Coronavirus self employed payment

[Alan Smart]

Anyone else not happy with 80% of profit payments to self employed, as this only covers sub contractors and not a one man band with overheads.

 

[littlespark]

Anyone else not happy with 80% of profit payments to self employed, as this only covers sub contractors and not a one man band with overheads.

I think it does. There was no mention today of being a subby, or a one man band.
I’m a one man band, with wife on backing vocals.
I’d be happy with 80%, but as my profit hasn’t been brilliant last 2 years anyway, I’m not expecting much.

 

[Baddegg]

Anyone else not happy with 80% of profit payments to self employed, as this only covers sub contractors and not a one man band with overheads.

I think it covers sole traders, add the payment to ya 20/21 returns deduct any overheads/running costs pay tax on what’s left....seems fair except the June bit!

 

[snowhead]

As above Yes, it covers anyone who is Self Employed unless they are also an Employee and earn more from that.
Or S/E and over the £50000 earnings limit

 

[Alan Smart]

So tell me, I have a van £250 month, part p payment £550 van tax insurance, liability insurance tool insurance of which all comes out monthly, 80% of profit doesn’t take that into account.
if you are a sub contractor you don’t have to pay out for anything like a 1 man band to run a business.
it’s not a true reflection of profits for a company.

 

[littlespark]

profit is income minus expenses, so I see what you’re saying. We are expected to pay those expenses out of the 80% of the profit govt will give us.
I’m sure it will all straighten out come jan 2021

 

[Andy78]

I take it you're on about running costs that are still active whilst not trading ? I'd give all those debts a call and ask for leniency and a payment break, especially on your van which seems your largest outgoing.

 

[Alan Smart]

profit is income minus expenses, so I see what you’re saying. We are expected to pay those expenses out of the 80% of the profit govt will give us.
I’m sure it will all straighten out come jan 2021

I doubt it, I’ll be bankrupt by the time the economy picks up again. I won’t have money to pay part p or my van, so I will have to cease trading.

 

[davesparks]

So tell me, I have a van £250 month, part p payment £550 van tax insurance, liability insurance tool insurance of which all comes out monthly, 80% of profit doesn’t take that into account.
if you are a sub contractor you don’t have to pay out for anything like a 1 man band to run a business.
it’s not a true reflection of profits for a company.

If you're not happy with 80% you don't have to claim it, you can choose to take 0% if you prefer.

Defer your part P scheme payment until a later date an dthat will save you £550

 

[Alan Smart]

I think it does. There was no mention today of being a subby, or a one man band.
I’m a one man band, with wife on backing vocals.
I’d be happy with 80%, but as my profit hasn’t been brilliant last 2 years anyway, I’m not expecting much.

My Mrs has neurological problems and she can’t work anymore, it’s been a tough 10 years with the recession and Brexit putting a hold on things, the Mrs getting worse now this. ---- it all, I’ve just about had it.