FAO self employed people

its your bottom line profit,ie what you eventually pay your tax on

your personal allowance has nothing to do with your bottom line profit and has no bearing on it, (when you say your personal allowance i take it you mean your threshold where you begin to pay tax,)

edit
the governments allowance will be 80% of the last three years average profits up to a maximum of 2.5k a month and it is taxable

 

How was the 80% to be worked out?

 

We offer our customers a discount if they pay cash.
They still get a receipt etc but we offer it instead of credit terms.

 

I'm guessing net profit myself. Sounds reasonable to me TBH. Given the pub is closed & there is no football I'll be fine on that.

 

I’m guessing the view is if you are averaging £1k a week, you can afford to survive.
Not always the case I know and agree if it’s a maximum of £2500 a month is there a need for a ceiling? Then again should Richard Branson be entitled to the £2500 when he doesn’t need it?

 

10k in cash is in the money laundering territory and above the threshold for cash payments that require things like due diligence etc, paying for goods and services in cash is not as straight forward as it used to be..
Tax fraud and terrorist financing are just two of the reasons they brought more stringent laws into force

 

Surely it’s taxable income

and if someone’s only declaring £12k working ‘full time’ then let’s hope they’ve been saving some of that undeclared income

 

Average earnings like everyone else’s?

As fair as it reasonably can be.

 

Agree with that, I was using RB as an example as in a millionaire etc.

 

Plus how does Sunak get the idea that the average self employed worker earning over £50k gets on average £200k per annum? Is that by adding Branson and other billionaires into the sums?

Why should an employed worker with no worries on £55k get a monthly sum, and yet the self employed person making £55k, who has all the **** of running a business and keeping people employed, not get the same allowance?

 

Judging by 99% of my mates that use "Dodgy Rog" the accountant, they'll get back 99p.

 

Best post lve read for a while, unfortunately though they're already onto their accountants to get round it.

 

Article from BBC re- 80% of profit over last three years backdated to March,
but not paid until June.!


Coronavirus: UK government unveils aid for self-employed https://www.bbc.co.uk/news/uk-52053914

 

Not seen anyone mention where he says it can no longer be acceptable that self employed pay less tax, it that’s for another day.
In other words you’re tax is going up

 

It’s going up across the board.

These handouts will be repaying.

 

We will need to do that as a country to some extent. In the short term the country can print money to pay for this as inflation is so low, but yes, in the long term the financial stimulus will need to be controlled & taxes will go up. As long as they are fairly distributed I can't oppose that, as it will be necessary. That would be the view of anyone who believes in progressive taxation.

 

Surel

I've searched the internet and there is nothing beyond universal credit for agency workers and zero hour contracts.

 

It will be based on what you have declared to HMRC. I've had 2 OK years & one year I made a loss. I can't see how anyone who can wriggle out of what they have declared.

I'm a Labour man through & through, but will give credit where it is due, and to my mind it is about as fair as you could hope for. They won't get my vote in 5 years, but I'll give the elected government my support if there is some degree of fairness in this. I've not checked the small print, but I'm doing what I think is right & supporting them, at least for now. We need to make sure self employed people are not transmitting the virus by having to work, when they should be observing the lock down, to save the lives of many.