[zesty]

...Pay my July tax bill. The rest will be put straight into my ‘tax savings account’ for January’s dreaded bill.

Also remembering that this grant is subject to tax and NI.

Me is sensible.

You?

[P @ F]

How will the tax/NI be calculated ?
Will it be done from the day you received it , that way in one financial year .
Or split over the 2 financial years that it was given over as support?
If you get what I mean 

[P @ F]

Mind you , the first split would only be 2 weeks of support, if my dates are right ?

[AuRavelling79]

How will the tax/NI be calculated ?
Will it be done from the day you received it , that way in one financial year .
Or split over the 2 financial years that it was given over as support?
If you get what I mean 

I had assumed in the year we received it - but as you say it is over two financial years so should say one third go into 19/20 and two thirds into 20/21?

My gut feeling is that HMRC will say all in 20/21 but a case could be made couldn't it?

Edit: Not two weeks P&F - the government statement just says "March" - when did the pubs shut? 20th?

[mjm]

When they announced the grant they said it would be have to be paid on the 20/21. Tax bill

[P @ F]

When they announced the grant they said it would be have to be paid on the 20/21. Tax bill

Yeah , they will want to keep it simple , they know exactly what they gave each of us , why then complicate it with more maths !

[mjm]

When they announced the grant they said it would be have to be paid on the 20/21. Tax bill

Yeah , they will want to keep it simple , they know exactly what they gave each of us , why then complicate it with more maths !

Exactly. 

[AuRavelling79]

When they announced the grant they said it would be have to be paid on the 20/21. Tax bill

Good catch mjm. Thanks.

[jk999]

Dont get it all of you seem worried about tax and ni on this grant as if its gonna be a fortune, your tax is only gonna be roughly same as it would be if you worked normally  ,dont forget its only 80%of your earnings they give you

[zesty]

Dont get it all of you seem worried about tax and ni on this grant as if its gonna be a fortune, your tax is only gonna be roughly same as it would be if you worked normally  ,dont forget its only 80%of your earnings they give you

I’m not worries about the tax, rather, I’m using this grant money to pay the tax owed for July, and the rest will go towards January’s.

But we do need to remember for example that, if you earn 30,000 this tax year, and you also got say, a 6000 grant, that’s actually 36,000. So we all need to bare in mind that this grant is going to push our turnovers up a lot in some cases.

For example, if my business does return to Normal after this, I’ll be just under £7000 up on my turnover. Which, if my expenses stay the same, will mean a bigger tax bill for the this current tax year.

One way you can obviously get around that, is to spend all your grant money on expenses/equipment that you wouldn’t have ordinarily bought.

[Mike Burd]

If this is the self employed grant, how do they know how much to pay you if you’ve worked a bit? Do you have to put your earnings in during the lockdown  and they pay you 80% of the balance between last years and this for the period?

[Simon Trapani]

...Pay my July tax bill. The rest will be put straight into my ‘tax savings account’ for January’s dreaded bill.

Also remembering that this grant is subject to tax and NI.

Me is sensible.

You?

I’ve always put aside for my tax bill as I go. I think that’s more sensible.

[G Griffin]

If this is the self employed grant, how do they know how much to pay you if you’ve worked a bit? Do you have to put your earnings in during the lockdown  and they pay you 80% of the balance between last years and this for the period?

It's not based on this year's figures. Or even last years.

[jk999]

You earn 30 grand extra 6 from gov thats 36 grand but with pandemic you have only earned 24 grand plus 6 of gov only 30 grand use your brains unless you dont do collecting anymore which means extra tax to pay ah well thats the way the cookie crumbles, 😇👍

[Slacky]

 

[Mike Burd]

If this is the self employed grant, how do they know how much to pay you if you’ve worked a bit? Do you have to put your earnings in during the lockdown  and they pay you 80% of the balance between last years and this for the period?

It's not based on this year's figures. Or even last years.

I thought you were entitled to 80% of the average of your profits for the last two years?

But leaving that aside, if you work I’d assumed you would get the difference between what you earned and what you would have earned? Or do you just get the full amount however much work you’ve done?

[Don Kee]

There was nothing on the Gov website that asked for a percentage that you feel you wanted/lost.

A flat sum was offered.

[High-Tower]

If this is the self employed grant, how do they know how much to pay you if you’ve worked a bit? Do you have to put your earnings in during the lockdown  and they pay you 80% of the balance between last years and this for the period?

It's not based on this year's figures. Or even last years.

I thought you were entitled to 80% of the average of your profits for the last two years?

But leaving that aside, if you work I’d assumed you would get the difference between what you earned and what you would have earned? Or do you just get the full amount however much work you’ve done?

You get the 80% whether you’ve worked or not.

[zesty]

...Pay my July tax bill. The rest will be put straight into my ‘tax savings account’ for January’s dreaded bill.

Also remembering that this grant is subject to tax and NI.

Me is sensible.

You?

I’ve always put aside for my tax bill as I go. I think that’s more sensible.

I think you missed the point.

[G Griffin]

If this is the self employed grant, how do they know how much to pay you if you’ve worked a bit? Do you have to put your earnings in during the lockdown  and they pay you 80% of the balance between last years and this for the period?

It's not based on this year's figures. Or even last years.

I thought you were entitled to 80% of the average of your profits for the last two years?

But leaving that aside, if you work I’d assumed you would get the difference between what you earned and what you would have earned? Or do you just get the full amount however much work you’ve done?

No.
A quarter of the average of 2016, 2017, 2018's profits.