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Claim grants through Covid-19 Self-employment Support Scheme
http://taxi-driver.co.uk/phpBB2/viewtopic.php?f=2&t=36148		 Page 14 of 19
Author:  StuartW [ Tue Nov 03, 2020 2:08 am ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
Reading around, I suspect the SEISS grant rate has just been upped from 40% to 55%. Which is roughly based on the 40-40-80 rates, but obviously not precisely. And the Treasury hasn't explained it well.

So by teatime I'm a few hundred quid better off than I thought I was this morning, and now I'm £100 or so better off than I thought I was at teatime :-s

Anyway, I see you can now top up your bounce back loan if you didn't apply for the maximum allowable initially. The limit is still 25% of turnover, but if you only applied for 15% (say) first time round, it seems you can now apply for an additional amount up to the 25%. As things were, I don't think top-ups were allowed - once you'd applied for 20% (say) then you couldn't reapply for the additional 5% allowable. But you can now. Or at least from next week. But if it's anything like last time round then you'll get the cash sometime in 2021.

HM Treasury wrote:
We will also adjust the Bounce Back Loan Scheme rules to allow those businesses who have borrowed less than their maximum (i.e. less than 25% of their turnover) to top-up their existing loan. Businesses will be able to take-up this option from next week; they can make use of this option once. We understand that some businesses didn’t anticipate the disruption to their business from the pandemic would go on for this long; this will ensure that they are able to benefit from the loan scheme as intended.
Author:  bloodnock [ Tue Nov 03, 2020 9:58 am ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
StuartW wrote:
Indeed, that's what's stated on the official Government webpage:

HM Treasury wrote:
And to ensure those who need support get it as soon as possible, payments will also be made more quickly with the claims window being brought forward from 14 December to 30 November.

So that's another piece of good news.

Interestingly, the Treasury's statement also uses the 55% figure that Edders quoted from the BBC's news page earlier (and presumably the BBC just using the Treasury's figure).

HM Treasury wrote:
As SEISS grants are calculated over three months, the uplift for November to 80 per cent, along with the 40 per cent level of trading profits for December and January, increases the total level of the third grant to 55 per cent of trading profits. The maximum grant will increase to £5,160.

Am I missing something? Surely the average over the three months will be 53.33%?



I mean, if they rounded it down to 53% then that would be understandable, but not 55% :-k


:-$ you'll get what your given and be grateful for it [-X
Author:  StuartW [ Tue Nov 03, 2020 11:03 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
According to the experts at the Institute for Fiscal Studies, the rate for the next grant is in fact 53.3% of past profits, not the 55% stated by the Treasury etc.

IFS wrote:
Specifically, recipients are entitled to 80% of past profits for November, and 40% for each of December and January. That means that the payment covering these three months will be equal to 53.3% of past profits. The government have rounded this to 55% in some of their statements on the subject.

Not sure why it's been rounded to 55%. I mean, rounding it to the nearest whole number would make it 53%, or rounding it up would make it 54% if they wanted it to sound better than it actually is.

So why they're using 55% I'm not sure. Of course, it's probably something to do with the usual politics of spin and soundbite, ie making it sound a wee bit better than it actually is.

But you'd think official HM Treasury and HMRC documents would be a bit more precise.

Anyways, that means I'm a wee bit down again on what I thought my 'net worth' was this morning. Can't be bothered working out the precise figure :sad:

(Edit: earlier I said that the difference between 55% and 53.3% for me was something like £100, but it's actually a lot less than that, for me at least. Just in case anyone was thinking I'm earning more than I actually am :-|

Of course, it's possible that the government has rounded the actual rate they'll be using for the grants to 55% rather than just using that figure for the purposes of press releases etc. Either way, it's unlikely to make or break anyone's finances.)
Author:  x-ray [ Thu Nov 05, 2020 4:22 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
Back up to 80% again!!! =D>
Author:  StuartW [ Thu Nov 05, 2020 4:45 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
x-ray wrote:
Back up to 80% again!!! =D>

There is a god, after all [-o<

Needed that, though. Starting to lose count of the number of £10 shifts I've had. Not the longest shifts, granted, but I get seriously naffed off sitting around 1-2 hours for every fare that takes about 2-3 minutes, even assuming I even get a run after ranking for a couple of hours :sad:

And can't see things improving much here, even assuming we avoid tighter lockdown measures. Christmas notoriously awful here, when students disappear and tourists have dwindled to nothing. Usually some good fares later on at night, but can't see much of that this year.

Then in January it's not unusual for me to have £10-20 shifts even in normal times. And this year there's word of the students being told not to come back after Christmas... :cry:
Author:  edders23 [ Wed Nov 18, 2020 9:15 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
Not sure if the rest of you have had the same but I have been bombarded with texts,emails etc from the Inland revenue imploring me to get my tax return in early. :-k

could it be that they realise last years return is likely to be much lower profit which would of course reduce the amount I would get.

I think waiting till the deadline might be beneficial this year
Author:  StuartW [ Thu Nov 19, 2020 12:30 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
edders23 wrote:
could it be that they realise last years return is likely to be much lower profit which would of course reduce the amount I would get.

Correct me if I'm wrong, but I'm sure the grants are still based on the average over the three tax years that have been used for the previous two grants, so the profits for the returns you haven't yet lodged are irrelevant.

So the grant due in the next week or two should be the same sum as the one you recieved in the summer =D>
Author:  MR T [ Thu Nov 19, 2020 2:29 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
=D> =D> =D> =D> =D> =D> =D> =D>
StuartW wrote:
edders23 wrote:
could it be that they realise last years return is likely to be much lower profit which would of course reduce the amount I would get.

Correct me if I'm wrong, but I'm sure the grants are still based on the average over the three tax years that have been used for the previous two grants, so the profits for the returns you haven't yet lodged are irrelevant.

So the grant due in the next week or two should be the same sum as the one you recieved in the summer =D>
Author:  edders23 [ Thu Nov 19, 2020 3:54 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
StuartW wrote:
edders23 wrote:
could it be that they realise last years return is likely to be much lower profit which would of course reduce the amount I would get.

Correct me if I'm wrong, but I'm sure the grants are still based on the average over the three tax years that have been used for the previous two grants, so the profits for the returns you haven't yet lodged are irrelevant.

So the grant due in the next week or two should be the same sum as the one you recieved in the summer =D>



I checked it out with the FSB if you put your tax return in before the application then the 3 years average is the last 2 plus the new one submitted :wink:
Author:  StuartW [ Thu Nov 19, 2020 4:51 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
edders23 wrote:
I checked it out with the FSB if you put your tax return in before the application then the 3 years average is the last 2 plus the new one submitted :wink:

I'm sure if that was the case then there would be readily available evidence online to support it.

But in the meantime, I'm not a betting man, but if I had to put money on it I'd say you're talking bollocks =;
Author:  Sussex [ Thu Nov 19, 2020 5:37 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
Quote:
I checked it out with the FSB if you put your tax return in before the application then the 3 years average is the last 2 plus the new one submitted :wink:

I doubt that is the case, else it would be open to fraud.
Author:  bloodnock [ Thu Nov 19, 2020 6:12 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
Sussex wrote:
Quote:
I checked it out with the FSB if you put your tax return in before the application then the 3 years average is the last 2 plus the new one submitted :wink:

I doubt that is the case, else it would be open to fraud.


The last Tax year would be the same one that ended last April. which would cover the same three years.
Author:  taxitone [ Thu Nov 19, 2020 10:39 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
Its still the same as previous tax years. tax return for 19/20 is irrelevant, that way cant be cooked to the way you want it
Author:  edders23 [ Fri Nov 27, 2020 10:41 am ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
I have been given 1st December as the first date I can apply is it the same for everyone or different dates again ?
Author:  StuartW [ Fri Nov 27, 2020 2:43 pm ]
Post subject:  Re: Claim grants through Covid-19 Self-employment Support Sc
2 December for me :?

Presumably we'll just be allocated random dates, as per the last two grants :-|
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