[zesty]

Just done my accounts, the grants I took (rightly as I lost commercial) have pushed me well into the higher tax bracket.

I suppose that’s the problem with blanket grants, most of us would have got more than we ‘needed’ but you didn’t get a choice on the amount.

I should imagine there is going to be a lot of us in the higher tax bracket for this last tax year.

Just make sure you don’t leave it late lads. Good to know what you’ll owe sooner rather than leaving it till jan.

Oh and Daz, before you bang on about this being the reason you didn’t take the grants and bla bla bla, most of us took them legitimately (I certainly did having lost A LOT of commercial) so it’s not unexpected, but I thought I’d warn those that haven’t done their accounts yet. 

[mjm]

Just done my accounts, the grants I took (rightly as I lost commercial) have pushed me well into the higher tax bracket.

I suppose that’s the problem with blanket grants, most of us would have got more than we ‘needed’ but you didn’t get a choice on the amount.

I should imagine there is going to be a lot of us in the higher tax bracket for this last tax year.

Just make sure you don’t leave it late lads. Good to know what you’ll owe sooner rather than leaving it till jan.

Oh and Daz, before you bang on about this being the reason you didn’t take the grants and bla bla bla, most of us took them legitimately (I certainly did having lost A LOT of commercial) so it’s not unexpected, but I thought I’d warn those that haven’t done their accounts yet.

I understand what your saying  all my carpet cleaning stopped over night and all the inside window cleaning    I did pick up 4 carpet jobs in 12 months  of the lockdown   I got back what I lost so I should be ok my window cleaning runs kept me afloat so I have decided to expand in that category because I sat down and I thought I can't go through this again I will not be able to cope if you his happened again.
I was  going grey to start with now my belly is big     Huh

[KS Cleaning]

I put 50% of my grants aside for that reason.

[zesty]

I put 50% of my grants aside for that reason.

I did the same, infact, I pretty much saved all of them.

[Richard iSparkle]

Just done my accounts, the grants I took (rightly as I lost commercial) have pushed me well into the higher tax bracket.

I suppose that’s the problem with blanket grants, most of us would have got more than we ‘needed’ but you didn’t get a choice on the amount.

I should imagine there is going to be a lot of us in the higher tax bracket for this last tax year.

Just make sure you don’t leave it late lads. Good to know what you’ll owe sooner rather than leaving it till jan.

Oh and Daz, before you bang on about this being the reason you didn’t take the grants and bla bla bla, most of us took them legitimately (I certainly did having lost A LOT of commercial) so it’s not unexpected, but I thought I’d warn those that haven’t done their accounts yet. 

i got stung by this too...

and the furlough scheme payments are counted as sales so taxed too

i went up a tax band and my tax bill was double last years

[deeege]

Very organised if you to file your return so early. 

I wasn’t eligible for grants 1,2 or 3 (more than 50% income from dividends for the tax year). I claimed 4 legitimately due to lost commercial work. Looking at the conditions I won’t be eligible for 5 either.

Still down  considerably overall due to covid though so won’t be expecting a huge tax bill when I file.

[zesty]

Very organised if you to file your return so early. 

I wasn’t eligible for grants 1,2 or 3 (more than 50% income from dividends for the tax year). I claimed 4 legitimately due to lost commercial work. Looking at the conditions I won’t be eligible for 5 either.

Still down  considerably overall due to covid though so won’t be expecting a huge tax bill when I file.

You should be fine then mate, but there will be some seriously suprised sole traders if they do their accounts late!

I thought I’d do the calculations early so I know what to budget for come January!

[P @ F]

I did mine the other day and was happy to find that all in I’m not really too far from normal  which was great

It’s not that I lost work in a big way , 2 pubs shut down then got new landlords and one large retirement complex got put on hold but not lost.

I lost more money through not being able to park if you ever !

[Granny]

Done mine going to submit it this week.
I always leave a week or so after completion before submitting in case I forget something which I usually do.
We're just about the same tax liability as normal we took the first grant but bought a van.
We use Cash Basis accounting so all deductible in same tax year.

[swanson]

My wife submitted all our accounts we claimed 3 grants.
Our yearly accounts weren’t much different to last year.

[Stoots]

Didnt take any grants, turned over more this tax than ever before.

[Smudger]

" Another record Day " 

[Dazzler3370]

If you go onto the HRMC website it says that you can pay money back to them if what you have received in grants was more than you lost.
I claimed for 2 out of the 4 judging on what I lost out so I should t be much different.
 

[Splash & dash]

The whole object of the payments was to cover lost or postponed work , so your income should be similar if you have earn considerably more then the grant shouldn’t have been claimed in the first place . Hopefully ones that have claimed and then earn a lot more will have to pay back the grant .

[Smudger]

Well they will  in tax

Darran

[Owenhargreavesmidf]

I always do the return early

[zesty]

The whole object of the payments was to cover lost or postponed work , so your income should be similar if you have earn considerably more then the grant shouldn’t have been claimed in the first place . Hopefully ones that have claimed and then earn a lot more will have to pay back the grant .

Not quite, it was blanket payment for those who were adversely affected.

If people then have a very good last quarter of the tax year, it’s not their fault that 6 months before, they legitimately took the grants.

Essentially many of us lost a lot of work for the first 6 months, then went mad busy the last 6 months of the tax year. You were told to take the grant based on the period it was given, not guess and predict that you may have a bumper second half of the year.

[NWH]

People were told just that to guess that is, how would anyone have known tbh with the situation the way it was.
The grants were a safety net if you’ve carried on as normal with the same amount of work and spent the grant money more fool to those that have.

[zesty]

People were told just that to guess that is, how would anyone have known tbh with the situation the way it was.
The grants were a safety net if you’ve carried on as normal with the same amount of work and spent the grant money more fool to those that have.

I’ve no idea what you’re talking about?

If you were ‘adversely effected’ you could take the grant. It had little to do with whole year profits.

The 3rd and 4th grants have different rules.