Advice Please

[Jonno]

Was going to advise but then you revealed your a keshie so........ask mein bollox.

me a kshie ?

Believe it or not it's not all about you, you'll notice the thread is called "advice please" and was started by a keshie.

Need more advice.....

Not being an expert bean counter, I'm trying to get into the bones of this measure included in the stimulus package....

Income tax loss relief for self-employed

This is a new once-off income tax relief measure which will benefit self-employed individuals who were profitable in 2019 but, as a result of the Covid-19 pandemic, are loss making in 2020.

The measure will give individuals carrying on a trade or profession as sole traders or members of partnerships a cash-flow boost from the early utilisation of up to €25,000 worth of 2020 losses (and certain unused capital allowances) off-set against 2019 profits.

Wondering how they calculate your 2020 losses to minimise your 2019 tax liability when you haven't done returns for this year yet? Some whizz kid out there knows I'm sure.

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jonno are you saying im a keshie,because if you are,then your quite wrong.I dont even know how to get into the kesh,nor have I ever been in the kesh ( well maybe long kesh) but rhats different

Being honest I don't even know what a keshie is. I was just throwing it out there to hopefully gain some information in what seems to be something valuable and should be of interest to all self employed folks. I hadn't heard mention of it with the list of measures announced last week. I was searching for any update on the 1000 enterprise support grant.

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[Shallowhal]

A keshie?......Dublin airport's finest upstanding taxi drivers......well Bubba and Marto!!

[dalymount]

Funny tou should mention that,I have just this minute emailed Sean Haughey askibg him if he can provide some more info on it.I also made what I believe is a valid point.what is somebody supposed to do if they dont have a grand to spend in advance of getting the grant ?

[mercenary for hire]

Daly they probably just assume you have a credit card or an overdraft facility.If you pay the card off within two months there's no interest.

[Jonno]

Funny tou should mention that,I have just this minute emailed Sean Haughey askibg him if he can provide some more info on it.I also made what I believe is a valid point.what is somebody supposed to do if they dont have a grand to spend in advance of getting the grant ?

You're right. I made that point a few days ago. If you do manage to scrape together a grand (or 1250 if you want to get the max 1000 back) how long to wait for reimbursement? I can't afford to wait 2 months to replace the scant few bob I have. Don't know why they're not informing people of this stuff. The covid coin doesn't allow for spare cash to be saved, and any previous savings I had were eaten up in the 14 weeks I was scratching me hole. So if there's a way of reducing last year's tax bill, I would like to know about it (preferably to a zero value, cos I've currently nothing in the pot for paschal!)

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[Theoneandonly]

Just make sure you get vat receipts for the stuff you HAVE to buy, fuel (fill her up) Tyres if you need them, get a service, buy a screen/masks/sanitiser car wash and whatever else, add them all up and get 80% back in Grant relief, if you don't need to spend €1,250...  don't

[Jonno]

Just make sure you get vat receipts for the stuff you HAVE to buy, fuel (fill her up) Tyres if you need them, get a service, buy a screen/masks/sanitiser car wash and whatever else, add them all up and get 80% back in Grant relief, if you don't need to spend €1,250...  don't

I've already got screen and new card reader. Gonna upgrade phone. That eats most of it up. Probably stock up on masks etc to finish

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[Punter]

Maybe consider laptop,phone or dash cam as expense !

[dalymount]

Just make sure you get vat receipts for the stuff you HAVE to buy, fuel (fill her up) Tyres if you need them, get a service, buy a screen/masks/sanitiser car wash and whatever else, add them all up and get 80% back in Grant relief, if you don't need to spend €1,250...  don't

will ordinary receipts not do ? Whats the difference between a VAT receipt ,and an ordinary receipt ?

[Tony]

Just make sure you get vat receipts for the stuff you HAVE to buy, fuel (fill her up) Tyres if you need them, get a service, buy a screen/masks/sanitiser car wash and whatever else, add them all up and get 80% back in Grant relief, if you don't need to spend €1,250...  don't

will ordinary receipts not do ? Whats the difference between a VAT receipt ,and an ordinary receipt ?

One shows the vat rate charged the other dosnt

[Jonno]

Just make sure you get vat receipts for the stuff you HAVE to buy, fuel (fill her up) Tyres if you need them, get a service, buy a screen/masks/sanitiser car wash and whatever else, add them all up and get 80% back in Grant relief, if you don't need to spend €1,250...  don't

will ordinary receipts not do ? Whats the difference between a VAT receipt ,and an ordinary receipt ?

That's something I'd be curious to know. I have a printout of the debit card receipt I used to pay for the screen along with the engineer report. I have photographed both stapled together. I've been on to the installer twice to email a vat receipt to me, but he's in no hurry to do so. Wonder why?

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[Jonno]

Also it says "normal running costs don't qualify", so I don't know about fuel/service

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[Shallowhal]

@Jonno.......engineers report?

[Jonno]

Yes.

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[Theoneandonly]

Most till receipts show VAT, be careful with credit/debit card receipts though often they don't show either the item or the VAT (sum up for example)

If not provided ask for one companies are obliged to provide them