A thread for direct financial impact of Coronavirus...

[wheresmymojo]

I thought all self-employed, freelancers, people made redundant and similar who are impacted by Coronavirus could gather here to share stories, tips on managing, etc.

I expect the thread to be quiet to begin with but get busier over the coming weeks.

Anyone else already impacted (like me) or seriously worried?

We're badly impacted, as dh has had to go into social isolation due to his health and cannot work - he's casual, and there is no paid leave at all. Our income dropped 60% literally overnight.

I work in a school, and am concerned about my exposure there (also at-risk category but my immune system is in better shape than dh's and I haven't yet been advised to stay home). I can't not work, however. I also can't fund rent, bills, food etc just from my pay.

We are lucky to have some savings - I estimate for about 10 weeks.

Not sure how we will cope after that. We're in a different country to the UK.

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DH works in the events industry as a self employed contractor. All the work has gone and will stay gone.
I don't work due to ill health and dont get any financial support.
We're fucked basically.

@cucumber66 HMRC have set up a helpline for issues with difficulties paying tax because of Coronavirus. They are saying there will be payment plans.

Dh & I are self employed.

The business has been providing for our family for over 10 years, but we don't have savings.

We have dozens of customers, many of whom are self employed themselves, such as plumbers.

So far one has cancelled our service because of worries over the virus and we think many more will in the next few months.
It's like watching a slow motion car crash.

I'm a freelance hair and makeup artist. Definitely requests in the past week have been much lower than normal. March can be a slow time for me anyway. So not too worried as yet, still have enough bookings on Fridays and the weekend. Have only had one cancellation due to coronavirus fears.

Surely this is going have a massive impact on people. I've seen lots of people posting that they can wfh etc so nothing to worry about. Both DH & I can but our employees need to be bringing in business & therefore have work to do.

Self employed cleaner, two cancellations for next week all ready. I'm expecting more. Dreading a lockdown, no work= no money. Quite lucky in that I have no mortgage and can reduce outgoings but can't sustain no wage indefinitely.

Thank you @wheresmymojo for starting this thread

I am just an employee in a small business that has to do with film and TV in London. If I don’t work I don’t get paid and in fact I am in my probationary period.

They have already cut all their agency people and are talking about going to a reduced work week. I’m petrified.

As to stock piling, I think that also should include financially if a person can. I have started selling stuff on eBay with the package handler collecting parcels at the door.
Elderly and immuno suppressed vulnerable folks who will have to self isolate shortly
I’m not elderly but I have had cancer in the past, take heart medication and don’t work in a job where I can work from home and am not sitting on thousands in Savings.

I do have 3 different pensions and I am considering cashing in the smallest one (at a 40% tax hit) which will leave me enough money to pay my mortgage if I must self isolate. Being sick AND losing my house/ being homeless is keeping me up almost all night worrying.

I need to know I can pay my mortgage to feel safe. My (Santander) won’t give a mortgage break or anything either.

Ok also the business that I work for is seeing nothing but cancellations!

We rent so no help there as I earn a few pounds over the housing benefit and UC application threshold. Applied online and have been turned down. DP is self employed and work has dried up. He is not eligible for benefits at the moment. We have a key meter for electricity and have biomass fuel which is 250 every 6 weeks. I can pay either to get to work, hot water/ heating or electric right now. I'm dreading the weeks to come.

@StrawberryBlondeStar is there a dedicated phone number for HMRC do you know?

We have a small restaurant and i suspect at some time in the near future the government will ask all bars,restaurants and cafes to shut as on the continent. Quarterly rent and VAT due end of month.

I think it's worth approaching landlords of your business premises for a payment holiday if needed, we will do that.

I'm also trying to find out how one applies for this £3000 government business grant that was outlined in the budget, anyone got any ideas?

Glad they have scrapped rates for the year for small businesses - that will be a help to us.

Husband works in insurance industry. Company was already struggling so wondering what the future will bring.

We still have a good chunk of mortgage and will need to consider downsizing, but the impact on the housing market will be equally grim.

DH & I run a business supplying shops & leisure outlets, usually for next day delivery. Our leisure customers have stopped ordering & we also think that quite a few will not be able to pay us what they already owe. There’s no way we will be able to pay staff costs for 4 months with a huge drop in demand. Our business insurance includes interruption but not in these circumstances.
I’m not sure our staff fully realise the gravity of the situation. They are dropping heavy hints about working from home but not realising that there may not actually be work for them to do. We have some projects like housekeeping, marketing but this won’t last very long.
We have a team meeting tomorrow where I will explain that job cuts are a real danger, though this would be a last option. We will talk about unpaid leave, taking holiday, agreeing reduced hours.
For an SME like ours, the best option would be for the govt to insist on self- isolation for everyone and to put everyone on SSP. We could afford this, our staff would keep their jobs and our business would survive. DH & I could do the essential work to keep things going. I don’t underestimate how difficult that is for staff but they would not be unemployed and would have jobs to come back to.

I can work from home but employer doesn't like it so won't allow it.

If I need to self isolate I'll get SSP & while I can claim benefits to cover my rent this will force me to move to the dreaded UC when I was hoping to see out tax credits for the next year as after this I won't be eligible.

I have an interview next week for a new job which has a higher salary, better benefits & will mean I'm over the threshold for UC or TC anyway - but it's in a care home & although I've not yet been advised the interview is cancelled I'm fully expecting it to be.

@Thunderpunt www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

That’s the dedicated helpline for tax issues from Coronavirus

They haven’t announced how the 3K grant will be obtainable yet.

DH has his own business, our main household income. We’re in the food industry, but things haven’t been great for a while for us or our competitors, we’ve had a few customers go bust on us over the past couple of years and we’ve managed to take the hits. But a uk shutdown would be the end of the business and 20 employees out of work. Though even without a shutdown things could go tits up anyway.
I work part time in a pharmacy, so won’t be out of work - but am being very wary of hygiene when I’m there! 3 children, older two old enough to look after the younger one if schools close and DH and I are lucky enough to still be working.

Our local council has pledged £1m to distribute to local small businesses who need it to help cover any losses. It probably won't go very far but it's something.

I work in the non profit sector, if we have to close (likely by Friday) I have less than 50% of my normal job, I'll be lucky to be kept on more than a month or two

I'm also self employed, privately renting. I get a small amount of housing benefit but have a large shortfall to make up from my earnings. I have about 2 months rent saved for emergencies. 3 gigs have cancelled. I'm going to be buggered in the next couple of months.

DH is a freelance sports journalist, creating football content for various TV and online outlets. He has been told by all of his employers he wont realistically have any more work until the new season starts.

He has another income stream, so we can just about get by, but it is a huge blow to our finances.

I’m public sector and still working, but no idea what would happen longer term if we were put on lockdown. I can’t work from home.

I’m so sorry for all of those worried about losing your homes. It’s a very scary time.

DS works for a fast food chain he's had his shifts for next week completely slashed as they've been so quiet.

He'll be OK for a while on the bank of mum and dad but I feel so sad for all the single mums etc he works with.

Thanks strawberry