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Thank you for this thread xoxo.
I was wondering how the budget will affect us, as all our circumstances are different.
I think it's good that people can earn more before having to pay tax.
I also like Rishi's thoughts for to help people with mortgages only needing 5% deposit.
I was wondering how the budget will affect us, as all our circumstances are different.
I think it's good that people can earn more before having to pay tax.
I also like Rishi's thoughts for to help people with mortgages only needing 5% deposit.
Absaloutly gutted tbh... myself and husband own a scaffolding business , we employ 4 self employed guys. We started this from literally nothing and now turn over over £400k a year.....yet as we are a ltd company we have been entitled to 0 not a single penny other than a bounce back loan. We still have huge over heads if you have a lorry you will understand how expensive having a lorry with an operator license is!!
yet we are now told co orperation tax is being increased ....so I’m being made to pay Back money I haven’t even had help from!!! Work is literally dribs And drabs ....so so so unfair!!!! I believe there are 3 million like myself who have been entitled to nothing other than loans! Of course I don’t begrudge people on benefits but they have not been affected in the slightest ! Still get free prescriptions, free school meals, free milk tokens/ vegetables, free council tax, discounted rent if ha/council, energy discounts , budgeting loans, free glasses...... an extra £20 per week!
then furloughed people ok I’m sure 99% would rather be at work, but you can’t deny 80% of wages to do nothing....they must be laughing!!! I know my dad was !! I know they didn’t ask for it but at least they got money !!!
self employed builder I personally know got the grant ....and a bounce back loan ....used as a deposit for a mortgage as they don’t check what the money is used for and is still working !!!!
sorry guys but we work damn hard!!! Money is so tight and to not have any help or concessions really does leave a sour taste in my mouth and so resentful!
yet we are now told co orperation tax is being increased ....so I’m being made to pay Back money I haven’t even had help from!!! Work is literally dribs And drabs ....so so so unfair!!!! I believe there are 3 million like myself who have been entitled to nothing other than loans! Of course I don’t begrudge people on benefits but they have not been affected in the slightest ! Still get free prescriptions, free school meals, free milk tokens/ vegetables, free council tax, discounted rent if ha/council, energy discounts , budgeting loans, free glasses...... an extra £20 per week!
then furloughed people ok I’m sure 99% would rather be at work, but you can’t deny 80% of wages to do nothing....they must be laughing!!! I know my dad was !! I know they didn’t ask for it but at least they got money !!!
self employed builder I personally know got the grant ....and a bounce back loan ....used as a deposit for a mortgage as they don’t check what the money is used for and is still working !!!!
sorry guys but we work damn hard!!! Money is so tight and to not have any help or concessions really does leave a sour taste in my mouth and so resentful!
Income tax allowance has been frozen this year. Stamp duty holiday has been extended if your looking to buy and universal credit uplift to carry on for another 6 months.
Tonight's press briefing is a budget special according to simple politics.
My son feels similar to you. He and his friend have their own IT business and have not been offered any grants. They decided to give up their office space and both work from home now.
On a more positive note, I was pleased to hear of the new jobs that will be created up north, Leeds, Grimsby, etc. It's about time things moved away from London and spread throughout the country.
I'm also pleased to hear that my alcoholic enjoyment won't be affected
I'm sorry to hear of your situation.
I too know a couple of self employed people who took the £10k grant, used it for either house deposits, cars or generally doing up their homes and continued working. It's not on really. I feel like they should have done checks before giving people the grants to see if they actually needed it. Plenty who didn't have claimed it and still been earning as usual!
Which one is it though is money tight or are you doing amazingly and turning over £400k as you say initially? Fully agree with the benefits system it’s so wrong and so unfair. Also agree any loans should have been looked at not just given out like smarties some people have had an amazing time off the back of these COVID funds. I am one of the people on furlough and I can assure you 80% of my crappy wages and no other help has not been easy.Although I know many have loved furlough and still are. Many at my workplace are on part time furlough there are at least 3 that are taking the absolute piss. Two are claiming bad backs and the company has kept them on furlough rather than them claiming sickness benefits. Both these peoole are working cash in hand also. And the other has gone AWOL can’t be contacted by manager but is still claiming furlough takes the absolute mick!
I know so many people amongst my age group (20’s) who have their own businesses and dodge paying tax by making everything cash only and they are the same people now crying that the government won’t help them 
I’m glad they will start fining said people. Didn’t really understand much of what was said, my furlough will continue yay!
I’m glad they will start fining said people. Didn’t really understand much of what was said, my furlough will continue yay!
This is quite a helpful round up.
Attachments
Turning over £400k is not £400k profit huge huge huge difference!!
The more you turn over the more your business expenses are .... last financial year that was our turnover ! Once the bills are paid , and taxes are paid profits are taxed and I can quite assure you it was no where near £400k!!!
The more you turn over the more your business expenses are .... last financial year that was our turnover ! Once the bills are paid , and taxes are paid profits are taxed and I can quite assure you it was no where near £400k!!!
Which one is it though is money tight or are you doing amazingly and turning over £400k as you say initially? Fully agree with the benefits system it’s so wrong and so unfair. Also agree any loans should have been looked at not just given out like smarties some people have had an amazing time off the back of these COVID funds. I am one of the people on furlough and I can assure you 80% of my crappy wages and no other help has not been easy.Although I know many have loved furlough and still are. Many at my workplace are on part time furlough there are at least 3 that are taking the absolute piss. Two are claiming bad backs and the company has kept them on furlough rather than them claiming sickness benefits. Both these peoole are working cash in hand also. And the other has gone AWOL can’t be contacted by manager but is still claiming furlough takes the absolute mick!
Agree with you here - corporation tax going up is going to affect us too
And also agree with your response to the other poster - turnover is not profit! (would be nice though wouldn't it?!)
I'm glad to hear the contactless card payment threshold is increasing. I have cognitive issues and often forget or mix up my PIN so this will save me a lot of fuss when it comes to shopping, paying for meals etc.
Maybe should of said that then. As I read it as you were doing brilliantly before COVID struck. As with your huge generalisation that everyone else has done great out of Fu
Ooohhhh I’m so sorry I also am fully aware that turnover is not the same as profit. But the way it was written was such that they were doing amazing before COVID hit. And now with the budget on top of it they wouldn’t be doing as amazingly?
Anyways I’m off back to work now my happy carefree days of Furlough are over
Edit to say I’m joking obviously!!
What is it increasing to?
I didnt mean my post rudely btw - it's a really common misconception that so many people have - I was only agreeing with that part of it.Maybe should of said that then. As I read it as you were doing brilliantly before COVID struck. As with your huge generalisation that everyone else has done great out of Fu
Ooohhhh I’m so sorry I also am fully aware that turnover is not the same as profit. But the way it was written was such that they were doing amazing before COVID hit. And now with the budget on top of it they wouldn’t be doing as amazingly?
Anyways I’m off back to work now my happy carefree days of Furlough are over
Edit to say I’m joking obviously!!
I dont begrudge anyone anything least of all furlough - and I know a hell of a lot of people have been affected very badly by covid (regardless of employee/employer/unemployed etc) so sorry if that gave you the wrong impression
£100 I read.
Thank you
Personally, gutted that the stamp duty holiday has been extended. I know it will help so many but as a first time buyer it’s just keeping the house prices high and I am really struggling. On the other hand, if he didn’t extend it, would the market just come to a complete halt???
Why didn’t you claim furlough as a limited company. We have a construction company and I claimed furlough for me and hubby and one employee for one month last April when we shut.
I agree though is always people like us that gets Shafted!