self-employed help

[houselikeashed]

So if my profit is £51k - I get no help from the government?
Is that right?

[Randomness12]

I think so - not 100% sure however.

[Randomness12]

Same threshold as child benefit I think?

[houselikeashed]

shit.

[Lazypuppy]

Thats how i understood it

[edwinbear]

Yes, that’s what I understood too.

[zsazsajuju]

Full details have not been announced. But it would seem that way.

[JoshArcherStoleMyTractor]

That's profit not turnover

[ChipsAreLife]

It seems that way which seems so unfair. Given the amount of tax I've paid in over the years and I'm not entitled to anything. Luckily my work has stayed but it will drop off very soon

[ChipsAreLife]

@josh but when you're self employed isn't income tax based on your profit? Even if I don't draw all the money out of my account for 'drawings' I have to pay income tax on it

[JoshArcherStoleMyTractor]

From hmrc

[RickSanchez]

I earn much less than £50,000 but my wage is made up of a small amount of PAYE and topped up with dividends, I guess I'm not eligible for any help then?

[houselikeashed]

that's us utterly stuffed. No income for 3 months+.
But he said people not helped have an income of £200k. That's just not right! Our profit is £51k not £200k.

[Lazypuppy]

Its average, has it been £51k for the past 3 years?

[adaline]

Did they say what would happen if you've been in business less than that amount of time? Do they base it on your employed income?

I've worked full-time for 10+ years but only went self-employed in February. DH similar - worked full-time all his life but only went self-employed in August!

[MaxNormal]

RickSanchez same boat here. Apparently we're falling right through the cracks.
Fucking bastards.

[StatisticallyChallenged]

Adaline the 2019 return seems key for eligibility. So you should be eligible, dh not. I think

[houselikeashed]

Yes, pretty stable around that figure.

[RickSanchez]

There must be hundreds and thousands of company directors in the UK, how can it be possible not to at least address our circumstances?

[Lazypuppy]

@adaline i think you have to have done a tax return to be eligible, its to stop people suddenly saying they are self employed now and claiming the money

OP if your profits are over £50k you won't be eligible.

[RickSanchez]

I've felt pretty sanguine all through this, understanding that there's nothing I can do. Now, I feel like I can't cope with any more.

I formed a limited company only to mitigate my chances of liability due to the industry I'm in, and paid myself in PAYE and dividends because its what my accountant advised as sensible. I don't earn a lot, and have two young children. How the fuck can I not be eligible for anything?

My staff are eligible for 80%, the person I work with who does the same role as self employed (and doesn't declare most of her cash) can claim £2500 per month. I, followed the rules, declare my cash, pay plenty of tax, employ other people.. I get fuck all. Nothing.

[ChipsAreLife]

Yes it seems so. Only those under 50k will get help. Was that the same for employed?!

[BlimeyCalmDown]

I think it is right, I have a few friends who are consultants that don't need to work all year, they earn loads and thought they were going to get a freebie from all this. I'm glad there is a cap.

[RickSanchez]

There's just no point to anything. I am utterly, utterly fucked.

[Walkerbean16]

Ours are also over 50 but under 60 and we will get nothing. My husband is the sole earner and cant work as merchants are shut.

[StatisticallyChallenged]

No it wasn't chips although it may have been shoved in the guidance being released tonight