[Rob.Hall]

Been doing some figures...
For every £1000 grant you get it is taxable so you may only get £567:00. ( thats if you are over the £11:500 tax threshold).
This will be taken at the end of the year.
So dont spend it all at once 😄
If I am out I am sure some one will correct me..

[G Griffin]

You'd only get taxed at 20% of £1000, wouldn't you? So you'd get £800?
If you declared £1000 and got 80% of that, that'd be £800 taxed at 20% leaving you £640.

[Rob.Hall]

I thought it would include NI as well because it would be taken on the profit for the year..?
Thanks for correction 👍

[G Griffin]

I thought it would include NI as well because it would be taken on the profit for the year..?
Thanks for correction 👍

You're right, it would.
You did say taxed though.

[Dry Clean]

You get the full amount now which for those who need it is all that matters.

[G Griffin]

You get the full amount now which for those who need it is all that matters.

You don't get it now and to some that's all that matters.
June, 'at least'.

[Dry Clean]

You get the full amount now which for those who need it is all that matters.

You don't get it now and to some that's all that matters.
June, 'at least'.

I understand that it can take time to implement these things but June is beyond a joke.

[G Griffin]

You get the full amount now which for those who need it is all that matters.

You don't get it now and to some that's all that matters.
June, 'at least'.

I understand that it can take time to implement these things but June is beyond a joke.

'At least'

[NWH]

😂 June that’s an insult in itself to say that to any self employed person at the moment employed people must be loving it getting paid to stay at home it’s as if they not been effected at all,doesn’t matter what they give you you’ll gonna be worse off you are getting hardly enough and then you’ve got to pay tax on it.
They could have said they’ll scrap the bill for July and just give lump sums in blocks divided into 3 sections depending on what category you fall in to and given you the money within a few weeks instead of having to go through everyone’s return which will take ages.

[G Griffin]

Staying at home is great because of a pandemic. But then there's nowhere to go anyway.
It's alright for those going out with their rubber gloves on.
And we'd have paid tax on our income had we not stayed at home. That's not really a problem.

[Kev Martin]

😂 June that’s an insult in itself to say that to any self employed person at the moment employed people must be loving it getting paid to stay at home it’s as if they not been effected at all,doesn’t matter what they give you you’ll gonna be worse off you are getting hardly enough and then you’ve got to pay tax on it.
They could have said they’ll scrap the bill for July and just give lump sums in blocks divided into 3 sections depending on what category you fall in to and given you the money within a few weeks instead of having to go through everyone’s return which will take ages.

FYI Don’t be Fooled!,,   The employed  up to 80% of salary is also a long way off being paid as well.  Nothing in my opinion will happen until at least May or later.  Even then it still means the employer has to process it all and then claim it back.  So currently And contrary to popular myth the employed are no better off.

[Denise l]

All the business grants are repayable as well so if your business doesn’t get back on its feet after this straight away you could be left with a big debt. No business rate grant if you work from home as it’s classed as domestic rates. Any monies granted in whatever form will have to be paid back via tax in the future. No financial help for Directors of SMEs Ltd companies.  So for me with a small Ltd company no financial help at all even though we are self employed. Just an overdraft if you want it to be repaid sometime in the future. Mortgage holidays will incur compound interest and a £60 admin fee to be added to the mortgage then every month you ‘have a holiday’ interest is added and so forth. Businesses are going to be knackered, make no mistake. It will be like starting up all over again.

[NWH]

I can’t see it like starting all over again how do you see that if you are mainly domestic,I’m doing what I can to keep going but I can’t see people or most people anyway going under in 3 months unless they  are mainly commercial or have many staff.

[Paul-kent]

i can not see hmrc paying the full £2500 per month if you only lose £100s worth of work surely they will just replace the £100

Other wise they are opening a can or worms for creative accounts where a window cleaner makes a few cash jobs disappear to  create the illusion of a covid-19 loss

this grant is more for the commercial cleaners and people like my brother who has been  laid off because they are having trouble getting the copper for roofing projects

[NBwcs]

😂 June that’s an insult in itself to say that to any self employed person at the moment employed people must be loving it getting paid to stay at home it’s as if they not been effected at all,doesn’t matter what they give you you’ll gonna be worse off you are getting hardly enough and then you’ve got to pay tax on it.
They could have said they’ll scrap the bill for July and just give lump sums in blocks divided into 3 sections depending on what category you fall in to and given you the money within a few weeks instead of having to go through everyone’s return which will take ages.

FYI Don’t be Fooled!,,   The employed  up to 80% of salary is also a long way off being paid as well.  Nothing in my opinion will happen until at least May or later.  Even then it still means the employer has to process it all and then claim it back.  So currently And contrary to popular myth the employed are no better off.

Very true, a mate of mine is a director at a company that employs 20+ people and their HR people have liaised with hmrc and been told not to expect any payments till at least mid May, so in effect just 2 weeks ahead of us. That will surely mean cancellations for us as people  struggle with their own cash flow probs.

[G Griffin]

i can not see hmrc paying the full £2500 per month if you only lose £100s worth of work surely they will just replace the £100

Other wise they are opening a can or worms for creative accounts where a window cleaner makes a few cash jobs disappear to  create the illusion of a covid-19 loss

this grant is more for the commercial cleaners and people like my brother who has been  laid off because they are having trouble getting the copper for roofing projects

I don't think that you'll have to prove how much that you've lost. How can you?
Say we get the money in June, you could lose money later in the year. You could lose a load of work later in the year or get ill well after the payment.
This crisis will extend well beyond June.

[Shrek]

i can not see hmrc paying the full £2500 per month if you only lose £100s worth of work surely they will just replace the £100

Other wise they are opening a can or worms for creative accounts where a window cleaner makes a few cash jobs disappear to  create the illusion of a covid-19 loss

this grant is more for the commercial cleaners and people like my brother who has been  laid off because they are having trouble getting the copper for roofing projects

I don't think that you'll have to prove how much that you've lost. How can you?
Say we get the money in June, you could lose money later in the year. You could lose a load of work later in the year or get ill well after the payment.
This crisis will extend well beyond June.

Can’t be proven, what about the work that could have been - all new walk ups etc , that’s potentially lost business

[Paul-kent]

i can not see hmrc paying the full £2500 per month if you only lose £100s worth of work surely they will just replace the £100

Other wise they are opening a can or worms for creative accounts where a window cleaner makes a few cash jobs disappear to  create the illusion of a covid-19 loss

this grant is more for the commercial cleaners and people like my brother who has been  laid off because they are having trouble getting the copper for roofing projects

I don't think that you'll have to prove how much that you've lost. How can you?
Say we get the money in June, you could lose money later in the year. You could lose a load of work later in the year or get ill well after the payment.
This crisis will extend well beyond June.

I see what your saying but i won't count on it until the cash is in the bank

[֍Winp®oClean֍]

It's based on the assumption that you are going to lose income.
If it's taxed fully, like normal and includes class 4 plus class 2 NI, then you are looking at a total of approx. 30% tax to be deducted.

I don't think you will have to prove anything much, it's based on what the HMRC already know. As far as I know, the HMRC will invite you to apply too, they will contact you.

20k average profit over 3 years
80% of 20k = 16k
16k /12 = £1.333
£1.333 x 3 = £3.999


So, based on an average profit of 20k over the last 3 years, you are eligible for £1,333 per month. I think it will arrive as One payment of £3,999. It is then subject to tax.

[KS Cleaning]

i can not see hmrc paying the full £2500 per month if you only lose £100s worth of work surely they will just replace the £100

Other wise they are opening a can or worms for creative accounts where a window cleaner makes a few cash jobs disappear to  create the illusion of a covid-19 loss

this grant is more for the commercial cleaners and people like my brother who has been  laid off because they are having trouble getting the copper for roofing projects

This grant is for 95% of self employed workers, skewed figures, yes, but you get the idea.