New help from the Ferret
Gareth Morgan has put online and free for use, his reckoners: – these help people with benefit and grant claims – estimating what they’ll get
They are called Ferret Reckoners
These reckoners, which are amongst those normally only supplied with Ferret’s calculation advice systems, are intended to help advisers with particular assessments which may fall outside our core systems. They are designed to help advisers.
For the duration of the Coronavirus 19 emergency, Ferret are making them freely available for use by advisers.
They are not definitive advice and advisers should make sure that they check and understand the results carefully. We cannot accept any liability for the use of the reckoners… You are using them at your own risk, and by using them accept those terms.
Gareth regrets that Ferret’s Helpline, which provides support for our systems and reckoners, will only be available to subscribers. Please notify any errors or suggestions to reckoner_support@ferret.co.uk
| Ferret’s Self-employment IncomeSupport Scheme (SEISS) Reckoner | This reckoner provides estimates of support for self-employed people during the covid-19 crisis |
| Minimum Income Floor reckoner | If self-employed, there will be a minimum income floor (MIF) which the DWP use for Universal Credit, even if real earnings are lower. Estimate what this should be. |
| Home Equity under loans for mortgage interest (from April 2018) |
See how equity could vary in future as interest rates and home prices change |
| Self-employed Expenses | Quickly estimate the monthly expenses for Universal Credit |
| Surplus Earnings for Universal Credit | Estimate how earnings, which have stopped Universal Credit from payment, will reduce further claims within 6 months. Particularly useful for weekly paid people who may see 5 paydays in one period stopping UC. |
| Self-employed Losses carry-forward | Estimate how losses in previous Universal Credit periods are taken into account for later assessments |
| Emergency Tax for pensions | How much initial tax is payable when taking lump sums from a pension |
| Pay Periods in Universal Credit | The payments cycle in Universal Credit |
| State Pension Age | Shows when State Pension Age is reached and when ‘Mixed Age Couple’ rules will apply |
| Combined Periods | Pay & Rent Periods in UC |
| Better Off in Work – no UC | A Better-Off Changing Work Reckoner for those not receiving UC |
| Better Off in Work with UC | A Better-Off Changing Work Reckoner for those receiving UC |
New help from HMRC
HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus (COVID-19).
The helpline allows any business or self-employed individual who is concerned about paying their tax due to coronavirus to get practical help and advice. Up to 2,000 experienced call handlers are available to support businesses and individuals when needed.
If you run a business or are self-employed and are concerned about paying your tax due to coronavirus, you can call HMRC’s helpline for help and advice: 0800 024 1222.
For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to explore:
- agreeing an instalment arrangement
- suspending debt collection proceedings
- cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately
The helpline number is 0800 024 1222 – and is an addition to other HMRC phone contact numbers.
Great post, very helpful.