Hi, I've spent the morning looking on the GOV.UK website but can't find the information I am looking for, can anyone help please?
I understand that they can pay 80% of your average profit from the last 3 tax years. I have a home based salon which I started in June 2017.
I have no tax return for 2016 to 2017. So they will average over 2 tax years, that bit I understand.
For my first year of trading, the tax year 2017 to 2018 I only traded for 10 months and barely made a profit as I had start up expenses to pay for. My profit was less than £1000 for the 10 months. Does the fact it was only for 10 months and was my start up year get taken into account at all? This is the bit I can't find any information on. (I have a feeling the answer is no!)
I'm so disappointed that my third trading year 2019-2020 doesn't count as this is my strongest year after building up a good client base.
I have a horrible feeling it will be an average of 2016 to 2017 and 2017 to 2018. Working this out it's about 20% of my monthly profit. So no where near the 80%.
After almost 20 years of PAYE I feel so let down. I re-trained as a Massage Therapist and love what I do now and after 3 years am finally at a place where I get lots of referrals. I specialise in Pregnancy Massage and I am worried if my business and clients will ever come back. I can't claim any other help as I used to work in banking and got a payout when I took redundancy which I have put into savings for my kids for university or emergencies.
Sorry I've waffled on a bit. I think I know the answer but after lots of sleepless nights I thought it might help to ask on this forum as I don't really have any other friends to talk to. They are mainly furloughed on 80% and doing DIY and gardening. I am trying to remain positive but I am really worried if I will ever be able to go back to work, how do you social distance with massage? Especially when the majority of my clients come for Pregnancy Massage and they are in the 'shield' group. I feel anxious every time I think about it. Are there any other massage therapists out there? How do you feel about our possible return to work?
Think I have completely digressed from my question, thanks for listening xxx
I understand that they can pay 80% of your average profit from the last 3 tax years. I have a home based salon which I started in June 2017.
I have no tax return for 2016 to 2017. So they will average over 2 tax years, that bit I understand.
For my first year of trading, the tax year 2017 to 2018 I only traded for 10 months and barely made a profit as I had start up expenses to pay for. My profit was less than £1000 for the 10 months. Does the fact it was only for 10 months and was my start up year get taken into account at all? This is the bit I can't find any information on. (I have a feeling the answer is no!)
I'm so disappointed that my third trading year 2019-2020 doesn't count as this is my strongest year after building up a good client base.
I have a horrible feeling it will be an average of 2016 to 2017 and 2017 to 2018. Working this out it's about 20% of my monthly profit. So no where near the 80%.
After almost 20 years of PAYE I feel so let down. I re-trained as a Massage Therapist and love what I do now and after 3 years am finally at a place where I get lots of referrals. I specialise in Pregnancy Massage and I am worried if my business and clients will ever come back. I can't claim any other help as I used to work in banking and got a payout when I took redundancy which I have put into savings for my kids for university or emergencies.
Sorry I've waffled on a bit. I think I know the answer but after lots of sleepless nights I thought it might help to ask on this forum as I don't really have any other friends to talk to. They are mainly furloughed on 80% and doing DIY and gardening. I am trying to remain positive but I am really worried if I will ever be able to go back to work, how do you social distance with massage? Especially when the majority of my clients come for Pregnancy Massage and they are in the 'shield' group. I feel anxious every time I think about it. Are there any other massage therapists out there? How do you feel about our possible return to work?
Think I have completely digressed from my question, thanks for listening xxx