Notices

Reply
 
Thread Tools Search this Thread Display Modes
Old 27 Oct 21, 08:06 AM  
Link to this Post
#1
Mazbar
Imagineer
 
Join Date: May 13

Mazbar's Reviews
Restaurant Reviews: 4
Seiss grant

I was talking to my accountant yesterday and he warned me that the grants would be lumped together for tax. Even if you didnít take the money out of the business it will be taxed at your allowance rate plus class 4. So for me this year I think I will be taxed at 29% on 3 of the grants. This is just a warning for the self employed to have your money For your tax payment
Mazbar is online now Boy Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 27 Oct 21, 12:51 PM  
Link to this Post
#2
123
Imagineer
 
123's Avatar
 
Join Date: May 20

123's Reviews
Hotel Reviews: 1
Restaurant Reviews: 1
Originally Posted by Mazbar View Post
I was talking to my accountant yesterday and he warned me that the grants would be lumped together for tax. Even if you didnít take the money out of the business it will be taxed at your allowance rate plus class 4. So for me this year I think I will be taxed at 29% on 3 of the grants. This is just a warning for the self employed to have your money For your tax payment
It makes sense, tax becomes due on the income in the year it was realised.
123 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 27 Oct 21, 01:03 PM  
Link to this Post
#3
Mazbar
Thread Starter
Imagineer
 
Join Date: May 13

Mazbar's Reviews
Restaurant Reviews: 4
Not normally class 4 is on business profitís. The 20% is normally what I take in my drawing for wages. If you used the grant for keeping your business going in operation cost you will still pay tax
Mazbar is online now Boy Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 27 Oct 21, 05:23 PM  
Link to this Post
#4
DisneyDreamx
Trying for More Ears
 
Join Date: Mar 21
We have been stung by this 😫 The 3rd grant (only claimed 3) should have been in our next tax year but is now included in this year!

Totally the wrong year when trying to save for Florida!

Edited at 05:31 PM.
DisneyDreamx is offline Click to view Members Trip Plans Add Member to Ignore List
Old 27 Oct 21, 07:26 PM  
Link to this Post
#5
hrbrar
Very Serious Dibber
 
hrbrar's Avatar
 
Join Date: Aug 10
SEISS grants are taxable in the financial year they were received.

The government won't give us free money!

One of the best bits of advice I received when going self employed, was to always set aside money each month to pay my tax. I pass on this advice now too.
__________________

1995 Days Inn MG West 1997 Villa Kissimmee 1998 EconoLodge 1999 Cypress Pointe 2000 Hampton Inn 2001 Indian Point 2007 Indian Ridge 2008 Highland Reserve 2010 Florida Pines 2012 Calabay Parc 2013 Dibb Villa Sunridge Woods 2014 Dibb Villa Sunset Lakes 2015 Sunset Lakes 2016 Windsor Palms 2018 Clear Creek 2019 Dibb Villa High Grove
hrbrar is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 28 Oct 21, 01:56 PM  
Link to this Post
#6
123
Imagineer
 
123's Avatar
 
Join Date: May 20

123's Reviews
Hotel Reviews: 1
Restaurant Reviews: 1
Originally Posted by hrbrar View Post
SEISS grants are taxable in the financial year they were received.

The government won't give us free money!

One of the best bits of advice I received when going self employed, was to always set aside money each month to pay my tax. I pass on this advice now too.
I mean the grants where by definition "free money".

What you meant was the government won't let us keep all of the free money
123 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 28 Oct 21, 03:42 PM  
Link to this Post
#7
Mazbar
Thread Starter
Imagineer
 
Join Date: May 13

Mazbar's Reviews
Restaurant Reviews: 4
This thread was just a warning to the self employed out there who took the grant you are likely to get a larger than expected tax bill in January
Mazbar is online now Boy Mouse Click to view Members Trip Plans Add Member to Ignore List
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Forum Jump


All times are GMT +1. The time now is 03:45 PM.


Powered by vBulletin - Copyright © 2000 - 2022, Jelsoft Enterprises Ltd.
Latest News
Posted in international Flower & Garden Festival
On 13th January 11:35am
This March the Garden Rocks Concert series returns to EPCOT at the International Flower &... Read More »
Posted in Seaworld
On 4th January 2:22pm
Get ready for uncharted chills on the all-new Ice Breaker coaster at SeaWorld Orlando! Named... Read More »
Posted in Florida
On 21st November 8:54am
Disney Parks, Experiences and Products Chairman Josh D’Amaro revealed Guardians of the Galaxy: Cosmic Rewind... Read More »


theDIBB Menu


Exchange Rates
US Dollar Rates
ASDA  $1.3337
CaxtonFX  $1.3297
Covent Garden FX  $1.3515
FAIRFX  $1.3303
John Lewis  $1.3359
M&S  $1.3149
Post Office  $1.3130
Sainsburys  $1.3307
TESCO  $1.3335
Travelex  $1.3300
Updated: 14:30 20/01/2022
Euro Rates
ASDA  €1.1738
CaxtonFX  €1.1719
Covent Garden FX  €1.1832
FAIRFX  €1.1726
John Lewis  €1.1752
M&S  €1.1584
Post Office  €1.1562
Sainsburys  €1.1712
TESCO  €1.1740
Travelex  €1.1700
Updated: 14:30 20/01/2022

DIBB Premium Membership
Did you know you can help support theDIBB with Premium Membership?

Check out this link for more information and benefits, such as...

"No adverts on theDIBB Forums"

Upgrade Now



X