Covid-19 rescue deal for Self employed. Covid-19 rescue deal for Self employed.
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  1. #1

    Still gathering requirements...


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    Default Covid-19 rescue deal for Self employed.

    Daily mail reports Chancellor might announce a rescue deal for self employed today.
    Watch this space, will update when I get more details.
    More likely to be three year average of your SA302.

  2. #2

    Nervous Newbie


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    Better than a kick in the teeth!

  3. #3

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    Quote Originally Posted by Wijay@WISAccountancy View Post
    More likely to be three year average of your SA302.
    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.
    Maybe tomorrow, I'll want to settle down. Until tomorrow, I'll just keep moving on.

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    Quote Originally Posted by Wijay@WISAccountancy View Post
    More likely to be three year average of your SA302.
    But probably capped at the same amount as the employee deal I would have thought, so you're looking at £30k/year max. As said above though, better than a kick in the teeth.

    I've never felt more relieved to have put aside a hefty warchest, although I never imagined I'd be relying on it for something like this.

  5. #5

    bored now

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    Quote Originally Posted by TheCyclingProgrammer View Post
    But probably capped at the same amount as the employee deal I would have thought, so you're looking at £30k/year max.
    If you are stuck at home why would you need more than £30k....
    merely at clientco for the entertainment

  6. #6

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    Quote Originally Posted by TheCyclingProgrammer View Post
    I've never felt more relieved to have put aside a hefty warchest, although I never imagined I'd be relying on it for something like this.
    Not much good coming from the current situation but I'll bet once it's all over there will be a lot more contractors taking their warchests seriously. Maybe even get less 'Spent my CT' posts over the next few years.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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    Quote Originally Posted by northernladuk View Post
    Not much good coming from the current situation but I'll bet once it's all over there will be a lot more contractors taking their warchests seriously. Maybe even get less 'Spent my CT' posts over the next few years.
    But some have already said this is not what a warchest is for!

  8. #8

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    Quote Originally Posted by Grasser73 View Post
    But some have already said this is not what a warchest is for!
    This is precisely what a warchest is for. The unforeseen, a recession. The cause is immaterial.

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    Quote Originally Posted by TheCyclingProgrammer View Post

    I've never felt more relieved to have put aside a hefty warchest, although I never imagined I'd be relying on it for something like this.
    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!

  10. #10

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    Quote Originally Posted by jamesbrown View Post
    This is precisely what a warchest is for. The unforeseen, a recession. The cause is immaterial.
    Agreed, this is the "Plan C" scenario that my warchest is ready for.

    On the one hand, an average of SA income for not doing a lot would be great (sounds like some of my clients!)

    On the other, I wish I'd taken out a few more dividends

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