Business expenses

So I’ve been pondering how I’ll cope with little or no money coming in.

in June my CPS is due for renewal

in July my van tax is due

now I could just get 6 months road tax

wonder if my CPS will be offering any flexible deals or maybe I won’t renew until things pick up.

fortunately all my other “big” bills aren’t until December onwards 

thoughts team ?

scrap the scam membership if you can... i am... only re registered a year ago because of a few jobs that made it worth registering again... now despite being told that i will not be registering for another year, they still send me begging letters and threatening to remove my membership if i dont pay...

Andy™ said:

scrap the scam membership if you can... i am... only re registered a year ago because of a few jobs that made it worth registering again... now despite being told that i will not be registering for another year, they still send me begging letters and threatening to remove my membership if i dont pay...

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I can’t see me doing any work in the next few months on new installs .... so CPS registration could be a luxury I won’t need.

i emailed our wine club and asked for a 6 month suspension or I would leave ... I’m now on a 6 month payment holiday 

just need to be extremely careful on what I spend ANY money on ....

I wonder if the NIC will be offering interest free extended terms?

mine is due on April 1st ( not sure if it's an individual thing or everyone's is due then ?) but it's a lump,of outlay when there is no work coming in

2 weeks ago,I had 6 weeks work lined up

as from last Wednesday.....nothing

Speak to your CPS  Murdo.  I think they may be forced into being more flexible  ..... they're cancelling face to face  assessments after all.      Obviously they depend upon our  fees but  on the other hand  we have to eat & pay the bills.       Or ask for the assessment to be  postponed ,   there will be a lot of sparks with cancelled jobs  phoning in .  

Who are you with ?    

kerching said:

mine is due on April 1st ( not sure if it's an individual thing or everyone's is due then ?

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That would be just you then Kerch  , they save that date for certain customers   :slap      Oooh just checking mine  , ah  October Phew? 

kerching said:

as from last Wednesday.....nothing

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Blimey   this will be widespread I'm thinking .    No good me commenting as I don't get a huge amount of enquiries these days ,   carpenter /builder opposite had  a load cancelled , mostly by the children of older folk  who are worried. 

Evans Electric said:

Who are you with ?    

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Stromit

or is it 

Napra ?

think I’ll wait until a bit sooner and see what they say ......

NAPSTROM   I think .      CPS  schemes  ...and then there were two . ...and then  finally  .....  NIELECSTROMITT   ????

I am very close to joining F. E. C. K. I. T. 

Federation of

Electricians

contractors

kitchen fitters and

Information

twiddlers

 Could this be the end of the scams or have they gone into manufacturing ventilators? 

This is very welcome news, tax payments for the self employed for July delayed
 

https://www.accountingweb.co.uk/tax/hmrc-policy/tax-payments-deferred-as-chancellor-protects-jobs?utm_medium=email&utm_campaign=AWUKTAX230320&utm_content=AWUKTAX230320+CID_a9d0724f300b97b50a924339a5874289&utm_source=internal_cm&utm_term=Read more

delayed but not cancelled - some relief |I suppose.

I'm kind of glad I axed a lot of overheads in light of Brexit, but I still have bills to pay, and I don't think we are likely to see much work for 6 months to a year - might be locked-down completely at some point? So I am planning on applying for any subsidy / grant / handout I can get, it's all interest free. 

I suppose the silver lining is that most self employed will be considerably down on previous years turnover so the tax burden will be greatly reduced therefore the payment on account would be reduced accordingly anyway,  so the overall tax bill for the year will be reduced. 

as for the deferred Vat will that not depend on whether you have large Vat-able purchases already in the system and will need the business to pick up almost immediately after the pandemic to be in a position to actually have the money to pay at the year end? Remember the Vat that is deferred is to be used to support the business through these testing times, so will not be available come the year end? 

Rang NIC....put my fees on monthly instead of yearly, theybare looking into,other avenues, possibly freezing or discounted/deferred payments

RAC cover is due for renewal soon....that's the next call 

binky said:

delayed but not cancelled - some relief |I suppose.

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Isn't the July payment a down payment for fy 2021 based on the last years profit, so if the profit drops you can apply to reduce the payment. So less than £6250 profit = no payment due

Talked to my accountant and it looks like I am entitled to not a lot as...

its a limited company

i own the company as the only shareholder

i am "employed" by the company

i don't draw a regular wage, just when money is available

i don't pay business rates

on the plus side my next VAT quarter ends April so the return has to be done BUT payment is deferred