Coronavirus self employed payment

[buzzlightyear]

Bojo has no idea, they are saying if you have had it, don't go to near other peaple and keep a 2 mile radius. If they want me to keep away over the next few months yeah write.
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start working again either next week or the week after.

SC looking at the stitic you are looking at August and beyond. It's not going away soon. Near 5,ooo in Spain do you think it will end tommorow.

 

[SparkyChick]

Bojo has no idea, they are saying if you have had it, don't go to near other peaple and keep a 2 mile radius. If they want me to keep away over the next few months yeah write.
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SC looking at the stitic you are looking at August and beyond. It's not going away soon.

I know that... if I don't work until August, I'm done, so I have no choice. For a small company the financial assistance isn't great. I don't make huge profits and I certainly can't afford to be paying back a loan big enough to keep the company alive in that time.

There's already been complaints that the banks aren't playing ball, forcing people to take their loan products instead of the ones designed for this purpose, and as has been said... if I furlough myself I get 80% of my salary, nothing to cover the on going overheads of the business.

 

[buzzlightyear]

SC, has you are aware some self peaple can't wait till June, it's diffrant when they tax man we want your monies that you owe us come Jan. Or why do we need to wait till June that puzzles me, the reason they have not got any staff all automated.

 

[HappyHippyDad]

I'm happy with 80% of my average profit over the last 3 years. I've declared my earnings properly over the last 3 years so I will get a decent payout. Those who do lots of cash jobs and don't declare them won't and that is fair.

It's a difficult situation, the government has been late in explaining what it plans to do for the self employed but they have at last offered a good package. Now we just need to stay alive to claim it .

Total average chance of staying alive over next few weeks if aged below 60 =

1 - (Chance of catching virus = 60% (0.6) x Mortality rate for adults below 60 = 4% (0.04) )

i.e. 1 - (0.6 x 0.04) = 0.976

Therefore I have a 97.6% chance of staying alive to claim my payout.

I have now scared myself with my silly statistics and am going to drink beer!

edit.... Mortality rate for adults below 60 = 0.4% (0.004) NOT 4%.

1 - (0.6 x 0.004) = 0.9976

A 99.76% chance! Much happier now

 

[Andy78]

SC, has you are aware some self peaple can't wait till June, it's diffrant when they tax man we want your monies that you owe us come Jan. Or why do we need to wait till June that puzzles me, the reason they have not got any staff all automated.

I don't suppose calculations and payments to 5m people through a system that doesn't already exist can be fulfilled next week.

 

[Baddegg]

I don't suppose calculations and payments to 5m people through a system that doesn't already exist can be fulfilled next week.

The people doing it need the same pressures as us lot Andy....no finish no pay....it’s amazing the results that gets ?
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edit.... Mortality rate for adults below 60 = 0.4% (0.004) NOT 4%.

1 - (0.6 x 0.004) = 0.9976

A 99.76% chance! Much happier now

Drink more beer @happyhippydad!....that’s worse than the adiabatic ?

 

[snowhead]

Or why do we need to wait till June that puzzles me, the reason they have not got any staff all automated.

There isn't a magic button that someone can press that;

Searches HMRC records for the last 3 years.
Eliminate the higher earners
Eliminate the Also employed
Averages the Profit over the last 3 years of records

And a whole lot more.

They've got to set up the system to do it and test it to make sure it's 100%
At the same time as they are doing all the other new systems for payments.

 

[plugsandsparks]

I think the reason the banks maybe pushing their own products for loans is that the Cbils scheme only guarantees 80% by Gov, all setup costs and early redemption is swallowed by the bank. However if they offer their own standard terms, you pay setup, interest and early redemtpion... mmmm- I think i may give it a go and see what happens

 

[Zerax]

SC, has you are aware some self peaple can't wait till June, it's diffrant when they tax man we want your monies that you owe us come Jan. Or why do we need to wait till June that puzzles me, the reason they have not got any staff all automated.

Buzz... they have to write software to analyse the last 3 years tax returns... or 2 or 1 or even the 1 that has yet to be submitted (they're allowing 4 weeks to get last years late return in). That software must be specified, written and tested.... and it's civil servants doing that... they don't work at the same pace we do !

 

[ipf]

edit.... Mortality rate for adults below 60 = 0.4% (0.004) NOT 4%.

1 - (0.6 x 0.004) = 0.9976

A 99.76% chance! Much happier now

Phew!....Had me worried with that previous post, at my age.

 

[pirate]

It's going to take time to sort out these payments, that's for sure.
What I don't understand is how they calculate the limit of earnings over which you get nothing. Just because someone earns over, say, £50k, doesn't mean they are able to support themselves and their family indefinitely. They should at least get the level of payment that is applicable to someone who earns £49k. Most people live up to their income, that's how life is, unless you are mega-rich and have masses of disposable income and savings.

A single person earning £49k will probably have a much lower level of essential expenditure compared with a person who has a family of four to support and who may earn much less.

It is a matter of fact that no tax system can be absolutely fair to everyone, thus no system of handouts/relief can be either. However, some of the immediate stress could be relieved by an advance payment which would be subject to review in due course. I don't pretend to know the answer, but if every self-employed taxpayer who made a return in january received a payment of £1k as soon as possible, it may make life less harsh for many. Certainly, many people i know have "spiked" the bills meantime, preferring to buy food than pay the gas bill...the repercussions for this pandemic will be felt for many years.

 

[Alan Smart]

It's going to take time to sort out these payments, that's for sure.
What I don't understand is how they calculate the limit of earnings over which you get nothing. Just because someone earns over, say, £50k, doesn't mean they are able to support themselves and their family indefinitely. They should at least get the level of payment that is applicable to someone who earns £49k. Most people live up to their income, that's how life is, unless you are mega-rich and have masses of disposable income and savings.

A single person earning £49k will probably have a much lower level of essential expenditure compared with a person who has a family of four to support and who may earn much less.

It is a matter of fact that no tax system can be absolutely fair to everyone, thus no system of handouts/relief can be either. However, some of the immediate stress could be relieved by an advance payment which would be subject to review in due course. I don't pretend to know the answer, but if every self-employed taxpayer who made a return in january received a payment of £1k as soon as possible, it may make life less harsh for many. Certainly, many people i know have "spiked" the bills meantime, preferring to buy food than pay the gas bill...the repercussions for this pandemic will be felt for many years.

They have not taken into account the running of a small business, like advertising, cost of van payments part p cost, liability insurance, it’s not comparable to paye.

 

[Baddegg]

They have not taken into account the running of a small business, like advertising, cost of van payments part p cost, liability insurance, it’s not comparable to paye.

I sure a phone call to each of those things could result in temporary suspension of payments, none of which you’ll need if you stop working....this is new territory for everyone...

 

[davesparks]

They have not taken into account the running of a small business, like advertising, cost of van payments part p cost, liability insurance, it’s not comparable to paye.

Don't advertise or pay the part P registration whilst you cannot work.
Speak to the relevant people about your insurance and van payments.

There is a complete package of measures for businesses seperate from the measures being put in place to support personal income.

 

[Baddegg]

Havnt read it al but I’ll look forward to holidays and sick pay in the future then ?

Self-employed face tax hike after £9bn bailout — Yahoo Finance UK

Chancellor Rishi Sunak hinted that national insurance contributions by the self-employed could increase after the coronavirus crisis pases.

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