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Average profits - file a 2020 SATR next week?

Just thinking about clients who have recently started

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So we're very close to the end of the tax year.

When they are calculating the average monthly profits for the self-employed income support scheme, do you reckon they will take 2020 tax returns into account?  I have a couple of very well organised clients for whom I can probably get the tax returns in next week.

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By Settingupalone
26th Mar 2020 17:46

I understood from Rishi Sunaks speech that no 2020 returns will not be included. He is giving those who have not filed their 2019 returns 4 weeks to do so.

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Replying to Settingupalone:
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By lincolnartist
26th Mar 2020 17:49

And that's delaying the scheme for everybody who follows the rules and filed on time. Disgusting.

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Replying to lincolnartist:
Image is of a pin up style woman in a red dress with some of her skirt caught in the filing cabinet. She looks surprised.
By Monsoon
26th Mar 2020 18:03

Why? Surely they can start acting on the people who have already filed?

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Replying to lincolnartist:
RLI
By lionofludesch
26th Mar 2020 18:17

lincolnartist wrote:

And that's delaying the scheme for everybody who follows the rules and filed on time. Disgusting.

That's assuming that their plan is ready.

My guess is it isn't.

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Replying to Settingupalone:
RLI
By lionofludesch
26th Mar 2020 18:15

Settingupalone wrote:

I understood from Rishi Sunaks speech that no 2020 returns will not be included.

Maybe you can clarify that double negative. Or insert some commas.

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By michaelbeaver
26th Mar 2020 17:46

He very clearly stated that the only people eligible are those who had self employment profits in their 2018/19 tax returns.

New starters are excluded by default.

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Replying to michaelbeaver:
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By Sarah P
26th Mar 2020 17:50

I'm thinking about people who had 18/19 profits, just bigger ones in 19/20

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Replying to Sarah P:
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By spilly
26th Mar 2020 18:15

If they made bigger profits, won’t they have been saving up some of that for their bigger tax bill? So as no tax has to be paid in July now, they could use that money to tide them over.
It’s not a perfect solution but much, much better than doing nothing.

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Replying to Sarah P:
RLI
By lionofludesch
26th Mar 2020 18:16

Them's the rules, I'm afraid.

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By javeed.goweronline.co.uk
26th Mar 2020 19:39

It is better this way, sticking to the 3 years to 2018/19 means that people cannot inflate their profits for the 2019/20 and try to squeeze extra.

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By Tanya Bridges-Mann
26th Mar 2020 19:46

Rishi did seem to make it clear that only people who had submitted 18/19 returns were eligible. However on the business support website it also lists the following as eligible :

Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021

So mixed messages once again

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Replying to Tanya Bridges-Mann:
Psycho
By Wilson Philips
26th Mar 2020 19:50

I don’t think those are mixed messages. Simply saying that the payout is based on past results but only paid to those still in business (or who would have been but for the crisis). Ie to stop payments going to those who perhaps retired in December 2019 for instance.

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Replying to Wilson Philips:
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By Tanya Bridges-Mann
26th Mar 2020 20:04

My bad I read it wrong, thanks for the clarification

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By Allez Allez Allez
26th Mar 2020 19:51

I think the reference to 19-20 meant they must have submitted a 18-19 return and must have continued to trade in 19-20 so if you’ve incorporated then.......?? Could be wrong

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By Thwaites
27th Mar 2020 09:49

I am thinking the quickest way to get cash out to the self employed would be via a claim to reduce on the January 2020 instalment.

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