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To the self employed - are you worried?

Rasczak

Distinguished Member
Its not free money you know - future taxpayers will have to pay for the current bailouts for many generations to come so it is incumbent on all of us to limit what is spent from the public purse now. Can you not dip into your own savings?
 

Ekko Star

Distinguished Member
Guys, the Govt is holding a busted flush. The public purse cannot entertain the rhetoric that they are delivering.

It's a young cabinet and the Chancellor is just a stand in pup who doesn't know what's hit him.

If this lockdown continues for more than 3 weeks the damage to the economy is bordering on irrepairable. If not already.

Travel & Hospitality has been decimated already.

Small businesses are already up against it because when the economy does eventually come back online all that has already been lost in the interim may well have been lost for good.

There will of course be a compression of demand in certain sectors that will be recouped but not for all. Many projects will likely be sidelined, binned or extended timelines.

The structure and economy of this country is not desigined to stop. Never has been. If you try to do that the machine and it's components simply go broke.

Bottom line is the UK cannot afford this lockdown for any length of time really.
 

stiv674

Well-known Member
Its not free money you know - future taxpayers will have to pay for the current bailouts for many generations to come so it is incumbent on all of us to limit what is spent from the public purse now. Can you not dip into your own savings?
Can't everyone dip into their savings?
 

Sebastalona

Member
Its not free money you know - future taxpayers will have to pay for the current bailouts for many generations to come so it is incumbent on all of us to limit what is spent from the public purse now. Can you not dip into your own savings?
I really wish you’d spoken up before now, it would have saved a lot of anxiety for everyone.
 

MartinH32

Well-known Member
Its not free money you know - future taxpayers will have to pay for the current bailouts for many generations to come so it is incumbent on all of us to limit what is spent from the public purse now. Can you not dip into your own savings?
and there is the problem. If Peter ends up paying the same in tax as Paul for the next ten years then why should Peter dip into his own savings if Paul isn't doing so?

It's frightening to think that many of those in employment are only two months away from being broke and not being able to pay their mortgage.

Troubling times for the whole country and whole economy which will take years and years to recover from. Some industries may never fully recover from it
 

Dancook

Distinguished Member
Savings or not, people can just liquidate their assets or perhaps remortgage their home.. right?

Not really being serious, but half of my current 'savings' were from recent sales on ebay, just so I can buy other stuff.
 

Dancook

Distinguished Member
If you're out of employment, you might say you're no tied down anymore - you can sell your house, move up north where it's cheaper. Stop being a burden! :D
 

Rasczak

Distinguished Member
and there is the problem. If Peter ends up paying the same in tax as Paul for the next ten years then why should Peter dip into his own savings if Paul isn't doing so?
Because Peter sought the many, many advantages of being self employed - with all the opportunities for wealth and life enhancing autonomy - but with that comes a risk profile. Not every story needs a gold plated taxpayer funded bailout. It is okay if some small businesses to fail.
 

Dancook

Distinguished Member
I paid for my public liability/indemnity camera insurance just last week, £500 - i'll be ringing in the morning to cancel.

Won't need it if I'm not working!
 

27neth

Well-known Member
Because Peter sought the many, many advantages of being self employed - with all the opportunities for wealth and life enhancing autonomy - but with that comes a risk profile. Not every story needs a gold plated taxpayer funded bailout. It is okay if some small businesses to fail.
Try to get a job as a Tradesman on a building site. You have to be self employed. They are not interested in taking people on Paye.
No advantages in it at all.
 

IronGiant

Moderator
Because Peter sought the many, many advantages of being self employed - with all the opportunities for wealth and life enhancing autonomy - but with that comes a risk profile. Not every story needs a gold plated taxpayer funded bailout. It is okay if some small businesses to fail.
What if they are one of your tenants? What would you do?
 

Sebastalona

Member
Because Peter sought the many, many advantages of being self employed - with all the opportunities for wealth and life enhancing autonomy - but with that comes a risk profile. Not every story needs a gold plated taxpayer funded bailout. It is okay if some small businesses to fail.
So I assume all the PAYE workers who will be getting 80% of their salaries from the government should refuse it and live of their savings eh? Afterall, they have had the trappings of statutory sick pay, holiday pay, maternity pay etc etc.

And remember, not all self employed are sole traders, so if they go to the wall, their employees do to.

I'm sure there are people far more intelligent than yourself at the treasury who have calculated that giving these grants in the short term is a lot more cost effective to the economy in the long term.
 
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MartinH32

Well-known Member
Because Peter sought the many, many advantages of being self employed - with all the opportunities for wealth and life enhancing autonomy - but with that comes a risk profile. Not every story needs a gold plated taxpayer funded bailout. It is okay if some small businesses to fail.
I presume you've just said that to get a reaction? If not, here's the advantages of being self employed:

I don't need to worry about anyone paying me sick pay.
Additional to the above, I get to work if I'm sick (wow - that's fun)
I don't need to worry about what pension contributions my employer puts in either.
I don't need to worry about a steady salary - how cool is that?
I need to jump through hoops to get credit or a mortgage - I love the extra time on the phone
Don't forget (and there is more if you want me to go on) I don't get to work regular hours because like most self employed we work the hours we need to pay the mortgage and feed the kids.

Yes, I KNOW some people have a creative accountant, but a huge proportion of us make an honest living and the possibility after all this that what we've worked some damned hard for is taken away from us AND IT'S NOT OUR FAULT doesn't bare thinking about. So, please don't judge!
 

MartinH32

Well-known Member
I paid for my public liability/indemnity camera insurance just last week, £500 - i'll be ringing in the morning to cancel.

Won't need it if I'm not working!
I hear you - I paid all mine up front this year! On the plus side, like me, you shoot with A9's :)
 

MartinH32

Well-known Member
:rotfl::D:laugh:

certainly wasn't money :D heh

I left an employed job of £47,000 a year - self employment hasn't been that much in it's first 2 years
It's never the money or we wouldn't do it. We'd have the stability of a paid job. I've just had another cancellation today :(
 

Dancook

Distinguished Member
Mr Sunak says the scheme will only be open to those who are already self-employed and have a self-assessment tax return for 2019.

It will apply to those with trading profits up to £50,000 a year, he adds.

He says 95% of those who are majority self-employed will benefit.

He says he hopes people will be able to "access" the scheme "no later than June".
 

Hillskill

Moderator/Games Reviewer
Where does this leave company directors though?
 

Wahreo

Distinguished Member
I’m waiting for my accountant to contact me. That’s what I pay them a one’er for every month.
 

ganga

Active Member
@Raszcak -both your posts are bang on the money! I appreciate there is two sides to everything but their is simply far too many people in our society (especially within the self-employed) who have lots of savings etc but they would much rather take every penny they can from the government without giving a toss about the impact on the rest of us (the poorer members of society) who will have to pay the costs through higher tax etc etc in the future (which the poor won't be able to afford). Not saying this applies to all self employed by any stretch but we are in denial if we don't admit the greed of some sections of society isn't a problem.
 

Hillskill

Moderator/Games Reviewer
I’m waiting for my accountant to contact me. That’s what I pay them a one’er for every month.
I must give credit to mine. They have sent regular emails to all their clients updating and summarising any new news. They directly flagged this morning that there was still no info and they were waiting for this evening.
 

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