self-employed help

[houselikeashed]

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

monthly profit of £50k???

BillMasen oh come on, it's not hard to ascertain if there's a sole director!

And in many industries it's not like you have a choice, in DH industry his clients will only use freelancers whi have gone limited for various reasons.

And as I've said, it's not like he's paid nothing, he pays many thousands each year. Yet we get fuck all while another welf employed person who does all sorts of dodgy cash in hand will get thousands while we're left high and dry.

All in this together my fucking arse. This won't be forgotten.

No annual 50k

The amount to be paid was stated as average of monthly profit over last 3 years but the limit was annual

Misssmoo nothing. UC I guess.

No he averages 2000 per week limited but new company so nothing to look back on for any amount of time. Now he will be off at least 12 weeks and we have no income so are we able to get help ?

At least it's finally been announced. But June?

Thanks @MaxNormal sonweve been shit on

Good grief. I might consider emigrating when all this is over.

@Misssmoo totally. Complete shafting.

Max what about those who “employ” spouses, or family. Or have them as directors to maximise dividend allowances?

I get it, I do. But for every limited company director taking dividends there was the option not to, and to pay tax in line with employed people.

And in many industries it's not like you have a choice, in DH industry his clients will only use freelancers whi have gone limited for various reasons.

But this is nothing to do with what you chose to pay yourself as an employee (and director) of your company. I know it must be frustrating but the idea is they are supporting employees (and the self employed) not investors/ shareholders. If you lowballed you’re salary to be tax efficient then that was your call.

BillMasen that's illegal though, if they get audited they could face hefty fines.

DH doesn't do that though, they could audit him tomorrow.

I'd understand no help if he paid no tax but to leave us with nothing at all? His industry literally doesn't exist at present and I'm too ill to work. What the fuck are we meant to do?

Plus your self employed person who gets paid cash in hand example - the cash in hand won’t be recorded income and won’t count to the 80% (exactly like your dividends).

I really dont know much about this but £50k profit on top of a wage seems like enough money to live on? Bit confused to be fair

And I did it when I was contracting. Limited company low salary, rest in dividends

I accepted that made it my responsibility to cover my gaps between contracts. 1.2, 3 months at times

Can we just sympathise with the people who can't pay their bills any more please.

CarlottaValdez well when you put it like that, we definitely deserve to be destitute

I’ll probably get flamed for this but here goes...
I’m one of the company directors who pay themselves a small salary + dividends and I think the help announced is fair. My tax bill is a lot smaller than DP’s for example (we earn roughly same amount overall, he is PAYE) so I totally understand why now I will not receive the same level of help.

The only issue I have is all this help handed out will have to be paid back by all of us, most probably through higher taxes in the future and the self employed will receive 80% regardless of whether they have worked or not in the next couple of months, so for the ones who did work (say a painter an decorator working in a empty building) it will be a nice undeserved extra lump sum in June, whilst others (say a nail technician who goes to people’s houses) will be struggling before then because perhaps they’re not able to access a loan.

I'm a limited company turning over far less than 50k with no employees. Just me! Can I claim money under this scheme?

The 50k profit IS what you live on. Not on top of a wage.

I've got many years of tax returns...

CarlottaValdez dividends are taxed though, nothing like cash in hand.
DH could have been properly "tax efficient" but he thought he was doing the right thing.

If we get through this, fuck doing the right thing again though.

No flaming clueless. That was my stance when I didnit

Did it

@ILikePaperHats no. Not for you if you're limited.