mates did/do.

I’m now through an Umbrella company (not through choice) so it’s academic to me now. However previously I did my own returns, and while I tried to manage things as smartly and tax efficiently as possible. I don’t see how I could “fiddle” the books as such. Might be different for those who work cash in hand.

Under report income.

[Onceinawhile]

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Suggestion doing the rounds, that the self employed maybe evaluated on the dividends they pay themselves
Should all become clearer tonight

Self employed people cannot pay themselves dividends.

[CropleyWasGod]

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Yes, I get that.
When the Government is struggling with the technical aspects of this though it is going to be easy for them to leave those of us who used a Ltd company in limbo as they point out that that dividends were used to avoid paying NI.
By the way, I’m not saying that is the correct course of action for them to take.��

Sorry, my response was more for Billy than you. Sorry if it sounded like I was teaching my auntie how to suck eggs, or whatever it is 😆

[Billy Whizz]

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Sorry, my response was more for Billy than you. Sorry if it sounded like I was teaching my auntie how to suck eggs, or whatever it is 😆

Thanks CWG

[marinello59]

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Sorry, my response was more for Billy than you. Sorry if it sounded like I was teaching my auntie how to suck eggs, or whatever it is 😆

No need to apologise, you are the expert.

[lord bunberry]

The support for self employed people is coming through income support. Having just checked, that benefit is means tested. Does anyone know if that’s the case?

[Moulin Yarns]

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Is it 80% of what self employed hide or actually tell the taxman?

Well that's me screwed.

Not made an operating profit for any of the last three years as self employed.

[BroxburnHibee]

Having to wait until June is gonna put me under pressure

[DH1875]

So in order to get money in June my business needs to still be operating in June? If I'm not out earning by then, I've no chance.

[Hibby Bairn]

I don’t see the reason behind delaying 4 weeks to allow people who haven’t “yet filed their Jan tax return” be allowed to participate.

If you have filed then easy to calculate so pay now. If you haven’t then that’s your problem so you’ll have to wait.

[CropleyWasGod]

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I don’t see the reason behind delaying 4 weeks to allow people who haven’t “yet filed their Jan tax return” be allowed to participate.

If you have filed then easy to calculate so pay now. If you haven’t then that’s your problem so you’ll have to wait.

I don't think that's what they're saying.

Those who haven't yet filed their 2019 Returns have 4 weeks to file, otherwise they won't get anything.

IMO, the delay until June is more about getting the systems in place, and the money of course.

[CropleyWasGod]

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The support for self employed people is coming through income support. Having just checked, that benefit is means tested. Does anyone know if that’s the case?

It's means-tested in the sense that it's based on your last 3 years' income.

[lord bunberry]

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It's means-tested in the sense that it's based on your last 3 years' income.

Will they take in to account how much my partner is earning as that’s the normal way of calculating income support.

[CropleyWasGod]

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Will they take in to account how much my partner is earning as that’s the normal way of calculating income support.

It's not income support.

As far as I understand it,(and it is early days, in my defence ) it's based on only your income.

And it's taxable.

[Keyser Sauzee]

I filed for 17/18 & 18/19 in January but haven’t actually paid my bill yet, I’m thinking this will mean I won’t be eligible for this scheme.

[Ozyhibby]

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I filed for 17/18 & 18/19 in January but haven’t actually paid my bill yet, I’m thinking this will mean I won’t be eligible for this scheme.

I doubt it. So long as you have filed your accounts then that’s all that counts.


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[BroxburnHibee]

Its backdated so I'm assuming the June payment will be the first 3 months

[Keyser Sauzee]

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I doubt it. So long as you have filed your accounts then that’s all that counts.


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I’m hoping so, although I do have quite a big bill for late fees for 17/18 which I’m hoping won’t impact me.

[lord bunberry]

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It's not income support.

As far as I understand it,(and it is early days, in my defence ) it's based on only your income.

And it's taxable.

I must’ve picked him up wrong, I thought he said it would be paid through the income support benefit. It’s good to that I’m wrong again

[Billy Whizz]

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Its backdated so I'm assuming the June payment will be the first 3 months

Said you’d get all 3 payments in a oner in June

Martin Lewis is discussing this tonight on his show, 8.30pm on STV

[CropleyWasGod]

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I’m hoping so, although I do have quite a big bill for late fees for 17/18 which I’m hoping won’t impact me.

The chances are they will deduct what you are due them before they pay you anything. That's HMRC's normal way of doing things.

[CropleyWasGod]

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I must’ve picked him up wrong, I thought he said it would be paid through the income support benefit. It’s good to that I’m wrong again

In your defence, I think it's confusing, as it's called Self-employment Income Support

[Keyser Sauzee]

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The chances are they will deduct what you are due them before they pay you anything. That's HMRC's normal way of doing things.

So if my outstanding bill is bigger than what I would be eligible for then I’m likely to get nothing?

[CropleyWasGod]

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So if my outstanding bill is bigger than what I would be eligible for then I’m likely to get nothing?

In the normal course of things, yes.

But these are not normal times.