I'm in.

Who else?

When Rishi announced the Furlough extension, did he mention us self-employed types?

We've had nothing yet, we can put a claim in this week, to get money a week or so later to cover March-May income, but we've heard nothing else.

5 minutes ago, Traf said:

When Rishi announced the Furlough extension, did he mention us self-employed types?

We've had nothing yet, we can put a claim in this week, to get money a week or so later to cover March-May income, but we've heard nothing else.

Didn’t hear anything myself

but it will be addressed surely 
 

 

42 minutes ago, Escobarp said:

Employer can and will usually insist that they use some holiday entitlement. Ours were told to take a week before end of May. If they are furloughed for any longer they will be made to use more of their entitlement. 

 

if your furloughing at 80 per cent cos the company has no money, its not going to be an option to enforce holidays that the co has to fund at 100%

as for the bank holiday issue, govt has paid the company for the bank holiday

is company expected to repay that day to hmrc and pay 100% or top the 80 up to 100

 

2 minutes ago, Casino said:

as for the bank holiday issue, govt has paid the company for the bank holiday

is company expected to repay that day to hmrc and pay 100% or top the 80 up to 100

 

That’s the issue they haven’t passed it on 

hasnt passed what  on?

im not sure what the deal is

i guess you like me, got 80%

the govt have paid that

should the employer being paying all 100% or a 20% top up

 

1 hour ago, Traf said:

When Rishi announced the Furlough extension, did he mention us self-employed types?
 

No, I think you have to keep living off all that cash that you've previously trousered without declaring it to the tax man

25 minutes ago, Sweep said:

No, I think you have to keep living off all that cash that you've previously trousered without declaring it to the tax man

😁 

A question for traf and any others

You know when people say, i paid myself minimum wage and then took a dividend cos THATS WHAT THE GOVT TOLD US TO DO is that correct or did people do it cos their accountant advised them it was best for them tax wise

Ie a way of avoiding tax

Or evading

The legal one anyway

1 hour ago, Casino said:

hasnt passed what  on?

im not sure what the deal is

i guess you like me, got 80%

the govt have paid that

should the employer being paying all 100% or a 20% top up

 

Yes I take it the employer gets 100% for your holidays off the government

would they have to submit an extra form for holidays 

bottom line only got 80% for the 3 bank Holidays and be another end of month 

seems petty however judging by the way things are they could easily say off I pop end of July 

4 minutes ago, Casino said:

A question for traf and any others

You know when people say, i paid myself minimum wage and then took a dividend cos THATS WHAT THE GOVT TOLD US TO DO is that correct or did people do it cos their accountant advised them it was best for them tax wise

Ie a way of avoiding tax

Or evading

The legal one anyway

The legal one is avoiding.

It used to be a lot more tax efficient than it is now. They increased the dividend tax/allowance a few years ago. The company still saves on employers NI though (I think it's employers anyway)
 

16 minutes ago, Casino said:

A question for traf and any others

You know when people say, i paid myself minimum wage and then took a dividend cos THATS WHAT THE GOVT TOLD US TO DO is that correct or did people do it cos their accountant advised them it was best for them tax wise

Ie a way of avoiding tax

Or evading

The legal one anyway

I can't answer that, sorry.

I'm a sole trader and don't employ anyone, so I do self assessment on a rather simplistic income minus allowable expenses = profit and then pay the according tax & NI on that profit.

It's probably not the most tax efficient way of doing things, but it seems the most legit way of doing it. I only take income from two sources, Geegeez & my parent travel company. Both pay me via BACS and there's a paper trail from both. As for expenses, I itemise them on my self assessment form and keep the receipts just in case.

3 hours ago, Casino said:

hasnt passed what  on?

im not sure what the deal is

i guess you like me, got 80%

the govt have paid that

should the employer being paying all 100% or a 20% top up

 

Government have paid 80% for the bank holiday.

Company pays the 20% top up.

Employees receive 100% for any bank holiday

Edited May 12, 20206 yr by BOWTUN BAKED

1 hour ago, Casino said:

A question for traf and any others

You know when people say, i paid myself minimum wage and then took a dividend cos THATS WHAT THE GOVT TOLD US TO DO is that correct or did people do it cos their accountant advised them it was best for them tax wise

Ie a way of avoiding tax

Or evading

The legal one anyway

Accountant

The government don't tell you to do anything (well not me), other than pay your tax and PAYE

The term you are looking for is tax efficiency

14 minutes ago, BOWTUN BAKED said:

Government have paid 80% for the bank holiday.

Company pays the 20% top up.

Employees receive 100% for any bank holiday

Right so whichever way it’s done the employee gets the full amount 

I did what we talked about but basically no communication back 

Edited May 12, 20206 yr by radcliffe white

As I thought

So anybody now complaining that they take a small salary and top up with dividend shouldn't be moaning at the government

Maybe it's those slimeball accountants they need to direct their ire at

What would you be doing tax wise if you were self-employed?

 

1 hour ago, Traf said:

I can't answer that, sorry.

I'm a sole trader and don't employ anyone, so I do self assessment on a rather simplistic income minus allowable expenses = profit and then pay the according tax & NI on that profit.

It's probably not the most tax efficient way of doing things, but it seems the most legit way of doing it. I only take income from two sources, Geegeez & my parent travel company. Both pay me via BACS and there's a paper trail from both. As for expenses, I itemise them on my self assessment form and keep the receipts just in case.

If you don't take dividends then as i understand it you'll get your monthly average up to 2.8k (or was it 3k)

Think i was due about £500 based on my PAYE contributions

16 minutes ago, BOWTUN BAKED said:

Government have paid 80% for the bank holiday.

Company pays the 20% top up.

Employees receive 100% for any bank holiday

Okey cokey

Cheers

3 minutes ago, jeep said:

What would you be doing tax wise if you were self-employed?

 

Whatever the accountant told me

I wouldn't be blaming the government

18 minutes ago, Casino said:

Whatever the accountant told me

I wouldn't be blaming the government

who is?

On 06/05/2020 at 15:25, Traf said:

Real ale isn't shite, mate. Looked after properly, it's fantastic.

It is indeed.However  I think that I am missing the pub experience more than I'm missing the beer, Apart from a few bottles of Estrella Dam at home I am 7 weeks alcohol free. I find it impossible to enjoy a drink at home.

Back on topic, my sympathy goes out anyone who's been furloughed off.

5 hours ago, BOWTUN BAKED said:

Government have paid 80% for the bank holiday.

Company pays the 20% top up.

Employees receive 100% for any bank holiday

Or alternatively entitled to a day in lieu upon return to work if you usually take Bank Holiday as leave.

Article in the telegraph it appears about income tax rises and potential freezes to public sector pay to start to try and repay the deficit. Was always coming and not sure it’s headline news but boy is it going to be a sore one to take 

I thought it would be a bit further down the line. Oh well, is what it is.