self-employed help

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

We pay huge amounts of tax but plough nearly all the profits back into the business.

Then that is not net profit and you shouldn’t have pay tax on it

If you have a net profit of 51k while self employed do you have any safety net savings? Tax returns are going to be delayed for 6 months, could you use these once mortgage holiday runs out in 3 months?

If you would like a dentist to look after your teeth and relieve pressure on the ‘stretched’ nhs, then I would suggest yes you do want to ‘bail’ out. Why would you want to bail out to 2500 a month someone who was earning 500k. That’s what you’re doing if they were an employee.

DH and I are both self-employed but only went self-employed in the last 12 months so neither of us have submitted a tax return yet.

Despite us both having worked full-time since we were 18 years old, and having paid tax and NI for 30 years between us, we get a grand sum of fuck all

@zsazsajuju yes I do earn over that. I can name 8 people I know that are self employed and do it by the book and earn over this. The chancellor is living in a fantasy land if he thinks that only 5% of self employed earn over 50k and when they do its 200k. Apply that to the employed world ....

As it stands my work is steady for now. I do have savings for my upcoming maternity leave but looks like I'll have to dip in before and not take any time off. All after all they years of paying so much tax. I'm so upset

@barbie you still need to find the money to pay your tax return. This could go on for a long time and the economic consequences have yet to hit so people will have less money all round.

Then the chancellor will want the good old 40% tax payers to pay in to recoup all the spend.

Dentists have been shut down for work. The risk of aerosols is too great -on NHS instruction! But not eligible for rates relief, self employment help etc.

No income but monthly outgoings. This is going to decimate an entire industry. It’s like animal farm - all healthcare is important - oh no, some is more valuable than others.

@adaline the financial year ends next week, 5th April
The chancellor said submit what you can, what you have. You do not have to have 3 years of returns.
So you can do that, submit your return for the last 8 months / your first financial year just after April 6th.

Tories have been more left wing than labour were. Second property stamp duty surcharge. Dividend taxes. Child benefits charge..

If you earn £51k as self employed income, your tax bill must be around £8k which means you have £4K ish saved from last years earnings, due to be paid in July

But that still needs to be paid in January - they aren’t waiving anything just delaying when it needs to be paid

It should just be the same as employed. Why are we being treated differently?!

They are only counting returns to 18-19 not 19-20 from the guidance they issued.

Not self employed but a key worker. I think this is awful and am sorry for all of you that have not been been supported.

Everyone deserves some level of support and then we can all sort out this mess through higher taxes at the other end.

Yes, but that leaves some time to rebuild savings until next January.
I think it’s to be expected we will all suffer some hardship through this.

Again yes - 18/19 returns but if you do not have not because you have only recently started, submit what you can / what you have so far

I think the idea behind using the money set aside for the taxes was that hopefully by January firms will be trading as normal and will be able to start recouping their money. It's definitely a big dent for people just over threshold but with your 4K tax savings plus mortgage / bills holiday for 3 months you are in a better position than some.

@Barbie222 'hopefully by January' what if they're not? Then we have a tax bill and no income, no high support. Nada. And actually at the moment it seems like most people are being supported bar this group of people.

No govt support*

It just feels like we've been forgotten.

My average over 3 years is 51k and last year I earned 52k so not entitled to anything. I don’t like how the government put me in the same category as someone on 217k as they said the %5 who are not entitled anything their average wage is 217k. I couldn’t believe my ears when he said that. I’m now left with 2k a month (London) rent on our home to pay plus council tax, business running costs, insurance, utility and food bills etc and my work is completely dead now not getting anything. I’m really really scared, our landlord will not be letting us off with a penny, that’s for sure. This pandemic could go on until the end of the year or more. I was actually sick this evening with worry after the government announcement tonight that I will not be helped. If I get evicted in a few months we have nowhere else to go and we will be blacklisted from ever renting again. My savings will pay for our rent for two months and then that’s it, all gone and no income.
Over the 5 years I’ve been self employed I never took cash in hand but now I’m wishing I did, I am wishing I did swindle the tax a bit so I would have more savings. I guess this is what you get for being a hard working honest person

As a frontline keyworker I don't earn 50k, I still have to go to work, work additional hours for no extra pay, i have to risk my health and that of my family and for what? An additional bill for childcare because my family member is no longer allowed to look after my baby. Sorry but I just can't be heart broken about this.

Key workers should be paid extra right now. But this is another subject. Please don’t put down those of us who are going to struggle over the next few months and may lose their homes because of this.
My heart goes out to all the key workers

@josh thanks for all you do. It's a shame you've not come across compassionate here because I'm sure you are in your work.

I fully agree you should be paid more. However tonight has shown how unjust the system is. Some of us have been completely screwed over

Dentists are key workers too. And stuffed by this.