Bounce back and C.I.S

Jeremy535897

Grumpy_chap said:

Jeremy535897 said:

 OP made it clear he is a sole trader.

OP only stated

Deanwil999 said:

As I’m self employed 

There are many examples on this forum of people stating they are self-employed, but then transpiring they do not know the difference between sole-trader and Proprietor-Director of single-person Ltd Co.  Obviously, we have established that does not apply to the OP, but it was initially a possibility.

By the time I replied, OP had confirmed he was eligible for SEISS so not the owner of a limited company. It was just your turn of phrase that struck me as odd:

It is entirely possible to be self employed and within CIS

If you are self employed as a sub contractor, you will be within CIS.

Pennywise

Not surprised people get confused when the Government itself is confused about the self employed (or not) status of company director:-

Deanwil999

No I’m not a director, I’m a sub contractor. My tax get deducted from my pay when they pay me and I file a self assessment tax return at the end of each financial year. Just confused as I’m not sure if this makes me eligible for the bounce back loan scheme. 

Pennywise

Deanwil999 said:

No I’m not a director, I’m a sub contractor. My tax get deducted from my pay when they pay me and I file a self assessment tax return at the end of each financial year. Just confused as I’m not sure if this makes me eligible for the bounce back loan scheme. 

It does make you eligible if you're also eligible under the other criteria, i.e. profits less than 50% of total income, submitted 18/19 tax return, etc

Grumpy_chap

Deanwil999 said:

No I’m not a director, I’m a sub contractor. My tax get deducted from my pay when they pay me and I file a self assessment tax return at the end of each financial year. Just confused as I’m not sure if this makes me eligible for the bounce back loan scheme. 

Yes, you are eligible for BBLS.

Jeremy535897

Pennywise said:

Not surprised people get confused when the Government itself is confused about the self employed (or not) status of company director:-

I don't think you can say the government is confused: UC is dealt with by DWP and treats close company directors as self employed, HMRC runs CJRS and SEISS and does not treat directors as self employed. It would be more logical to treat close company directors as self employed for SEISS, but it wasn't practical. Quite why the government believe that mass fraud would be committed by directors self certifying profits for SEISS, but have been happy for years to accept directors self certifying income and expenses for UC is something I admit I do not understand.

MatthewAnthony

Deanwil999 said:

I was told by Barclays first that I would just need a business profile added to my account, but when I called they then told me I would need to apply for a business account which I have done and I’m waiting to hear back from that. 

Yes I was eligible for SEISS and applied for it.

right right!!!