Government grants

superspread

Well-Known Member
i know even people who dont work got extra in universal credit. and nothings changed for them.

ive paid my employees 100% wage everyweek since this started. and havent had 1 furlough payment at all.
yes we can get loans but why loans when others are grants
It’s just the way the cookie crumbles I’m afraid
 

FreeD

Private Member
I'm not sure what to do have got potential for 15K of work over next couple of months and the grant can only be applied for if you have been 'adversely affected' does this mean we have to pay it back if we make the same profits as previously?
 

Pl plastering

Well-Known Member
I'm not sure what to do have got potential for 15K of work over next couple of months and the grant can only be applied for if you have been 'adversely affected' does this mean we have to pay it back if we make the same profits as previously?
Basically it means,claim the grant then if you get investigated down the line and theres paper trail you will have to give the money back,if you get cash in hand your onto a winner,just dont buy materials etc out of a buisness account everything cash and knowbody can prove anything
 

Simon85

Well-Known Member
self.employed is having it right off at minute... 70% for another 3 months and can still work.

me.and my lads are having to do short weeks everyweek coz of delays and shortages. but i cant afford to furlough everyobe for 3 weeks or will loose chance to get materials or lose jobs as cant carry them out.

this covid has left us small businesses high amd dry while the self employed are creaming it in on almost double pay for 6 months
Can you claim it if you're still working? They not look at it like you're doing the double and end up hunting you for it?
 

windy

Private Member
Can you claim it if you're still working? They not look at it like you're doing the double and end up hunting you for it?
He said your business just needs to be "affected" by the virus...

Suppose they will catch people who claimed and earned more money than the same period last year.. but only if you get a pull
 

Donzo

Well-Known Member
Basically it means,claim the grant then if you get investigated down the line and theres paper trail you will have to give the money back,if you get cash in hand your onto a winner,just dont buy materials etc out of a buisness account everything cash and knowbody can prove anything
Terrible behaviour,give money to chinese charitys.
 

owls

Private Member
This is hmrc we’re taking about,not a tin pot outfit. They’ll be pulling out claims to look at further down the line, when time and resources allow you down think.
 

imago

Private Member
This is hmrc we’re taking about,not a tin pot outfit. They’ll be pulling out claims to look at further down the line, when time and resources allow you down think.
They now have a far more detailed picture of who's earning what and it's all updated and digitally stored. It also means that there won't be much in the way of rebates for the 2020 - 2021 tax year because although people are referring to it as a grant it's actually taxable income that goes on the books.

The grants for self employed or companies with premises aren't the best option in all this though. They're just an attractive sounding bauble, and if you think about it you'll see that's true because they were announced quite quickly. Some time after, and causing a bit of pain with HMRC and the banks because of how good it was for us rather than them came the real prize.

If you have the option as a company or sole trader the best option by far is the bounce back loan scheme. Even if you don't need it grab it because you'll never be able to borrow money at such a low interest rate again. As it's a loan instead of adding to your top line, the payments are deducted from your top line so in effect HMRC are making the repayments for you. Obviously you have to meet the payments.

Just as an example if you took the full £50k at 2.5% the repayments will be £800 and odd a month. But that doesn't start for a year. Use the loan to pay off everything else you have as a debt and you'll make a profit on the interest savings and then you'll reduce your outgoings by however much those payments were.

Buy new machinery, van, tools, for the company. Take some as a dividend and buy an investment toy, motorbike, classic car, you could even buy gold with it. Use it as a deposit on BTL property. Basically you have a very rare opportunity to get your hands on a serious chunk of cash that can work for you.
 

windy

Private Member
They now have a far more detailed picture of who's earning what and it's all updated and digitally stored. It also means that there won't be much in the way of rebates for the 2020 - 2021 tax year because although people are referring to it as a grant it's actually taxable income that goes on the books.

The grants for self employed or companies with premises aren't the best option in all this though. They're just an attractive sounding bauble, and if you think about it you'll see that's true because they were announced quite quickly. Some time after, and causing a bit of pain with HMRC and the banks because of how good it was for us rather than them came the real prize.

If you have the option as a company or sole trader the best option by far is the bounce back loan scheme. Even if you don't need it grab it because you'll never be able to borrow money at such a low interest rate again. As it's a loan instead of adding to your top line, the payments are deducted from your top line so in effect HMRC are making the repayments for you. Obviously you have to meet the payments.

Just as an example if you took the full £50k at 2.5% the repayments will be £800 and odd a month. But that doesn't start for a year. Use the loan to pay off everything else you have as a debt and you'll make a profit on the interest savings and then you'll reduce your outgoings by however much those payments were.

Buy new machinery, van, tools, for the company. Take some as a dividend and buy an investment toy, motorbike, classic car, you could even buy gold with it. Use it as a deposit on BTL property. Basically you have a very rare opportunity to get your hands on a serious chunk of cash that can work for you.
Yes I agree but for some it's an opportunity to dig yourself into a deeper hole because they lack the financial acumen to deploy it properly...

Warren buffet said about credit " if your clever you dont need it . If your stupid you shouldn't have it"
 

Donzo

Well-Known Member
HMRC is resuming investigations into business and personal taxes after a break due to coronavirus.

The tax man could now be looking at things such as whether employees worked while furloughed and internet trading during lockdown, as well as its usual investigation

 

tapit

Well-Known Member
self.employed is having it right off at minute... 70% for another 3 months and can still work.

me.and my lads are having to do short weeks everyweek coz of delays and shortages. but i cant afford to furlough everyobe for 3 weeks or will loose chance to get materials or lose jobs as cant carry them out.

this covid has left us small businesses high amd dry while the self employed are creaming it in on almost double pay for 6 months
Why did you not furlough at the beginning mate?
 

Dollar

Well-Known Member
HMRC is resuming investigations into business and personal taxes after a break due to coronavirus.

The tax man could now be looking at things such as whether employees worked while furloughed and internet trading during lockdown, as well as its usual investigation

Cv will never disappear
HMRC will never be able to turn up at someone’s premises ever again
You can test poss for cv any day you want
Or have symptoms any day you like


Same goes for employers & staff calling in sick with flu like symptoms you can test poss for cv any day you like
Not Chance they will want you in the premises
Will cost companies millions
Your welcome
 

tapit

Well-Known Member
I'm not sure what to do have got potential for 15K of work over next couple of months and the grant can only be applied for if you have been 'adversely affected' does this mean we have to pay it back if we make the same profits as previously?
Have a paid holiday or go to work simple as that.
if you take the money and work as normal you may get your collar felt later on.
 

Dansouthcoast84

Private Member
HMRC is resuming investigations into business and personal taxes after a break due to coronavirus.

The tax man could now be looking at things such as whether employees worked while furloughed and internet trading during lockdown, as well as its usual investigation

yeah investigating furlough employees. self employed fill ya boots
 

Dansouthcoast84

Private Member
Why did you not furlough at the beginning mate?
we did. but now builders are back when merchants opened up again its getting plaster and render on walls so builders can catch up again. but where everyone isnt where should be timing wise were not filling the weeks up. so cant furlough as need to get job done. but not bringing in the money should be.
 

Pl plastering

Well-Known Member
we did. but now builders are back when merchants opened up again its getting plaster and render on walls so builders can catch up again. but where everyone isnt where should be timing wise were not filling the weeks up. so cant furlough as need to get job done. but not bringing in the money should be.
Exact same,its piss poor management tbh..get penalised for having a buisness and not being a 1 man band.why cant there just pay furlough to directors and let them work aswell as there still taking tax in,majority of directors get f**k all furlough anyhow it's a drop in the ocean to what self employed are getting,we have come off furlough now but havnt any full weeks booked in as of yet and we have money coming into buisness account nxt week so we cant furlough..
 

Nath80

Well-Known Member
This is hmrc we’re taking about,not a tin pot outfit. They’ll be pulling out claims to look at further down the line, when time and resources allow you down think.
They won't be able to do anything. Even if you want more this year than last you can still say you were adversely effected. Businesses tend to grow year on year anyway. If you had one customer cancel on you then you were adversely effected
 

The Hobo

Well-Known Member
HMRC is resuming investigations into business and personal taxes after a break due to coronavirus.

The tax man could now be looking at things such as whether employees worked while furloughed and internet trading during lockdown, as well as its usual investigation

a plumber pal of mine 68 retired at65 just got a£1800bill said the girl that did his books had been missing things /he told them to f off he had not that kind of money they said they had checked his bank/ pensionsect
 

Donzo

Well-Known Member
I know only 1 person that got a audit,1 man band plasterer,he got ripped to shreds by hmrc.
He got stuck in by a customer who was a cop.
 

Pl plastering

Well-Known Member
They won't be able to do anything. Even if you want more this year than last you can still say you were adversely effected. Businesses tend to grow year on year anyway. If you had one customer cancel on you then you were adversely effected
Yep uve got a point,you could say loads of things like I couldn't source plaster so I lost x amount of jobs..
 

Ashleymcduff

Well-Known Member
end of day you don’t put ya return in till next April and if it’s down on previous years earnings , which it will be (plasterer shortage / people not wanting you in house/ sites closed / recession in coming ) you’ve been affected by the virus and they won’t be able to take a penny off you.

no rebates next year I imagine but if you’ve had £10k this year you won’t mind.
 

Nath80

Well-Known Member
Yep uve got a point,you could say loads of things like I couldn't source plaster so I lost x amount of jobs..
True, everyone of us have had troubles sourcing materials, extra time getting it, driving further to buy it etc. They really have some it very strangely allowing us to work aswell
 
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