Self Employed Income Support and BPS

[caveman]

Had a look on my HMRC page this morning and it appears I do not qualify for the SEISS.
It won't be because I've earned/drawn/whatever, over £50k on average, for sure.
I can only assume that they consider that less than 50% of my income is from other than self employment.
I have a small rental from a comms mast which would be nowhere near on its own, so I'm thinking they may be considering my BPS payments as unearned income.
Even then, the two added together would struggle to be over half of my income.

Anybody have any idea as to whether or not BPS payments would be designated as unearned income?

 

[JeepJeep]

A Lot people getting the same in they do not Qualify where they do or strongly believe they do.

Early when the Qualify checker started they were getting it because it didnt have all of the Data behind it, People have checked since and they now Qualify.

 

[e3120]

Shouldn't be the bps, as that will be part of your self-employed income, not separately visible to hmrc.

I'd advise getting onto the gov gateway and finding annual tax summary. After loosing it, I found it again by clicking 'how your money is spent'. Daft, but that let's you select the last 3 years, and drill down to the income breakdown.

You need to get 6 figures on a bit of paper: self-employed and total of all other income per year. If last year's s/e is greater than the other, and <50k, you're eligible. Otherwise average both the s/e and other over the 3 years. Again, if the s/e > other and <50k, you're in, otherwise no. If you're eligible, you get 1/4 of the average s/e income over the 3 years, capped at 7.5k.

 

[An Gof]

Checked mine online today following receipt of the letter. Apparently both the wife and I are eligible. Wife can claim from noon tomorrow and i can claim from noon Friday.

 

[pgk]

Had a look on my HMRC page this morning and it appears I do not qualify for the SEISS.
It won't be because I've earned/drawn/whatever, over £50k on average, for sure.
I can only assume that they consider that less than 50% of my income is from other than self employment.
I have a small rental from a comms mast which would be nowhere near on its own, so I'm thinking they may be considering my BPS payments as unearned income.
Even then, the two added together would struggle to be over half of my income.

Anybody have any idea as to whether or not BPS payments would be designated as unearned income?

How do you return it?

 

[Princess Pooper]

Had a look on my HMRC page this morning and it appears I do not qualify for the SEISS.
It won't be because I've earned/drawn/whatever, over £50k on average, for sure.
I can only assume that they consider that less than 50% of my income is from other than self employment.
I have a small rental from a comms mast which would be nowhere near on its own, so I'm thinking they may be considering my BPS payments as unearned income.
Even then, the two added together would struggle to be over half of my income.

Anybody have any idea as to whether or not BPS payments would be designated as unearned income?

BPS is an integral part of the farm trading income.

 

[Lazy Sod]

Does the rent from letting an industrial unit count as trading income?

 

[e3120]

Where is it on your tax return? Land and property or self employment?

 

[Princess Pooper]

Does the rent from letting an industrial unit count as trading income?

No, even if it goes into the farm accounts, it should be split out on the tax return as income from property rental.

 

[fieldfarmer]

No, even if it goes into the farm accounts, it should be split out on the tax return as income from property rental.

But mine is included on the page that my tax payment is worked out so added to my farm income and paid tax on the combination so its part of my income, I would phone your accountant.

 

[Lazy Sod]

I'm retired and live off 2 of my pensions and the rental unit, the rent being more than 50%. If I have to repair the unit, that would be allowable against tax, so is renting out the building a business? I'm theorising really, I don't need the money and I have not been financially worse off because of C19.

If I could claim, I might be tempted to donate it to the Wiltshire Air Ambulance. People shouldn't really claim if they have not been materially effected.

Be aware that the system went live with faults. Some people have been incorrectly turned down but accepted later when adjustments were made by HMRC.

 

[JeepJeep]

Anyone done the application yet as it's gone live? I've read the figure they' are using is 18/19 not the last 3 as they stated?

 

[JeepJeep]

Anyone done the application yet as it's gone live? I've read the figure they' are using is 18/19 not the last 3 as they stated?

I's misread the first time.

"
For both these requirements, the Government says it will first check your 2018/19 tax return – if you met the requirements that year, you'll be eligible.

However, if you earned more than £50,000 (or earned less than half of your income from self-employment) in 2018/19, the Government will then check your 2016/17 and 2017/18 tax returns, if you filed them for those years. If on average over the three years you earned less than £50,000 and made more than half your income from self-employment, you'll still be eligible. "

 

[primmiemoo]

I can't get through the gateway. I qualify, and would like to claim the 80% of freelance income I earned, but the system doesn't recognise me.

Waiting for an email to help troubleshoot.

 

[JeepJeep]

I can't get through the gateway. I qualify, and would like to claim the 80% of freelance income I earned, but the system doesn't recognise me.

Waiting for an email to help troubleshoot.

The Passport bit etc? I used the Credit check one.. Just asked questions in got in that way.

 

[primmiemoo]

The Passport bit etc? I used the Credit check one.. Just asked questions in got in that way.

It's the credit check one. I gave the right answers, too. Talk about existential angst

 

[Steevo]

I received a letter.....pretty sure I don't qualify in any way as not really financially affected by the virus...only the weather(!!).

Decided to take a look on the website anyway. Bit of a queue but 5 mins and I was let in.

Filled in my UTR and NI no. and was met with a page telling me I'm eligible, and can claim from 16th May.

"Eligible" just means that I'm genuinely on their books as self employed I assume, rather than I'd have a valid claim.

Seems a funny system to log on....just to be told to come back in a few days time.

 

[e3120]

I received a letter.....pretty sure I don't qualify in any way as not really financially affected by the virus...only the weather(!!).

Decided to take a look on the website anyway. Bit of a queue but 5 mins and I was let in.

Filled in my UTR and NI no. and was met with a page telling me I'm eligible, and can claim from 16th May.

"Eligible" just means that I'm genuinely on their books as self employed I assume, rather than I'd have a valid claim.

Seems a funny system to log on....just to be told to come back in a few days time.

The eligibility check does the 1 or 3 year checks quoted earlier. One of my business partners is, correctly, not eligible so it's more involved than knowing you're on their books.

I imagine the second step will include some sort of declaration that you've been affected - not something they can do automatically.

 

[Tim W]

If I could claim, I might be tempted to donate it to the Wiltshire Air Ambulance. People shouldn't really claim if they have not been materially effected.

Precisely my thoughts...too many people will try to claim that haven't been substantially effected
And then wonder why there are tax increases

 

[essex man]

My accountant seems happy to call bps money either trading or other/unearned income.
If trading income you may find yourself paying both tax and national insurance on it if you are a sole trader/partnership.
Advantage in calling it unearned income in this regard.