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Self-employed at 80% of average of past 3 years
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- Lemon Quarter
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Self-employed at 80% of average of past 3 years
Too soon I realise to calculate with any accuracy, but would you think 'that past' three years means to the date of the self-assessment tax return for 2019?
Also, would the 80% be based on operating profit before tax or net profit before tax? (The difference in my case reflects interest on a loan).
Also, would the 80% be based on operating profit before tax or net profit before tax? (The difference in my case reflects interest on a loan).
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- The full Lemon
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Re: Self-employed at 80% of average of past 3 years
Blind leading the blind?
Wait until the details are published.
Arb.
Wait until the details are published.
Arb.
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- 2 Lemon pips
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Re: Self-employed at 80% of average of past 3 years
It's specifically tax returns from 2016-17, 2017-18 and 2018-19
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- Lemon Slice
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Re: Self-employed at 80% of average of past 3 years
So the cash-in-hand plumber/roofer etc may now regret it
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- Lemon Quarter
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Re: Self-employed at 80% of average of past 3 years
mike wrote:So the cash-in-hand plumber/roofer etc may now regret it
So too the art of claiming business expenses!
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- Lemon Half
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Re: Self-employed at 80% of average of past 3 years
Arborbridge wrote:Blind leading the blind?
Wait until the details are published.
Such as here?:
https://www.gov.uk/guidance/claim-a-gra ... ort-scheme
No doubt not yet in full detail.
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- Lemon Quarter
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Re: Self-employed at 80% of average of past 3 years
mike wrote:So the cash-in-hand plumber/roofer etc may now regret it
Which is fair. They opted to not (or only partially) contribute to the collective so should reasonably anticipate that being reciprocated.
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- Lemon Quarter
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Re: Self-employed at 80% of average of past 3 years
DAK whether this 'grant' is repayable at some stage or can business expenses be claimed against it?
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- 2 Lemon pips
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Re: Self-employed at 80% of average of past 3 years
DAK whether this 'grant' is repayable at some stage or can business expenses be claimed against it?
It's not repayable, it is taxable. Basically just treated as income to be disclosed on your 20/21 tax return.
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