Share this content
16

Self employed scheme £50k NET or GROSS

Didn't find your answer?

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.

RLI
By lionofludesch
26th Mar 2020 18:12

Too quick.

Wait and see.

However, I vote gross.

Thanks (0)
Giraffe
By Luke
26th Mar 2020 18:14

We await clarification but I would think it will be taxable profits as declared on a tax return.

Thanks (2)
avatar
By memyself-eye
26th Mar 2020 18:16

yes, taxable profits. (from 'trade')

Interesting how you work out these when multiple income sources involved

Thanks (0)
avatar
By Mr_awol
26th Mar 2020 18:22

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.

Thanks (0)
RLI
By lionofludesch
26th Mar 2020 18:24

Gross 3 Net 0 so far.

Thanks (0)
Replying to lionofludesch:
A Putey FACA
By Arthur Putey
26th Mar 2020 18:55

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?

Thanks (0)
avatar
By Lee11_1989
26th Mar 2020 18:24

Pretty confident that it'll be net profit before tax. But not sure if it includes income from other sources as well.

Thanks (1)
Psycho
By Wilson Philips
26th Mar 2020 18:25

Ask the Chancellor. Any answers here will be based on nothing but opinion and speculation.

Thanks (3)
avatar
By NH
26th Mar 2020 18:25

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)

Thanks (2)
Replying to NH:
avatar
By SXGuy
26th Mar 2020 18:41

Generous how? Its taxable.

Thanks (0)
Replying to SXGuy:
RLI
By lionofludesch
26th Mar 2020 19:16

SXGuy wrote:

Generous how? Its taxable.

So is the money employees get.

What's your point ?

Thanks (0)
Replying to lionofludesch:
Psycho
By Wilson Philips
26th Mar 2020 19:45

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.

Thanks (0)
Replying to Wilson Philips:
avatar
By NH
26th Mar 2020 20:31

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

Thanks (0)
Replying to NH:
Psycho
By Wilson Philips
26th Mar 2020 20:55

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.

Thanks (1)
avatar
By littlerich
26th Mar 2020 18:26

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.

Thanks (1)
avatar
By Cheshire
26th Mar 2020 18:27

Oh hear we go again!

Have some patience.

Thanks (4)
Share this content

Related posts