Quick one. Will the £50k ceiling for the self employed income scheme be based on gross or net profit?
Didn't find your answer?
Share this content
Quick one. Will the £50k ceiling for the self employed income scheme be based on gross or net profit?
Replies (16)
Please login or register to join the discussion.
Too quick.
Wait and see.
However, I vote gross.
We await clarification but I would think it will be taxable profits as declared on a tax return.
yes, taxable profits. (from 'trade')
Interesting how you work out these when multiple income sources involved
Ordinarily I’d say ‘ask your accountant’. However:
1) we aren’t allowed to do that anymore (as it’s mean, apparently)
2) you might be one of my clients and I don’t want you phoning me with stupid questions like this.
Gross 3 Net 0 so far.
Gross would be good if you were a trade with entirely indirect costs and not much profit. Like a small accountancy firm. Has the Chancellor made provision for partnerships and LLPs by the way?
Pretty confident that it'll be net profit before tax. But not sure if it includes income from other sources as well.
Ask the Chancellor. Any answers here will be based on nothing but opinion and speculation.
net taxable.
is it me or does this seem very very generous to the self employed who may have already been working throughout March and may well be able to carry on working in some form in April and May (I have not read the detail yet I add)
Generous how? Its taxable.
So is the money employees get.
What's your point ?
I think the point is that a furloughed employee gets 80% (100% if his employer can afford it) of salary and has to down tools. A S/E person might get 80% of past profits and continue to earn the same again. But I’m as guilty as everyone else and just making stuff up.
Yeah that's exactly what I thought, also the chances are for most of march they will have working anyway, doesn't make sense to me
Then again, it had been suggested that the support is for lost income, so is there going to be a tallying up and clawback?
Can we (myself included) please all STOP speculating until we know exactly how the support will be applied.
Chancellor stated something along the lines of parity with the employed. Don't see how there is parity when the figure is based on profits after payment of overheads when you still need to pay many overheads on a monthly basis from this grant which will also no doubt be taxable.
Oh hear we go again!
Have some patience.