[Dave Willis]

HMRC contact you, inspect your tax returns, send you some money at the end of June then at the end of July you give it all back to them to pay your tax on account?

[Slacky]

No. No tax is paid before Jan 2021.

[Dave Willis]

Oh, right. You keep it for six months then give it back. I get it now.

[AuRavelling79]

Oh, right. You keep it for six months then give it back. I get it now.

Get a grip Dave. 

Let's say you get lolly of £2,000 a month for three months. So £6,000. Let's say you lose £12,000 of work during that time. So you are 6K down.

By 31.03 2021 let's say instead of £36K declared as taxable earnings you only made £24,000.

£24,000 + £6,000 = £30,000

So you pay tax on £30,000 for the year*. (Which will be less as you didn't make so much lolly)

How anyone can expect to come through this compensated for every £1 they would have made escapes me. We're being given enough to keep a roof over our heads, have enough food plus utilities etc.

During WW2 there was rationing on some goods for 7 years after the end of the war. This could be our WW2 moment. I don't think it will be so severe personally but this will be more notable than a "what were you doing during the Kennedy assassination, Cuban missile crisis, Twin towers kind of event event".

*Edited in light of posts further down.

[The Jester of Wibbly]

You don't pay the grant back at all.

It's just taxable income like your profits are

[֍Winp®oClean֍]

No, you pay your normal tax in July if you possibly can. Unlike the grant which is being given- not required to repay, your tax liability is only deferred if cannot possibly pay the liability in July. This is not an assumption.

[KS Cleaning]

No. No tax is paid before Jan 2021.

Wouldn’t the tax on it be paid in January 22 , the payment won’t be made until June at the earliest so will be on your year ending April 21 return.

[p1w1]

No. No tax is paid before Jan 2021.

Wouldn’t the tax on it be paid in January 22 , the payment won’t be made until June at the earliest so will be on your year ending April 21 return.

That would be right.

[Simon Trapani]

You don't pay the grant back at all.

It's just taxable income like your profits are

Yes cos surely a grant is a grant & a loan is a loan?

[Stoots]

It's just income, instead of cleaning windows. Taxed in the normal way.

Nothing hard to understand about it.

[֍Winp®oClean֍]

Your July payment can be deferred to January 2021. It's added to that liability, so come January 2021 you owe more than you ordinarily would. My advice is to pay in July if at all possible.
It's assumed you can pay in July, YOU have to declare if you can't is my interpretation.

[p1w1]

Payments for this July are being automatically deferred till January 21 by HMRC you don't have to declare you can't/dont want to pay, so you will have to physically make the payment yourself in July if you wish too (which is probably what most do anyway) it won't come out automatically.

[The Jester of Wibbly]

For anyone who needs help until the grant lands.  Just use the money you have put aside for your tax payment for the last half of this tax year that's about to end.   Then when you get the grant drops, replace your tax fund.

[֍Winp®oClean֍]

For anyone who needs help until the grant lands.  Just use the money you have put aside for your tax payment for the last half of this tax year that's about to end.   Then when you get the grant drops, replace your tax fund.

It would seem there's a sudden shortage of millionaires on here in recent days! All the "big boys " are poopting it!!

[nathankaye]

I know we are all windows cleaners 😁😁 but come on lads, why is this so hard to understand 🤷‍♂️🤷‍♂️

Lol I know my 24hrs wasnt a long break from here but it did me a world if good and not checking on other social media forums as well.  It doesnt help with all the bull poop, exaggerations, poles, votes, name calling if working or not working etc etc etc. 
Going by some threads which have locked down, maybe some others should take a break as well as the whole situation can cause tensions never mind being on here as well.

Lol, i used to hate the boring threads asking which brush is better but  can we get back to those threads soon 👍👍🤦‍♂️

[p1w1]

I know we are all windows cleaners 😁😁 but come on lads, why is this so hard to understand 🤷‍♂️🤷‍♂️

Lol I know my 24hrs wasnt a long break from here but it did me a world if good and not checking on other social media forums as well.  It doesnt help with all the bull poop, exaggerations, poles, votes, name calling if working or not working etc etc etc. 
Going by some threads which have locked down, maybe some others should take a break as well as the whole situation can cause tensions never mind being on here as well.

Lol, i used to hate the boring threads asking which brush is better but  can we get back to those threads soon 👍👍🤦‍♂️

For once I agree with everything you say there ( i think some are going to give themselves a heart attack). However, for future reference, this will be the only time I'm going to agree with you 
Also its Polls 

[drakestar!]

You don't pay the grant back at all.

It's just taxable income like your profits are

We will all pay it back with higher taxes for years to come...fact

[CleanClear]

This 100%.

How anyone can expect to come through this compensated for every £1 they would have made escapes me. We're being given enough to keep a roof over our heads, have enough food plus utilities etc.

[G Griffin]

I know we are all windows cleaners.

I'm not.
Ones now identifying as a freelancer. It means that I'm no longer public enemy number one but the downside is that I'm no longer immune to the virus.
But I'm self isolating anyway.

[Stoots]

You don't pay the grant back at all.

It's just taxable income like your profits are

We will all pay it back with higher taxes for years to come...fact

Not the pont is it. You dont directly pay the grant back its not a loan, It's taxable income.

And yes everyone will be paying back the government hand outs including people who don't get it.