NEW Thread on self employed:
Parity with Employees for self-employed earning below 50k in Jan tax return or averaged over previous three years. 80% of income up to £2,500 a month for three months.
Paid as one off grant in June
Taxable
Not for company owners paid in dividends
Parity with Employees for self-employed earning below 50k in Jan tax return or averaged over previous three years. 80% of income up to £2,500 a month for three months.
Paid as one off grant in June
Taxable
Not for company owners paid in dividends
Told up to 3.8m of 5m will qualify... which puts a range of many billions up to £20bn plus...I can see how this might cost same or more as employed scheme
Self employed will get to carry on working, dont have to “self furlough”.
Will have to be declared on tax returns on Jan 22
Self employed will get to carry on working, dont have to “self furlough”.
Will have to be declared on tax returns on Jan 22
Why June?
Government has chosen to prioritise the complex design of a scheme for employed workers first. This is because there is a public policy aim of keeping people on payrolls, ready for a rebound in economy when shutdown lifted...
Government has chosen to prioritise the complex design of a scheme for employed workers first. This is because there is a public policy aim of keeping people on payrolls, ready for a rebound in economy when shutdown lifted...
Also June to allow for late filers of tax returns.
Until June - Government and self employed will have to be reliant on banks being generous with overdrafts, expecting they take into account a lump sum of up to £7,500 in the accounts in June... and also universal credit etc...
Until June - Government and self employed will have to be reliant on banks being generous with overdrafts, expecting they take into account a lump sum of up to £7,500 in the accounts in June... and also universal credit etc...
The 95% number was of the self employed who get the majority of their earnings from self employment. They’ve taken away people who self employ in addition to PAYE employment.
Really need the banks to be generous with overdrafts for those who will get a lump sum in June, for this to work.
They have capacity - if all 3.8 million claimed all £7,500 (they wont all be eligible) - its £28 billion in liquidity needing extending until guaranteed to be made good in June. Can be done. Perhaps the point of the “dont take notice of accounting regs on expected losses” letters
