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Self-employed at 80% of average of past 3 years

Startups, marketing and more
brightncheerful
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Self-employed at 80% of average of past 3 years

#294543

Postby brightncheerful » March 26th, 2020, 5:57 pm

Too soon I realise to calculate with any accuracy, but would you think 'that past' three years means to the date of the self-assessment tax return for 2019?

Also, would the 80% be based on operating profit before tax or net profit before tax? (The difference in my case reflects interest on a loan).

Arborbridge
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Re: Self-employed at 80% of average of past 3 years

#294550

Postby Arborbridge » March 26th, 2020, 6:27 pm

Blind leading the blind?

Wait until the details are published.

Arb.

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Re: Self-employed at 80% of average of past 3 years

#294551

Postby RedSnapper » March 26th, 2020, 6:29 pm

It's specifically tax returns from 2016-17, 2017-18 and 2018-19

mike
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Re: Self-employed at 80% of average of past 3 years

#294564

Postby mike » March 26th, 2020, 7:02 pm

So the cash-in-hand plumber/roofer etc may now regret it

brightncheerful
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Re: Self-employed at 80% of average of past 3 years

#294601

Postby brightncheerful » March 26th, 2020, 10:01 pm

mike wrote:So the cash-in-hand plumber/roofer etc may now regret it


So too the art of claiming business expenses!

PinkDalek
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Re: Self-employed at 80% of average of past 3 years

#294613

Postby PinkDalek » March 26th, 2020, 10:55 pm

Arborbridge wrote:Blind leading the blind?

Wait until the details are published.


Such as here?:

https://www.gov.uk/guidance/claim-a-gra ... ort-scheme

No doubt not yet in full detail.

1nvest
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Re: Self-employed at 80% of average of past 3 years

#294917

Postby 1nvest » March 27th, 2020, 7:23 pm

mike wrote:So the cash-in-hand plumber/roofer etc may now regret it

Which is fair. They opted to not (or only partially) contribute to the collective so should reasonably anticipate that being reciprocated.


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