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Next tranche of SEIS grant.


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I'm wondering who's considering applying for the next cash grant in August. I'm running at about 90% of my work so although my business is adversely affected slightly, I don't think I'll be applying as that 10% of work should come back.

Also if I did and next years accounts show  a healthy profit on the previous years maybe the Revenue wont look on it too favourably.

And also if we go into a full lockdown and we are not able to work I might be kicking myself for not taking the money.

Decisions, decisions......

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RWCleaning

I have no crystal ball, so ultimately who knows, but I don’t think/hope I’ll need you claim, so I won’t. 

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I will say what I said last time, we will be paying this back many times over so if you're debating it on a moral issue the Treasury won't have the same moral issues.

If you are being affected, even 5%, as far as I read into it, you are entitled to it. The other argument I have is we don't know what's round the corner. We are supposedly looking at mass unemployment, if you believe the forecasts, and if this happens we will lose customers.

 

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Im taking it we will have a tax increase wether we take it or not so just as well take it invest it in bizzness the gov wont be out of pocket Thats for shore 

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I won't be taking it but depends on each individual. My business is going from strength to strength and new customers coming in every week now. Living in Dorset helps as it's a bubble of wealth

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I wasn't going to claim it but we all might have to...  if the R is at 1 why we not in lockdown again? 

I thought we wanted to keep the R down 😂

Locking forward to another 160 thread 🤣🤣😷

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brianbadonde

If you don’t claim it and then the deadline comes and goes, then you get in to Queer Street financially then you may regret it. The way I see it is the extra money goes in to the economy and helps kick-start it. I’ll be claiming mine as like others have said, we will be paying tax in the coming years anyway for the ones that do claim wether or not we claim it ourselves. Me personally I have ordered some new gear, and also settled up my tax bill for July. With the next lot I’ll settle up my payments on account too so I’m ahead of myself.

If the tax man says you are entitled to it then IMO take it.

I also feel smug as I know of a few self employed who fiddle their books and are either entitled to nothing or next to nothing lol serves them right 😀 if you’ve been honest then that has to count for something.

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brianbadonde

Just make sure you put a portion of it by for tax as it will be tax deductible on your end of tax-year accounts.

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Markyboy 50

I’m gonna take it. My work is down coz I do quite a bit of commercials. Shops are still shut. I clean 3 dental surgeries. They’re obviously shut. My schools are shut. And some of the offices I clean are shut. Take the money if your work is affected 

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2 hours ago, brianbadonde said:

If you don’t claim it and then the deadline comes and goes, then you get in to Queer Street financially then you may regret it. The way I see it is the extra money goes in to the economy and helps kick-start it. I’ll be claiming mine as like others have said, we will be paying tax in the coming years anyway for the ones that do claim wether or not we claim it ourselves. Me personally I have ordered some new gear, and also settled up my tax bill for July. With the next lot I’ll settle up my payments on account too so I’m ahead of myself.

If the tax man says you are entitled to it then IMO take it.

I also feel smug as I know of a few self employed who fiddle their books and are either entitled to nothing or next to nothing lol serves them right 😀 if you’ve been honest then that has to count for something.

Good point about being honest though does pay in the end. 

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Markyboy 50

Here’s something I was wondering. Say my work was down £350 a month coz of corona but I won a contract for the outside of a care home which started on 1 april worth £350 a month. My accounts wouldn’t show any dip in takings but I would still be down by £350 pm. The revenue could argue that I’m not losing money but I actually would be. 

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Markyboy 50
Just now, brianbadonde said:

You will still be down £350 on what you would/could have been.

Yep but my figures wouldn’t show that at first glance

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brianbadonde
Posted (edited)

I suppose not but who is anyone to say that you wouldn’t have lost that work anyway even if it wasn’t for the virus? Hypothetical anyway as we aren’t being asked to prove anything. The answer to have you been affected is “yes” as you lost that £350 work due to Corona. Just shows that you have good morals I think Mark. I like to think I have a good moral compass too, but I’ve gone past worrying if I should/shouldn’t claim. I took a few weeks off initially and there’s no telling how much work I have potentially lost to other cleaners who carried on picking up work, and jobs I could have got through canvassing/leafleting, one thing I haven’t done as it has felt wrong as I could be spreading things.

Edited by brianbadonde
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34 minutes ago, Markyboy 50 said:

Yep but my figures wouldn’t show that at first glance

I've currently got about £10k extra on the books this year compared to last, trying to cover my sons wages 🤦‍♂️, but I'm losing circa £400 a month of pub / office work. The fact you've gone and got more work isn't asked, your turnover isn't mentioned in the grant.  

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22 minutes ago, BigFoot said:

Have they given a date to apply for this round of grant money?

It's going to be paid out in August but we can't apply yet.

 

Find out about the extension to the scheme

This scheme is being extended. You’ll be able to make a claim for a second and final grant in August 2020.

The online service for the second and final grant is not available yet. We will update this guidance to let you know when you can make your claim.

If you’re eligible the second and final grant will be a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.

 

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

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