Self employed thread

Discussion in 'General Discussion' started by grdaniel, Mar 21, 2020.

  1. 21 Mar 2020 at 7:11 AM #1
    grdaniel

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    I know theres a few of us on here, thought i would see if all us self employed could share information on how dealing with things during the crisis.

    I see the chancellor announced 80% wages being covered for retained employees, is there anything in the pipeline to look after us too?

    Most of us have lots of work in the pipeline which we just cant get on with due to the restrictions so our income is fucked through no fault of our own.

    Hope you are all keeping well and staying safe.
     
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  2. 21 Mar 2020 at 7:14 AM #2
    GolfDuck

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    There was something on the news last night about self employed people getting the equivalent of SSP (eighty odd quid) but I've not heard it again since then.
     
  3. 21 Mar 2020 at 7:18 AM #3
    grdaniel

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    yeah i heard about employment support allowance too, but was on gov.uk website looking for info and just going round in circles trying to work out what we can and cant do. Theres a huge amount of people in the uk who are self employed, we pay our tax and ni, but often seem forgotten about in these things. As far as im aware i still have work until end of april but i personally know a whole bunch of guys who have just been told “there’s no more work”, and there are many more out there and struggling now.
     
  4. 21 Mar 2020 at 7:21 AM #4
    GolfDuck

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    I'm sure. There are tough times ahead, it seems for many.
     
  5. 21 Mar 2020 at 7:32 AM #5
    akorn77

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  6. 21 Mar 2020 at 7:40 AM #6
    Vergis

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    The Chancellor was saying that HMRC are working day and night to get the system up and running. In reality he means HMRC have CONTRACTORS working day and night to get this ready and HMRC management will pat themselves on the back for doing a service to the nation when its done.
     
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  7. 21 Mar 2020 at 7:49 AM #7
    grdaniel

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    This is the same kinda confusion i saw on gov.uk site. Almost all of it applies if you are either sick or self isolating. Never really mentions what to do if your work has been canned whilst you are still fit and firing though.

    Hopefully something will come out soon addressing this, i have many friends in my industry i worry for!
     
  8. 21 Mar 2020 at 7:54 AM #8
    akorn77

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    Our gift was postponement of IR35, but totally useless when the whole industry has already prepared for it and clients are letting contractors go due to Covid.
     
  9. 21 Mar 2020 at 7:55 AM #9
    Mr Burns

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    In fairness to the lack of information - it's only been a week or so - give them time.

    There will be confusion, but the self-employed (like me) need to accept they are SELF employed and are likely the last in line to receive support.

    Cut back on costs now, as cashflow will be king in the coming weeks - I have already agreed three months mortgage relief and despite some comments of 'only take it when you need it' if this blows over, I'll pay down the three months and be in exactly the same position as I was pre-Covid 19. I've also cancelled some non-essential costs/direct debits, (Amazon prime etc) requested a council tax holiday for home and business rates and reduction in bank charges.

    There will be deferments on VAT and hopefully staff PAYE payments too where relevant.

    My wife is listing unwanted items on eBay etc, hoping to generate income before it runs out for buyers, or the postal network melts down.

    I'm lucky in having little finance, but am a little older and if it comes to it, I will stop paying and send things back (car and bike) - what that does to my credit file isn't of relevance and will hopefully be looked at differently by creditors once this is all over.
     
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  10. 21 Mar 2020 at 8:36 AM #10
    Rocketeer

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    I believe that if you have any savings of a few thousand in the bank, we will get nothing! I could be wrong but I’m certain this will be the case. Forgive if I’m being pessimistic.
     
  11. 21 Mar 2020 at 9:22 AM #11
    grdaniel

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    Similar thinking to me, i am cancelling all non essential stuff right now. I havent applied for mortgage holiday yet as im just waiting til i hear no more work, but its imminent. Only finance to worry about is car leadse at 250pm, i think i’ll just ride that out with savings. Also have access to a good deal of credit so if needs be il use that to keep afloat and il happily pay it back once the dust settles.

    Also agree with you on us being last in line, and understand its early days. There are 5 million self employed in the uk, making up 15% of the work force, it comes with its pros and cons for sure. Im not asking for any handouts for us, only that we not be forgotten about either.
     
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  12. 21 Mar 2020 at 9:25 AM #12
    Mr Burns

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    My business partner and I have just had a chat and between us we have around £30k limits on low interest credit cards. Whereby we currently use them and repay in full, if we use the minimum payment, we would be faced with a grand a month to find, then revisit later.

    Not something I'd usually advocate, but as credit limits will start to fall, I'd apply and get them now as a back up...
     
  13. 21 Mar 2020 at 9:27 AM #13
    grdaniel

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    I manged to get 15 months 0% on purchases from my building society this week, atleast there’s that!
     
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  14. 21 Mar 2020 at 9:37 AM #14
    stuartk

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    It’s very difficult to know what we got there’s talk of grants and interest fee loans.

    deferment of VAT but ultimately we gotta pay it at some point.
     
  15. 21 Mar 2020 at 9:44 AM #15
    Mr Burns

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    True, but cash flow will be king, so if options exist, I am taking them.

    Plus who knows, take a vat holiday and then government says later, all those who did don't have to pay - I'd rather keep the money than claim it back...
     
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  16. 21 Mar 2020 at 9:46 AM #16
    stuartk

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    We will be due a refund this quarter so it doesn’t help us.

    though our other business currently owes around £30k in VAT. It would be a very welcoming thought to be let off paying that and keep the cash.

    I agree we have never had business debts and ideally don’t want them.
     
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  17. 21 Mar 2020 at 9:48 AM #17
    akorn77

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    I submitted my quarterly VAT return as normal last week. I'd rather not deal with the stress & hassle of dealing with HMRC, when half the country is going to be on the phone to them in 3 months time..."You are in position 4,450,892 in the queue, the waiting time is currently 11 years, 4 months, 9 days and 23 hours and 4 minutes."
    :muttley:
     
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  18. 21 Mar 2020 at 9:54 AM #18
    Mr Burns

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    Our business currently is unaffected, but our business has a small loan from Funding Circle and on Monday we will request an interest free payment holiday. Cash is king and I want as much in our bank as possible with current uncertainty.

    I agree 100% with maintaining as normal a routine as possible and not to just stop payments/cancel direct debits, but currently, the response to any proposals is under huge scrutiny to deal with customers fairly, so a good time to get things agreed, even if not utilised. I am simply building options.
     
  19. 21 Mar 2020 at 10:11 AM #19
    M3 GFY

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    As well as the Vat deferment ALL Self-employed can defer paying their 31 July 2020 Self-Assessment tax bill until 31 January 2021. As well the Job Retention Scheme, SSP relief, Business rates holiday, Grants for Small Businesses of £10K, Grants of £25K for Retail,hospitality and leisure businesses, Business Interuption Loan Schemes the Government have done an incredible job in a very short space of time. Obviously it won't please all the Corbynista's who expect EVERYTHING to be GIVEN to them for NOTHING.

    I seriously dread to think how Labour would have handled this crisis with Corbyn at the helm.

    We're British. Keep calm and carry on. We've been through fooking WARS for Christ's sake.
     
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  20. 21 Mar 2020 at 10:57 AM #20
    m3 paul

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    I am hoping that in line with PAYE staff maybe they can offer us self employed the 80% wages based on maybe an average of our previous three years books.

    I think the government have done a lot in the short space of time and it has helped my nursery worker fiancée who is on crap money anyway and has had her hours chopped to almost nothing even though she will have responsibility for some key worker children and a few with ECHP needs.

    I have a very small flooring company and have just sunk absolutely everything in to completing the flooring at 22 flats and this could not have come at a worse time and quite frankly was crapping it but incredibly the construction company I did the work for paid me three quarters of the invoice yesterday which was earlier than promised with the final quarter next month. It still doesn't mean I am okay because I am not by a long long way but it has taken some anxiety away of not being paid at all.

    I have quoted for another 42 and if I can start on it in the next few months I will go above and beyond to pay them back for their financial compassion when it was very much needed!!!!
     
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