Covid-19 rescue deal for Self employed.

[PerfectStorm]

It's all relative but I came *so* close to spending a chunk of my warchest on a BTL or similar. Ended up just leaving it while the Mrs wasn't working and I'm so glad of my risk-averse nature there!

I spent a lot of this year thinking "you know, I could afford a slightly bigger mortgage". Glad I'm still on my super-conservative one I set up not too long after getting into contracting and fearing the whole thing ending one day.

[vwdan]

I spent a lot of this year thinking "you know, I could afford a slightly bigger mortgage". Glad I'm still on my super-conservative one I set up not too long after getting into contracting and fearing the whole thing ending one day.

Yep! What's really scared me here is that I always worked on the assumption that no matter how bad, I could walk into a local IT Firm and get a £30-40k role with my eyes closed and a CV written in crayon and at least get food on the table.

[northernladuk]

Yep! What's really scared me here is that I always worked on the assumption that no matter how bad, I could walk into a local IT Firm and get a £30-40k role with my eyes closed and a CV written in crayon and at least get food on the table.

Plan B is to tap my mate up and work in one of his warehouses picking sports gear.

[PerfectStorm]

Yep! What's really scared me here is that I always worked on the assumption that no matter how bad, I could walk into a local IT Firm and get a £30-40k role with my eyes closed and a CV written in crayon and at least get food on the table.

It was on that basis I based my affordability for monthly repayments

[vwdan]

Plan B is to tap my mate up and work in one of his warehouses picking sports gear.

Sounds like a bit of a gamble!

[d000hg]

Not much use if one is a newbie self-employed so not submitted anything via self-assessment yet, or are in the early years where decent profit is a dream.

Universal basic income to cover food and the bills that aren't being frozen for now would be easier than loads of rules that still fail to give everyone the support they may need while there is no or little chance of income.

Main problem is no clear end to this so can't gauge how much of a safety net is required in terms of cash available to pay for the essentials. Could be a few months or could be into next year before anything like normality returns.

Problem with UBI is people require vastly different amounts to stay afloat.

[jamesbrown]

Problem with UBI is people require vastly different amounts to stay afloat.

That's why this 80% up to 2.5k doesn't help a large cross-section of society. Anyone earning, say, 75k and spending most of that on a mortgage etc. (and without savings) is going to be pretty fooked and will need to rapidly re-evaluate and probably default if this lasts for more than a small number of months. You can call them cretins, but it's surprising how many people live like that.

[Wijay@WISAccountancy]

As per the Coronavirus bill which is currently going through the parliament it is lower of either £2917 or 80% of average earnings last three years.

We don't know yet Director/Shareholder Dividend+Salary will be eligible.

[d000hg]

That's why this 80% up to 2.5k doesn't help a large cross-section of society. Anyone earning, say, 75k and spending most of that on a mortgage etc. (and without savings) is going to be pretty fooked and will need to rapidly re-evaluate and probably default if this lasts for more than a small number of months. You can call them cretins, but it's surprising how many people live like that.

Well they can get a mortgage holiday likely until this is over.

It's unclear if your employer can drop your salary to 2.5kpcm or not?

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[d000hg]

As per the Coronavirus bill which is currently going through the parliament it is lower of either £2917 or 80% of average earnings last three years.

We don't know yet Director/Shareholder Dividend+Salary will be eligible.

I think we can make an educated guess

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