self emloyed 80% payment but still working??
- Thread starter blubs
- Start date
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As far as I am aware you will keep doing what you need to do in the way of essential work, any grant and earnings will all go towards the monthly income when you self assess in the following year.
I assume the grant will be considered as earnings for those months, which will then be included as part of your income, I guess we all need to wait till the notification in June comes out though to confirm
I assume the grant will be considered as earnings for those months, which will then be included as part of your income, I guess we all need to wait till the notification in June comes out though to confirm
From what they have announced so far, self-employed sole traders and partnerships do not have to stop trading completely and will be paid a grant based on previous years’ profits.
On the other hand, a limited company only gets the money for employees who are not working. I’m a one-person limited company (not anything related to building, I’m just a DIYer), I pay myself by PAYE, and I need to decide whether to lay myself off or not; I don’t have the option of choosing to work 1 day a week, for example. A strict reading suggests I shouldn’t even do paperwork like paying bills, bookkeeping etc.
This could all change; keep alert for new announcements.
On the other hand, a limited company only gets the money for employees who are not working. I’m a one-person limited company (not anything related to building, I’m just a DIYer), I pay myself by PAYE, and I need to decide whether to lay myself off or not; I don’t have the option of choosing to work 1 day a week, for example. A strict reading suggests I shouldn’t even do paperwork like paying bills, bookkeeping etc.
This could all change; keep alert for new announcements.
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I got the impression that the grant was just going to be a freebie handout - no means testing or mechanism to claw it back.
So if there was no drop off in your business, you could potentially earn the same and get a 3 month government bonus.
It is taxable, so will have to be declared as income next year.
So if there was no drop off in your business, you could potentially earn the same and get a 3 month government bonus.
It is taxable, so will have to be declared as income next year.
3 years profits - if you've been trading less than 3 years - see Martin Lewis Moneysavingexpert - good info updated there.
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Its a free payment made to the self employed based on your last 3yrs tax returns. not means tested.
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