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Self-employed at 80% of average of past 3 years

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brightncheerful
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Self-employed at 80% of average of past 3 years

#294543

Postby brightncheerful » March 26th, 2020, 5:57 pm

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).

Arborbridge
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Re: Self-employed at 80% of average of past 3 years

#294550

Postby Arborbridge » March 26th, 2020, 6:27 pm

Blind leading the blind?

Wait until the details are published.

Arb.

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Re: Self-employed at 80% of average of past 3 years

#294551

Postby RedSnapper » March 26th, 2020, 6:29 pm

It's specifically tax returns from 2016-17, 2017-18 and 2018-19

mike
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Re: Self-employed at 80% of average of past 3 years

#294564

Postby mike » March 26th, 2020, 7:02 pm

So the cash-in-hand plumber/roofer etc may now regret it

brightncheerful
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Re: Self-employed at 80% of average of past 3 years

#294601

Postby brightncheerful » March 26th, 2020, 10:01 pm

mike wrote:So the cash-in-hand plumber/roofer etc may now regret it


So too the art of claiming business expenses!

PinkDalek
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Re: Self-employed at 80% of average of past 3 years

#294613

Postby PinkDalek » March 26th, 2020, 10:55 pm

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.

1nvest
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Re: Self-employed at 80% of average of past 3 years

#294917

Postby 1nvest » March 27th, 2020, 7:23 pm

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.

brightncheerful
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Re: Self-employed at 80% of average of past 3 years

#299051

Postby brightncheerful » April 8th, 2020, 5:45 pm

DAK whether this 'grant' is repayable at some stage or can business expenses be claimed against it?

RedSnapper
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Re: Self-employed at 80% of average of past 3 years

#299085

Postby RedSnapper » April 8th, 2020, 7:22 pm

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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