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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.
Discuss Coronavirus self employed payment in the Electricians Chat - Off Topic Chat area at ElectriciansForums.net
I think it does. There was no mention today of being a subby, or a one man band.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!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 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.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
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.
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.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.
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