Help for Self-Employed during Covid-19

[bear1]

Hi all

I wonder how HMRC will total our salaries over the last 3 years?

Will they include the DR loan amounts as part of our 'salaries' which we are now having to pay tax on (or at least some of us are in the midst of doing), or just our taxed income to date.

Can they take with one hand and not give with the other for those of us that are settling?

Probably an unknown right now but would be interesting to know your thoughts.

Indeed, there is a £50k profit cap, but still, there could be a big difference to the grant one receives.

[regron]

Hi all

I wonder how HMRC will total our salaries over the last 3 years?

Will they include the DR loan amounts as part of our 'salaries' which we are now having to pay tax on (or at least some of us are in the midst of doing), or just our taxed income to date.

Can they take with one hand and not give with the other for those of us that are settling?

Probably an unknown right now but would be interesting to know your thoughts.

Indeed, there is a £50k profit cap, but still, there could be a big difference to the grant one receives.

Are you a PSC that took salary and dividends ? If so, you get nothing. Those who took / take dividends are not covered. Search dividends in the link below.

Chancellor gives support to millions of self-employed individuals - GOV.UK


Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.

[MPwannadecentincome]

Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.

So all we have to do is furlough ourselves then if our clients have stopped our work? But not being an employee the director cannot be furloughed. Will be interesting to see what the accountants will advise us regarding the "will be covered for their salary ... IF..."