Current Affairs Coronavirus Thread - Serious stuff !!!

[havrey0123]

I'm a big fan of Sunak.

This is an incredibly complex thing to roll out and ensure it goes to those who need it. Its miles harder than for employees.

Hey,

Diane abbot could of done it aswell if Labour won the election

 

[roydo]

So I take it HMRC will contact me and pay 80% of my average wage over the last 3 years? All's I do is fill the form they give me, sounds reasonable TBF, bit of a wait but at least you know you'll get something

That was my take on it.

 

[BlueToff]

Thats a good point. He said its taxable, so taking 80% of last 3 years net makes no sense. So they just average 3 years gross, turn it into a monthly average, and 80% of that as a taxable grant.

Genuinely am confused as to how it's gonna work but all I can do is apply.

Kind of fortunately, I get paid a month behind. So next week, for example, I get my wage for work I did in Feb.

So, if they can get this rolled out at the start of June, it doesn't impact me massively in terms of what I'd have had anyway.

 

[ToffeeTim]

I'm no accountant (@ToffeeTim aren't you?) mate, but I wouldn't have thought so. i could be wrong, though!

It sounds to me like it's just your last 3 tax years on self assessment averaged out (I assume 18/19, 17/18 & 16/17) then divided by 12 to get your monthly entitlement.

Will have to wait for the details to be published though. But it all sounds ok to me.

 

[Shevin Keedy]

I'm no accountant (@ToffeeTim aren't you?) mate, but I wouldn't have thought so. i could be wrong, though!

You are right mate, but it is the same. They are calculating it based on profit (that is net). I assume they are saying monthly because that may be how often the grant is paid

 

[Brennan]

What a lemon 'boy wonder' Sunak really is. 'You'll get your grant in June'. A grant that is to be paid back. So in the meantime, claim universal credit - which is swamped and can't cope so people aren't getting any money. And if you do get through a claim, that will be taken from your grant in June.

Another own goal by boy wonder. He should have been told people were getting a universal basic income.

And who does the first question go to? Why Laura 'I'm Boris's cheerleader' Kuessenberg. Who as usual asks a daft question that allows them to waffle.

Seems like he now hopes it's up and running by June. He says 'it's complicated'. Universal basic income is extremely easy.

When did he say it had to be paid back ?

 

[roydo]

Genuinely am confused as to how it's gonna work but all I can do is apply.

Kind of fortunately, I get paid a month behind. So next week, for example, I get my wage for work I did in Feb.

So, if they can get this rolled out at the start of June, it doesn't impact me massively in terms of what I'd have had anyway.

Dont think you apply, not for the income bit. HMRC will contact you.

 

[ToffeeTim]

When did he say it had to be paid back ?

He didnt. Otherwise it would be a loan not a grant. It's a taxable grant.

 

[SpongeBob brown shoes]

That was my take on it.

I've just read 'taxable' now, surely that doesn't mean they'll take 20% of the 80% hahaha, havnt got a clue now

 

[Shevin Keedy]

I know HMRC will hold the tax returns (if all the good and law abiding citizens have been completing them of course) but has there been any mention of who will administer the grant payment? I do not think this responsibility will fall to HMRC.

 

[Brennan]

He didnt. Otherwise it would be a loan not a grant. It's a taxable grant.

Thought so

 

[Brisan123]

Median age of people who have the virus in the republic of Ireland is 44

I would say a lot of young people showed no symptoms and did not get tested
Iceland (the country ) tested all its population and 50% of those infected reported no symptoms

 

[LinekersLegs]

 

[BlueToff]

Dont think you apply, not for the income bit. HMRC will contact you.

Yep just seen

 

[roydo]

I've just read 'taxable' now, surely that doesn't mean they'll take 20% of the 80% hahaha, havnt got a clue now

I am assuming that the grant will be paid gross, but then be added into income in a future tax return. Hence, taxable.