Sensible thread for self-employed people

[Bflatmajorsharp]

Could we have one please?

You know, where we don't have to continually confirm that yes we pay the same taxes as employed people, yes we pay slightly less NI but don't have access to SSP or pension contributions, yes the HMRC does know what we earn as we submit a tax return each year.

It's really struck me this weekend that offering no financial support to the 5million SE/gig workers is a public health issue.

People are still going to work because they can't afford not to. Some London tubes were packed today with people who cannot social distance, not because their jobs are vital but because they cannot afford not to work.

I hope that the govt address this sharpish. It's so dangerous.

Just said on sky news, estimated only 1/3 will get any help

I'm SE my friend posted a Daily mail link on FB earlier reporting that it was means tested and anyone earning over £50k a year would be exempt.

www.dailymail.co.uk/news/article-8154877/Self-employed-FINALLY-coronavirus-bailout-Rishi-Sunak.html

Absolutely gutted. We won’t be entitled to any support under this. DH cannot complete any paid work, we are up to our necks in outgoings. If the housing market crashes as a result of this, we are financially screwed. I feel very worried about the future now.

I'd wait for the official announcement before panicking. The DM aren't known for accurate reporting.

Instead of nothing for earners over £50k, it might just be that help is capped at that level, which I believe is roughly in line with what employed people are entitled to.

I won't receive any help if the DM are right either. I think The Times have reported something about it being means tested but I can't get the full article for the details as I don't subscribe. Still hope yet.

Bimbleberries - For UC it is less than £16,000 in savings.

Earning over 50k profit? Or turnover?

DH is a carpenter. Turns over just over that, but materials etc get taken off and he's left with his earnings which is about 20000 odd actually earned. He then pays tax on that. Not sure if he'd be eligible.

It’s a long day waiting for this announcement

Jamb jj

Would it just be for the one month do we think?

yes, £16,000 in savings. So there must be a mechanism for them to check savings, which is what someone else was saying would be impossible to do for this. Impossible in a tight time scale, I'm sure, but must be possible in the long run, and then if they found people applied but weren't eligible, I'm sure there'd be a way to get them for fraud.

I really hope that it's not going to involve spending all our savings first. Including those meant for paying tax bills. Or in lieu of pensions.

"Really, how can everyone’s savings be checked?"

Same way they do already for all those on means-tested benefits

Some get away with hiding savings ... for a while .... others get caught and penalised, hell of a risk

The Sun were reporting earlier that its means tested and anyone earning over £30K is assumed to have a nest egg and will get fuck all. I really hope thats not the case. There will be employers getting sod all while their employees get up to the equivalent of £30k pa.

All those honest individuals that don't milk the system and declare all their earnings and pay all their taxes getting left high and dry while the tax dodgers who do umpteen cash in hand jobs to keep their earnings low either for tax or child support will get a handout. Pretty shocking if this is the road they're going down. They said they were looking for something that has parity and fairness and this has neither. And the Sun is saying that it'll be the end of May before the system is up and running to make payments which will be far too late for many people.

Of course until they make the announcement later this is all hearsay. Here's hoping they've gone for a more sensible, fairer option...

Of course you can get away with it for a month or two, but they'll check in later months and then catch up with you

I read that the average SE income after expenses etc is only about 10k

imo, the simplest & quickest way, without HMRC & co trawling through everyone's account is:

just give NMW to everyone who was registered SE as of 28 February, backdated to then,
no checks on income or savings
and to continue for say 2 months after economic restrictions have been lifted

A cap on the amount same as employed ppl is all good and well, but means tested would be incredibly unfair, we will all be paying for this for years to come with austerity, inflation and higher taxes so it’s only right we get the same level of support

Joining in. Work has fallen off the proverbial cliff (just as well as my productivity has declined with both kids at home and handing off my legs).

I am beginning to think a Universal Income for the duration of the lockdown would be the simplest way to go. We are all going to pay for it afterwards, through the gilt markets. This is the national equivalent of using the credit card after your employer goes bust.

We worked out that If we have to claim UC that would give us a joint monthly income of roughly £1500, whereas under the mooted scheme we would get almost £5000 jointly (slightly less than £2500 each).

It’s a huge difference and means the differ between paying the mortgage or not.

We’re hanging on for the announcement before we try to decide what to do.

Hopefully @LalalalalaLlama its all getting a bit messy isn't it- we really do need clarity and quick. My DH is PAYE so I've been monitoring the 80% wage grant even though he is still working. It doesn't appear it is going to be the golden egg it seemed to be last Friday so I'm not holding my breath until I hear otherwise....roll on 5pm!

Do we think it will be worked out on earnings over the past 3 years? Or profit?

SA302s show both.

Following with fingers crossed.

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