Going operational with reserves when self employed

Drobs

Crow
I’m thinking of joining the reserves and wanting to know if anybody has any experience with pay when self employed.

I understand that they make up your pay to be in line with your income from the last year of books. Do they go off what you earnt before expenses or on what you turned over.

So for example if your last years books was 50k with 10k expenses would they make up your wage to 50k or 40k?

Thanks in advance if anybody can help.
 

Just_plain_you

Old-Salt
If you are asking this question the reserves may not be for you.
 
I’m thinking of joining the reserves and wanting to know if anybody has any experience with pay when self employed.

I understand that they make up your pay to be in line with your income from the last year of books. Do they go off what you earnt before expenses or on what you turned over.

So for example if your last years books was 50k with 10k expenses would they make up your wage to 50k or 40k?

Thanks in advance if anybody can help.


You should expect a great deal of support from your unit and a mixture of malevolence, incompetence and bewilderment from most elements of the MoD.


Do it 'cos you love it not for the money.


And remember; every man thinks meanly of himself for not having been a soldier.
 

FORMER_FYRDMAN

LE
Book Reviewer
I’m thinking of joining the reserves and wanting to know if anybody has any experience with pay when self employed.

I understand that they make up your pay to be in line with your income from the last year of books. Do they go off what you earnt before expenses or on what you turned over.

So for example if your last years books was 50k with 10k expenses would they make up your wage to 50k or 40k?

Thanks in advance if anybody can help.
What did you declare on your personal tax return?

There you go.
 
I’m thinking of joining the reserves and wanting to know if anybody has any experience with pay when self employed.

I understand that they make up your pay to be in line with your income from the last year of books. Do they go off what you earnt before expenses or on what you turned over.

So for example if your last years books was 50k with 10k expenses would they make up your wage to 50k or 40k?

Thanks in advance if anybody can help.
What did you declare to the tax man? This may help: Rights and responsibilities for reservists and employers

Section 9 may apply: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/626793/Financial_assistance_for_employers-FINAL-3-Feb-2017-1.pdf
 

Drobs

Crow
Thanks for the reply’s

I wouldn’t be doing it for the money believe me. I would have to take a pay cut as i currently work offshore on the rigs. The 2 on 2 off Rota wouldn’t give me the commitment needed.

My thinking is quit offshore for 6 months or so to get me through basic and then I could start working back offshore. In my time off I could spend as much time as possible with the reserves.

But I do have responsibility’s that I need to meet. I wouldn’t want to join knowing I couldn’t go on a tour due to this reason
 

yakida

Swinger
Hi I was in the same situation when I was mobilised. I brought my most recent tax return to MTMC Chilwell. They match the profit you’ve made which shows on your self assessment. So basically it’s youre net after all your expenses and tax taken off.
Then they’ll pay you and take tax off you’re army income so you could be worse off.
However with a tour bonus and other expenses you can claim for it may work better.
I’m currently going through mobilisation again and they told me they won’t honour any army income I’ve received showing on my tax return. Which for me is the majority of my income as I did a tour last year.
I hope this helps.
 

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