Being self employed and the coronavirus

[edexlab]

I appreciate a lot of people are facing hardship its affecting us also, but there is a flip side to only getting 80% of wages or whatever the Gov't decide to give the self employed/ employed to stay home which may be better than some alternatives

Those who are classed as key workers like my Wife and I are continuing to work for our normal wage unless we get ill
She works for NHS in operating theatres which are being converted into ICU wards and She will be in contact with severe cases

Not as bad for me, working from home on call, going all over the country in the food industry for customers employing Eastern European's where so far I'm not seeing any measures being enforced at all, if it gets into those places they/We are all going to be sick very quickly.
Maybe not as risky as going to supermarkets for a spot of panic buying though!

There's the smell of lots of Govt money in the air and production is being ramped up and common sense is being ignored greed is going to override for some

We're not going to see much of each other or our kids over the next few months and We both will have a higher chance of contracting this virus potentially affecting our kids and other elderly family members who are isolating and to a degree relying on us for help

We could and maybe should stay at home for 80% wages and isolate ourselves just in case, most of the population are going to be ill at some point, A lot of people I know have told me they are doing this they see it as a few months off work. ( not suggesting people here are doing this)

But it would be good to finish a few jobs at home spend some time with the Mrs and kids and enjoy the weather when its nice albeit at a restricted level


But just think where the Country will end up if all people tagged as key workers do this
The Emergency and Armed forces for example

 

[Zerax]

Back in 2008, the government of the day was very quick off the mark to offer financial bailouts totalling £500 billion to the banks. By contrast, help for the self-employed isn't happening with the same determination and haste. Just saying.

They are currently trying to work out how to help the self employed... it's not as easy as you might think. Remember that government normally works very very slowly, so getting something agreed within a few weeks is extremely rapid for them... for us it still seems very slow.

The 2008 situation was entirely different... there is no comparison. The bank funding was in effect a loan and if a major bank collapsed it would have had serious consequences for millions of people across the world for years and years.

 

[Baddegg]

Self-employed will need to wait until end of May to get emergency govt cash — The Sun

THE SUN MOBILE APP

apple.news

Please stop the words.....???.....let’s remember that is the sun newspaper, I don’t think I’d use that when I run out of toilet roll.....
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There is a better article on sky news that says aid is coming today......apparently not for any self employed with savings??......

 

[davesparks]

Just seen this on twitter saying this passed yesterday so not 100% what it now means.
View attachment 56548

Does anyone have any idea where this was pulled from? Was it in the bill or a proposed ammendment?

 

[snowhead]

The Chancellor is announcing the packages later this afternoon on T.V

 

[davesparks]

The Chancellor is announcing the packages later this afternoon on T.V

That's good, but I like to see things written in black an white on an official document before believing them.
Politicians say a lot of things in press conferences that sort of resemble the truth but aren't quite exactly true.


Plus I don't have a TV.

 

[Baddegg]

I met a few people now that choose not to have a tv and they get hounded relentlessly by the licensing people, is it the same for you @davesparks?

 

[davesparks]

I met a few people now that choose not to have a tv and they get hounded relentlessly by the licensing people, is it the same for you @davesparks?

At my previous house I received a letter approximately once a month stating that an active investigation had been opened and their inspectors are in the area. The first one arrived a few days after I moved in, the previous tenant did watch TV without a licence.
3 years later I moved out and was still receiving the same letters telling me that they would be knocking on my door within a few weeks if I didn't pay.

Since moving house my other half has taken care of it and we haven't actually had any bother from them.

 

[ipf]

There is a better article on sky news that says aid is coming today......apparently not for any self employed with savings??......

So what about employees who have savings?

Hopefully we'll find something out, shortly.

 

[snowhead]

Plus I don't have a TV.

On soon,

View: https://www.youtube.com/watch?v=9Auq9mYxFEE


Briefings are normally published just before / during / just after.

 

[davesparks]

On soon,

View: https://www.youtube.com/watch?v=9Auq9mYxFEE


Briefings are normally published just before / during / just after.

Thanks, the not having TV comment was a bit tongue in cheek. I'm well aware that I can watch it via other sources.
I do read the transcripts of announcements, the PMs daily announcements and others, I find it easier to take the information in if I can something a couple of times and not just listen to it.

 

[telectrix]

it's not just 80% of wages we need. we still have overheads to pay, even if only road tax,insurances, phone. how can govt. expect us to survive if we can't keep the business overheads paid? van sitting outside not moving still costs, even worse if it's on finance or lease.

 

[Midwest]

it's not just 80% of wages we need. we still have overheads to pay, even if only road tax,insurances, phone. how can govt. expect us to survive if we can't keep the business overheads paid? van sitting outside not moving still costs, even worse if it's on finance or lease.

Whilst I’m being paid, so not currently being effected, 80% isn’t bad for the self employed, same as those on PAYE.

My son is self employed, but is director of his company as his business partner. He’s worried this scheme won’t cover him?

 

[telectrix]

but PAYE empoyees don't have any overheads. overheads are 40% of my gross income.so i only get 80% of 60%.? that just covers overheads with nothing left.

 

[SparkyChick]

My son is self employed, but is director of his company as his business partner. He’s worried this scheme won’t cover him?

Is he on the payroll of the company?

If so, he can be an unpaid director and furlough himself (this is according to my accountant), but he made need to access finance to cover the ongoing business overheads.
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it's not just 80% of wages we need. we still have overheads to pay, even if only road tax,insurances, phone. how can govt. expect us to survive if we can't keep the business overheads paid? van sitting outside not moving still costs, even worse if it's on finance or lease.

Same here Tel, whilst on PAYE the business has still got overheads to cover. Right now, I'm not sure how I'm going to access the other financial support as I've been unable to get through to the advice lines.

 

[Midwest]

I understand that; but it’s still realistic. Nothing is going to pay you for what you had before. Hopefully it will only last a while.

 

[NDG Elecs]

June...... That's great....

 

[Midwest]

Is he on the payroll of the company?

If so, he can be an unpaid director and furlough himself (this is according to my accountant), but he made need to access finance to cover the ongoing business overheads.

Don‘t know, not spoken to him other than phone texting etc; we’re self isolating from each other, as he has young child, and I work in a carehome. He has a good accountant, so hopefully will get good advice.

 

[ipf]

Roll on June then.
Once we get past the worst of it, hopefully by June, we might start getting a bit of cash through......only about 10 weeks off.
From initial soundings, I don't feel too bad about it, though.....a 3 month chunk in June.
It's bloody hard work for those in charge, too, I think.

 

[snowhead]

And the bit that may have been missed for S/E is you are allowed to continue to work, assuming there is some available, unlike employees on Furlow who cannot.

 

[NDG Elecs]

Roll on June then.
Once we get past the worst of it, hopefully by June, we might start getting a bit of cash through......only about 10 weeks off.
From initial soundings, I don't feel too bad about it, though.....a 3 month chunk in June.
It's bloody hard work for those in charge, too, I think.

I read June at the earliest.... People could be waiting til July or August.. I think Trumps idea was a much better one. Many folks will be absolutely desperate by the end of April if not earlier.

 

[ipf]

And the bit that may have been missed for S/E is you are allowed to continue to work, assuming there is some available, unlike employees on Furlow who cannot.

There's going to a hell of a lot of work for the accountants.
They'd better start preparing for another load of grants later to pay for that little lot..

 

[Baddegg]

I read June at the earliest.... People could be waiting til July or August.. I think Trumps idea was a much better one. Many folks will be absolutely desperate by the end of April if not earlier.

Agree he’s saying June but I doubt you’ll see anything before August.....sounds like they’ll give you a lump sum calculated on previous years you’ll add this to 20/21 tax returns and pay tax accordingly......it’s not gonna stop the spread as people will have to go and earn, assuming they can find the work of course....that in turn will drive down prices, encouraging cash payments, resulting in less income for the revenue

 

[HappyHippyDad]

Looks like you've all seen it but here it is for those who haven't.

UK Covid-19 death toll reaches 578 after biggest recorded daily rise – as it happened

Chancellor Rishi Sunak announces new measures for self-employed; police get new powers to enforce lockdown - as it happened

www.theguardian.com

 

[Baddegg]

If we’ve all been good and put our tax away as it’s earned....calculate what you’ll be getting and take it out of that then put back when lump sum comes?