Rishi Sunak speech....

[unhappyclap]

What are people thinking so far?

@TickTockTickTockT it's horrendous, I hope you're offered some help at this time.

I hate watching him, at the age he is, struggle for money.
He was the backbone of my family for many, many years - now is the time for him to start winding down and he's working more than ever.

WOW a chartered accountant that doesn't know the income tax rate is identical employed vs self employed..

Why all the fuss then regarding the changes to IR35?

@StillDisappointed I feel for your dad though. As other poster said could he look at delivery driving?

They did make some things available for the self employed. The tax bill doesn't have to be paid by April it's deferred to January I think.

And anyone who doesn't have a tax bill isn't earning 25k. Or declaring 25k anyway.

It's desperately sad for everyone. But it's such a rapidly changing situation and the measures need to be applied immediately to stop the wheels coming off.

Anything to replace self employed income will take a lot more administrative effort because figures will need verification, id checks, banking sorted etc .

I am hoping that they are sorting the employed people out because it's quicker to give employers the confidence to use existing bank roll and tax accounts to their staff. This will keep people fed.

Anyone self employed needs to contact their mortgage company/landlord/utility companies/loan companies etc and ask for payment holidays. Keep any cash takings as cash for now. Draw enough money out of the bank now for food and essentials, start a Universal Credit claim now and wait and see what happens.

What about those self employed who have over the £16000 savings limit so can’t claim UC? I know they should technically be living on savings, and yes they are much better off than many, but but it seems very unfair that they will have to eat through those. It may have been a deposit for a house, savings To cover Mat leave, whatever. Given that many of these industries will be completely decimated for a time (I can’t see anything in events/theatre production springing back any time soon) Many people will face never being able to save again, at least not for a very long time. No one could have foreseen this, I don’t see why SE should have their savings completely depleted when employed will at least be able to retain some.

Lots of talk on R4 re SE. Listen at 8.10am for deputy chancellor.

On right now actually.

Thanks just listening.

It was the news I heard just then with David Davis saying more needs to be done for SE but more info at 8.10

Has the talk for self employed on R4 finished... it doesn't seem to be on?

Hmm they said 8.10 maybe now

Ah ok I'll keep listening...

Yep guy on now

I don’t see why SE should have their savings completely depleted when employed will at least be able to retain some.

I think that’s one of the risks you take when self employed tbh, folk want the benefits of being self employed (earn your own money, autonomy etc etc) and the benefits of being employed (job security, stability). I work part time and run my own business part time, my business brings in about 50% of my income and will be decimated by this. That’s the risk I took when I decided to go part time and earn my own money.

How would the government work out what to pay in any event, maybe 80% of your monthly income as declared for tax purposes?

Looks like it’s the better safety net approach for SE no extra wage scheme.

@StillDisappointed - my DP is in exactly the same situation as you dad... it's horrendous isn't it. Let's hope something does come out for the self employed. It's our only hope. Edit: however listening to that it doesn't sound likely....

Agree with @Bflatmajorsharp agree with your posts too.

To @Iamthewombat - really, just really? I cannot believe you have so little compassion and hatred for the self employed. Do you really see us (5 million people) as a second class citizen not entitled to this help? Whatever happened to #bekind???

We don't want 80% of self employed earnings.... just something that is half as fair as guaranteed 80% of earnings. Even a national minimum wage per week you dont the self employed to verify income for that. Why not 70%, or 50% to PAYE and a roll out of NMW for self employed? Why is it so difficult to comprehend that £400 a month will not cover basic living expenses.....

Jellycats I don’t really think that applies in this situation. It is so exceptional. When I went self employed a few years ago no one would ever have for seen that the industry I work in (weddings /events ) and lots of others would be completely forcibly ended for (let’s face it) at least 6 months to a year. All the venues we work with, florists, etc, even with the help they are being offered their income isn’t just reduced, it’s completely vanished. We don’t know when it might resume. That’s a life on benefits for the foreseeable future and lot of future hopes/goals/plans completely dashed. I’m very lucky that I don’t rely solely on my income but I’m thinking of where lots of my ‘colleagues’ are left now.

Why not 70%, or 50% to PAYE and a roll out of NMW for self employed? Why is it so difficult to comprehend that £400 a month will not cover basic living expenses.....

That makes sense in fairness, a bit less for PAYE giving room for something to the self employed. I suppose the sting in the tail is the Tories active encouragement to people to get out there and make their own money - but very little support for those who did just that when national crisis hit.

Personally, I would like to see NMW paid to everyone registered as self-employed,
because that is something that is not too administratively difficult

(However, I just don't know if the money is available)

So no calculation of previous income etc.
Reimbursing an employer for wages paid to employees is comparatively simple,
but the self-employed need to be treated as a group, same amount for each, not according to the individual calulated income of each

During this crisis, we want to provide help asap to those who need it
and also avoid adding more work to an already overloaded civil service

The main issue is even if you can show what you earned last year you can’t show it for this year, unlike employed people.

Of course, even 2,500 may cause financial ruin to those formerly on much higher income,
who have previously chosen financial commitments to match

However, that applies equally to employed or SE

That’s a life on benefits for the foreseeable future and lot of future hopes/goals/plans completely dashed.
I was referring specifically to your reference to folk who have over £16k in savings - yes it may be money earmarked for something else but it’s a hell of a lot of money and I think folk should be expected to use their own funds where they can. Bringing savings down to £15,999 would allow them to claim and feels reasonable in that that still is much more in savings than many many people have.

Yes the money might be set aside for mat leave etc, but our plans need to adapt a change - sitting with over £16k in the bank doesn’t remotely put you on the breadline. I have a lot of sympathy for self employed folk who find themselves with no income, and no safety net - struggling much more with folk who don’t want to spend their savings in excess of £16k while looking to the government to cover their living costs.

I think the chancellor will come back with a package for us Self employed based on maybe 80% of previous years tax returns.

For those that under declare maybe you'd be better off claiming Universal credit.

Adipose it didn’t sound like it from deputy chancellor this morning. Unless there’s a turnaround.

Now hang on, 16k is not a ‘hell of a lot of money’ when you suddenly have zero income. Yes you might get a freeze in mortgage for 3 months but you still have other bills to pay. It would keep you going as a single person if your outgoings are low for maybe the amount of time your job doesn’t exist due to this crisis, maybe. There are so many previously well paid SE people that will literally lose everything they have over this.