Detailed guidance on Job Retention Scheme (JRS) to be published tonight per @RishiSunak
Self-employed Income Support Scheme now being announced
- 80% of average monthly profits for last 3 years; max £2500
- majority of income from self-employment
- cap at £50k earnings
- must have filed a 2018/19 SA return (4 weeks to file late return!)
More comments from me later
- 80% of average monthly profits for last 3 years; max £2500
- majority of income from self-employment
- cap at £50k earnings
- must have filed a 2018/19 SA return (4 weeks to file late return!)
More comments from me later
Ok here we go.
He has forgotten (?) that HMRC said those subject to loan charge can file their 2018/19 tax return by 30 Sept 2020 with no late filing penalties or interest.
4 weeks now to file a late return won’t be enough
He has forgotten (?) that HMRC said those subject to loan charge can file their 2018/19 tax return by 30 Sept 2020 with no late filing penalties or interest.
4 weeks now to file a late return won’t be enough
Will not apply to anyone who started trading in 2019/20 - will really disappoint those who have started a new business in last 12 months.
This is pragmatic in terms of robustness/fraud prevention but will still hit new businesses hard
This is pragmatic in terms of robustness/fraud prevention but will still hit new businesses hard
Earnings limit of £50k seems to be a cliff edge - surely should be a taper (as for HICBC)?
Strong hint that he will come back and look at future NIC scheme - levelling up between employed/self-employed. Watch this space next Budget.
Big gap is owner-managed companies (including PSCs). Not within this scheme (not self-employed) and there are problems for them within JRS.
Need something more targeted at them, but hard to do. Not clear @RishiSunak is promising anything yet.
Need something more targeted at them, but hard to do. Not clear @RishiSunak is promising anything yet.
Overall this is pretty close to my suggestions set out over the weekend and summarised here
Really glad @RishiSunak doesn’t want the perfect to be the enemy of the good. IMO this package is as generous as could reasonably be expected.
The big gap is owner-managed companies - that needs more attention.
Ends (for now)
The big gap is owner-managed companies - that needs more attention.
Ends (for now)
@threadreaderapp unroll if you’d be so kind.
