27-03-2020, 10:39 AM
5
Re: Help for Self Employed
Originally Posted by spitfire
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Please explain.
It's part of the unwritten legislation when it comes to setting up a business or becoming self employed.
Ensure you have a viable and achievable business plan to be able to create enough cash to survive for three months by the end of the first twelve months of operating.
It's exceptionally hard to do but working towards that goal will very soon show the viability of your endeavour and where there are weakness that need to be addressed.
Far too many of the self employed are working hand to mouth.
27-03-2020, 11:01 AM
7
Re: Help for Self Employed
Originally Posted by spitfire
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Sole Traders, (especially service orientated personnel) earnings, are treated as profit. If the nett profit is equal to an average wage, it would be good to know how many folks in direct employment could (or would) accrue a three month buffer?
In any case if someone is living hand to mouth when working for the average wage then the solution is to either get a second job, change job, or reduce living standard.
27-03-2020, 11:05 AM
8
Re: Help for Self Employed
That is the problem with folks, the expectation has been raised to high, most self employed folks do so for earnings commensurate with the average person in the street, so, logically should not have to make contingency plans for an emergency, thus, emergency support should be available across the board.27-03-2020, 11:22 AM
9
Re: Help for Self Employed
Originally Posted by spitfire
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That is the problem with folks, the expectation has been raised to high, most self employed folks do so for earnings commensurate with the average person in the street, so, logically should not have to make contingency plans for an emergency, thus, emergency support should be available across the board.
Same with "Benefits".
27-03-2020, 11:26 AM
10
Re: Help for Self Employed
Originally Posted by spitfire
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That is the problem with folks, the expectation has been raised to high, most self employed folks do so for earnings commensurate with the average person in the street, so, logically should not have to make contingency plans for an emergency, thus, emergency support should be available across the board.
The self employed don't have fixed incomes so one month you could be doing really well and then that's suddenly wiped out from 3 weeks of nothing because you customers are all on holiday (for example).
Employees under PAYE schemes have stability, employment rights and protection, where the self employed sacrifice that for higher paid, higher risk incomes with benefits of flexibility and freedom to work for who they want to. I don't expect the government to legislate for every individual business but for those who are struggling now, just like everybody else, there should be an equivalent and fair level of support. What we have been offered is a brush off and for most, a slap in the face.
My friend gets a 10K grant and a 10k taxable grant - others get nothing until June, and when June finally comes along, they get next to nothing anyway. The difference is the 10K grant people and the employed don't have to burn their savings to get through this where as others do - if they actually have savings and a corporation tax bill to pay in October, based on the previous years accounts.
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