Jump to content
DOSBODS
  • Welcome to DOSBODS

     

    DOSBODS is free of any advertising.

    Ads are annoying, and - increasingly - advertising companies limit free speech online. DOSBODS Forums are completely free to use. Please create a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

     

Tax deadlines and COVID


spunko
 Share

Recommended Posts

How many people are going to be unable to pay the tax due in 3 weeks time?  I suspect it's going to be a lot, and there are going to be a lot of bankruptcies incoming.

HMRC made things worse, IMO, by allowing people to not pay the 2nd payment on account (which was due in July 2020). This is now falling due at the end of January 2021, plus the original tax...

The only thing they've come up with, for those struggling to pay, is that they can pay it off over 12 months.

Thought I'd create a thread to track incoming bankruptcies etc.

 

  • Agree 4
Link to comment
Share on other sites

Chewing Grass

There are a few people I know who literally thought not paying last July was like being given money to spend and just like deferring VAT I knew it would eventually bite them as HMRC does not do debt forgiveness, if it did it would undermine their position and authority.

A perfect storm is brewing for small business and the financially feckless who do tax-returns.

I for one made sure the mob got their protection money on time to keep life simple and relatively stress free.

  • Agree 2
Link to comment
Share on other sites

5 hours ago, Chewing Grass said:

There are a few people I know who literally thought not paying last July was like being given money to spend and just like deferring VAT I knew it would eventually bite them as HMRC does not do debt forgiveness, if it did it would undermine their position and authority.

A perfect storm is brewing for small business and the financially feckless who do tax-returns.

I for one made sure the mob got their protection money on time to keep life simple and relatively stress free.

Doubt it. Politically impossible to pursue anyone, whose ability to earn was curtailed over COVID, to insolvency.

May not be the debt is officially forgiven but it will all just be forgotten about the smell of hot soapy water, for a total slate wipe clean has been in the air for months and months. If it goes cashless the whole current tax regime could be binned entirely.
 

  • Agree 3
  • Informative 1
Link to comment
Share on other sites

  • 3 weeks later...

apparently they'll waive the hundred quid fine for late filing, but that's it. The government are going to shoot themselves in the foot if they don't throw a lifeline somewhere.

Link to comment
Share on other sites

sarahbell
1 hour ago, spunko said:

apparently they'll waive the hundred quid fine for late filing, but that's it. The government are going to shoot themselves in the foot if they don't throw a lifeline somewhere.

They've given 6k to everyone who has to self assess? 

Was that not a lifeline?

Link to comment
Share on other sites

Wight Flight
7 minutes ago, sarahbell said:

They've given 6k to everyone who has to self assess? 

Was that not a lifeline?

I must have missed that.

What was the criteria?

Link to comment
Share on other sites

On 07/01/2021 at 14:24, SNACR said:

Doubt it. Politically impossible to pursue anyone, whose ability to earn was curtailed over COVID, to insolvency.

May not be the debt is officially forgiven but it will all just be forgotten about the smell of hot soapy water, for a total slate wipe clean has been in the air for months and months. If it goes cashless the whole current tax regime could be binned entirely.
 

If they plan on going cashless I'd take that as a sign they are going all in and looking to take out small business for their billionaire patrons and for the banks to be top of it all.

  • Agree 2
Link to comment
Share on other sites

2 hours ago, Wight Flight said:

I must have missed that.

What was the criteria?

#metoo. I would love a 'free' £6k right now.

Just had an MOT done,  spent 45 mins walking round the local town centre and industrial estate, both like ghost towns. I just cannot see many business sorts paying their tax on Sunday.

  • Informative 2
Link to comment
Share on other sites

sarahbell
1 hour ago, onlyme said:

If they plan on going cashless I'd take that as a sign they are going all in and looking to take out small business for their billionaire patrons and for the banks to be top of it all.

It'd deal with a lot of other problems.

Taking card payments is far more common amongst small honest business than you might imagine.

7 minutes ago, spunko said:

#metoo. I would love a 'free' £6k right now.

Just had an MOT done,  spent 45 mins walking round the local town centre and industrial estate, both like ghost towns. I just cannot see many business sorts paying their tax on Sunday.

I know someone who got 3k. Or that's what they said. And then he said he was applying again.

Link to comment
Share on other sites

On 07/01/2021 at 08:42, spunko said:

How many people are going to be unable to pay the tax due in 3 weeks time?  I suspect it's going to be a lot, and there are going to be a lot of bankruptcies incoming.

HMRC made things worse, IMO, by allowing people to not pay the 2nd payment on account (which was due in July 2020). This is now falling due at the end of January 2021, plus the original tax...

The only thing they've come up with, for those struggling to pay, is that they can pay it off over 12 months.

Thought I'd create a thread to track incoming bankruptcies etc.

 

I've not made a single payment on account in over a decade of having my one man band ltd co. 

I just select the don't need to pay option then type some drivel about expected lower income for next tax year or similar. 

No issues.

I'm not paying them money in advance when if I'm a single day late in paying them I get charged daily interest. Fuck that. 

  • Informative 1
Link to comment
Share on other sites

the gardener

My other half has received 3 lots of the SEISS - self-employed income support scheme. 

On top of that the County Council have decided to pay the early years funding at the same rate as the previous year. Excellent, this means she is being paid for kids she doesn't look after 😂

So far the 2020-21 tax year will be her most profitable ever., 😂😂😂

  • Informative 1
  • Lol 1
  • Cheers 1
Link to comment
Share on other sites

sarahbell
3 hours ago, Wight Flight said:

I must have missed that.

What was the criteria?

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

How we work out the amount of the third grant

This is an example of how we will work out how much grant you’ll get if your average trading profits were £42,000 over the last 3 tax years.

If you’re eligible, you’ll receive a grant worth of 80% paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.

Example

  1. Start with your average trading profit (£42,000).
  2. Divide by 12 = £3,500.
  3. Multiply by 3 = £10,500.
  4. Work out 80% of £10,500 = £8,400. You will only receive £7,500 due to the cap.
Link to comment
Share on other sites

Wight Flight
9 minutes ago, sarahbell said:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

How we work out the amount of the third grant

This is an example of how we will work out how much grant you’ll get if your average trading profits were £42,000 over the last 3 tax years.

If you’re eligible, you’ll receive a grant worth of 80% paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.

Example

  1. Start with your average trading profit (£42,000).
  2. Divide by 12 = £3,500.
  3. Multiply by 3 = £10,500.
  4. Work out 80% of £10,500 = £8,400. You will only receive £7,500 due to the cap.

Ah - that only applies to self employed people.

 

Link to comment
Share on other sites

1 hour ago, spunko said:

Just had an MOT done,  spent 45 mins walking round the local town centre and industrial estate, both like ghost towns. I just cannot see many business sorts paying their tax on Sunday.

As far as anecdotes go I might be able to top that..   we just received a courier delivery from a lady driving a range-rover evoque O.o

  • Agree 1
  • Lol 3
Link to comment
Share on other sites

Democorruptcy
On 07/01/2021 at 08:42, spunko said:

The only thing they've come up with, for those struggling to pay, is that they can pay it off over 12 months.

It's quite a big thing. Won't the extend and pretend be enough to keep a lot of them going? The can pays will pay.

 

Link to comment
Share on other sites

leonardratso

theyve been bulk sending speculative benefit demands as well, im PAYE but i got a letter saying dob yourself in and tell us how much you earned since 2012 and any years over 50K pay back that child benefit, i rang them up and they basically told me it was a bulk send out and no action needed. I think due to overtime i might owe some for some years, but fuck that im not going thru all my payslips/p60/11ds to find out, dont even think ive got them anyway.

Link to comment
Share on other sites

32 minutes ago, Wight Flight said:

Ah - that only applies to self employed people.

I'm director of two companies.

Between lost income and lending the companies money to keep them going I recon I'm down about £50k since Christmas 2020.

How come self employed people get up to £7.5k a quarter and I get nothing?

  • Agree 1
Link to comment
Share on other sites

3 hours ago, Libspero said:

As far as anecdotes go I might be able to top that..   we just received a courier delivery from a lady driving a range-rover evoque O.o

I've been very bored so was looking at the Amazon pick a shift delivery thing. Pretty poor pay and then you've got fuel and depreciation etc.

But I thought better than nothing and kick my own times to work. My brother does it and doesn't mind it even if poor pay. 

I'm in central Scotland. Not exactly the middle of nowhere. 

There's a waiting list. o.O

It's widely regarded as one of the worst places on the planet to work for. And they have a waiting list. 

 

That's how bad this shit is. The burd on the Evoque is probably doing it to cover her car payments. 

  • Agree 4
  • Informative 1
Link to comment
Share on other sites

9 minutes ago, ccc said:

That's how bad this shit is. The burd on the Evoque is probably doing it to cover her car payments.

Exactly my thoughts..  it was pretty shiny new looking but I didn't catch the reg.

I was actually impressed in a way..   woman who's had nice things and hit hard times,   doesn't moan about it on twitter,  she gets off her ass,  pulls up her sleeves and gets a f**ing job to tide her over in the mean time.

Good girl.   If she were 20 years younger..     

 

 

She probably wouldn't look at me twice..  xD

  • Agree 2
  • Cheers 1
Link to comment
Share on other sites

Chewing Grass
4 hours ago, Libspero said:

As far as anecdotes go I might be able to top that..   we just received a courier delivery from a lady driving a range-rover evoque O.o

Does she do 'extras'?

Link to comment
Share on other sites

Just now, Chewing Grass said:

Does she do 'extras'?

Won't be far off. I'm not kidding. 

And I reckon a fair few would already if asked. 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...