| Whatever help he gives the self employed 17:31 - Mar 26 with 4036 views | bluelagos |
There would be a beautiful irony if it is based on previous tax returns :-) |  |
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| Whatever help he gives the self employed on 19:50 - Mar 26 with 1037 views | Lord_Lucan |
| Whatever help he gives the self employed on 19:37 - Mar 26 by giant_stow |
I feel self employed! Pretty sure banks think of me as self employed when i apply for a loan?
Work from home or sometimes at the punter's place.
Agree the furlough bit seems grey, but the advice coming out of a freelancer group i belong to seems to be its a no go, as a company without a working director is no longer a live company. so goes the logic of that argument, at least.
Anyway, fck whining about it. [Post edited 26 Mar 2020 19:40]
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Speak to your accountant.
My accountant hasn't mentioned that I can't furlough myself when I have approached the subject.
I think the one lot who have been left without a paddle are small Ltd businesses who don't get a rates bill, there are a lot of Ltd companies working from home including Amazon sellers and builders who use their domestic premises as their place of work or registered office. If they rented a small unit with a rates bill they would be getting a £10k bung. |  |
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| Whatever help he gives the self employed on 19:56 - Mar 26 with 1018 views | giant_stow |
| Whatever help he gives the self employed on 19:50 - Mar 26 by Lord_Lucan |
Speak to your accountant.
My accountant hasn't mentioned that I can't furlough myself when I have approached the subject.
I think the one lot who have been left without a paddle are small Ltd businesses who don't get a rates bill, there are a lot of Ltd companies working from home including Amazon sellers and builders who use their domestic premises as their place of work or registered office. If they rented a small unit with a rates bill they would be getting a £10k bung. |
Hope you're right about the furlough thing.
I guess we're all in new territory here in fairness, but you're right - accountant time. Cheers mr. |  |
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| Whatever help he gives the self employed on 19:59 - Mar 26 with 1015 views | OsborneOneNil |
| Whatever help he gives the self employed on 19:50 - Mar 26 by Lord_Lucan |
Speak to your accountant.
My accountant hasn't mentioned that I can't furlough myself when I have approached the subject.
I think the one lot who have been left without a paddle are small Ltd businesses who don't get a rates bill, there are a lot of Ltd companies working from home including Amazon sellers and builders who use their domestic premises as their place of work or registered office. If they rented a small unit with a rates bill they would be getting a £10k bung. |
But if you furlough yourself, won't it be 80% of the salary you pay yourself that can be claimed? Not the divs. Bearing in mind most pay themselves the minimum. |  | | |
| Whatever help he gives the self employed on 20:16 - Mar 26 with 999 views | Lord_Lucan |
| Whatever help he gives the self employed on 19:59 - Mar 26 by OsborneOneNil |
But if you furlough yourself, won't it be 80% of the salary you pay yourself that can be claimed? Not the divs. Bearing in mind most pay themselves the minimum. |
Yes, correct.
I will get 80% of minimum wage because I pay myself a dividend.
Bed Made. Rough with the smooth and all that! | |
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| Whatever help he gives the self employed on 20:35 - Mar 26 with 978 views | britbiker |
Im finally became employed in january after 30 years of self employment. I have just been advised my employer is reducing my salary 25% which is ok in the circumstances (not sure why 25% when the government are covering 80?).
For all those thinking all self employed pay less tax pro rata, I would agree. However there are no paid holidays, sick pay etc and also no employer pension benefits plus no additional state pension available.
I do know some who take the pee tax wise so the averaging scheme announced is fair. |  | | |
| Whatever help he gives the self employed (n/t) on 21:19 - Mar 26 with 945 views | dickie |
| Whatever help he gives the self employed on 20:16 - Mar 26 by Lord_Lucan |
Yes, correct.
I will get 80% of minimum wage because I pay myself a dividend.
Bed Made. Rough with the smooth and all that! |
[Post edited 26 Mar 2020 21:22]
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| Whatever help he gives the self employed on 05:57 - Mar 27 with 877 views | befxblue |
There seems to be certain amount of glee on here that the self employed are getting their comeuppance, I dont understand the need.
As stated by a few, self employed have tax benefits, but dont get paid holidays or SSP, and do still contribute to national insurance albeit not as much.
On one hand, Rishi Sunak has hinted that it's an unfair system that needs to be equalised, then on the other hand excluded those self employed who make £50,000 profit, whereas PAYE workers taking home more than that are entitled to furlough pay, unbalancing the system further. | | | |
| Whatever help he gives the self employed on 06:14 - Mar 27 with 866 views | bluelagos |
| Whatever help he gives the self employed on 05:57 - Mar 27 by befxblue |
There seems to be certain amount of glee on here that the self employed are getting their comeuppance, I dont understand the need.
As stated by a few, self employed have tax benefits, but dont get paid holidays or SSP, and do still contribute to national insurance albeit not as much.
On one hand, Rishi Sunak has hinted that it's an unfair system that needs to be equalised, then on the other hand excluded those self employed who make £50,000 profit, whereas PAYE workers taking home more than that are entitled to furlough pay, unbalancing the system further. |
Only soeak,for myself and I think you misinterpret the tone. 100% we should help the self employed and I merely point out that those who abused the system by under,declaring their income will now get less than if they had been honest.
No more, no less. | |
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| Whatever help he gives the self employed on 06:39 - Mar 27 with 851 views | befxblue |
| Whatever help he gives the self employed on 06:14 - Mar 27 by bluelagos |
Only soeak,for myself and I think you misinterpret the tone. 100% we should help the self employed and I merely point out that those who abused the system by under,declaring their income will now get less than if they had been honest.
No more, no less. |
Fair point and taken. Probably a bit tetchy as I've just had to lay off 12 self employed men who all play the system fairly  | | | |
| Whatever help he gives the self employed on 06:51 - Mar 27 with 841 views | Churchman |
The basic assessment method reminds me of how mortgage lending was calculated for the self employed when I worked in that world in the 90s. The calculation then was based on average net profit from 3 years accounts, sometimes less, depending on circumstances and Banks’ desperation to lend.
I actually don’t see how else the government could have done this, without the system being overwhelmed by fraudulent claims. |  | | |
| Whatever help he gives the self employed on 06:52 - Mar 27 with 835 views | bluelagos |
| Whatever help he gives the self employed on 06:39 - Mar 27 by befxblue |
Fair point and taken. Probably a bit tetchy as I've just had to lay off 12 self employed men who all play the system fairly |
No worries. Was talking yesterday to someone about literally every person in the world is being impacted.
The knock ons are so much greater than the direct deaths. The economic, social and mental health impacts are huge. Just one example will be domestic abuse which will likely go unchecked in many cases.
Truly horrible stuff. | |
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| Whatever help he gives the self employed on 07:19 - Mar 27 with 823 views | dickie |
| Whatever help he gives the self employed on 06:51 - Mar 27 by Churchman |
The basic assessment method reminds me of how mortgage lending was calculated for the self employed when I worked in that world in the 90s. The calculation then was based on average net profit from 3 years accounts, sometimes less, depending on circumstances and Banks’ desperation to lend.
I actually don’t see how else the government could have done this, without the system being overwhelmed by fraudulent claims. |
This may be true but there are many like me who will fall through the gaps. As a self employed musician I don't make huge amounts and over the last three years I have had to invest significantly in equipment plus website costs and other overheads will not stop. Profit wise I have made very little over the last few years as I have made a conscious decision to work less and spend more time with my young children. I have had a whole summers worth of work cancel as well as all my private teaching. I am not eligible for UC as my wife is still able to work as she is a nurse. Our income has more than halved yet our bills and my business overheads remain the same.
Don't get me wrong, my lifestyle was my choice and I have been very lucky to choose to work less and seeing as effectively my hobby is my job I have enjoyed very handy tax breaks. However none of this will put food in my kids bellies. Coupled with the fact that the work I have built up took a number of years to become sustainable once this is all over I imagine I will be having to choose a new line of work and wind my business up. | | | |
| Whatever help he gives the self employed on 08:46 - Mar 27 with 791 views | No9 |
| Whatever help he gives the self employed on 17:40 - Mar 26 by bluelagos |
Not seen the news, but yeah, that is quite amusing. One of my mates is a London cabbie, big house, second one is Spain. He told me (Five years ago) his taxable earnings were 15k. |
This reminds me of the Tiny Rowlands affair (anyone not remember that?) a multimillionaire who's tax returns qualified him for the then National Assistance | | | |
| Whatever help he gives the self employed on 09:10 - Mar 27 with 778 views | Mummy_Short_Arms |
Lots of posts on various forums saying those of us running sole director ltd companies have been forgotten about. Think there’s around 900,000 such set ups in UK? We haven’t been forgotten. We’ve specifically been excluded AKA shafted. I work in TV. Around half of us are set up as Ltd companies in part due to the requirements of certain employers.
I am lucky enough that my partner is still earning. And I have work for now. Fck knows how someone is meant to provide for their families on universal credit? Insane. If we were really all in this together he should have just introduced UBI for the short term. The final irony is it seems we’ll be the ones asked to pay for the bailout we didn’t receive. Happy days. |  | | |
| Whatever help he gives the self employed on 14:45 - Mar 27 with 721 views | Durovigutum |
| Whatever help he gives the self employed on 09:10 - Mar 27 by Mummy_Short_Arms |
Lots of posts on various forums saying those of us running sole director ltd companies have been forgotten about. Think there’s around 900,000 such set ups in UK? We haven’t been forgotten. We’ve specifically been excluded AKA shafted. I work in TV. Around half of us are set up as Ltd companies in part due to the requirements of certain employers.
I am lucky enough that my partner is still earning. And I have work for now. Fck knows how someone is meant to provide for their families on universal credit? Insane. If we were really all in this together he should have just introduced UBI for the short term. The final irony is it seems we’ll be the ones asked to pay for the bailout we didn’t receive. Happy days. |
I work in IT. I did a bit of work as a PSC in 2016 and decided to pay myself the national median salary before then taking any of the rest as dividends. I went back to PAYE in 2017 as it felt a bit shaky, and I was made a good offer.
There were people I was working with who took the minimum before paying NI (about 8.5k) and the rest as dividends to avoid as much tax as possible. Many of these fell inside IR35, but declared themselves outside.
With the changes to IR35 over the last year the ongoing complaint has been "but we don't want the benefits - we are happy to take the risk".
They are now getting that benefit, although if it is 80% of 8K that won't help much.
There are many better ways to arrange payroll, the BCS had one suggestion in 2003 - it is fair to say that "vested interests" have kept things working the way the do. I, for one, would welcome root and branch change of PAYE and NI. For example - did you know someone with 2 children pays 59% tax between 50 and 60k? |  | | |
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