Hello,
I'm an ex-contractor pivoted to working on my own startup end of last year (using same LTD company). I've been living off savings since then and used my income from contracting as seed. I planned to launch in March - it's a B2B SaaS tool which has been heavily impacted by COVID-19, so I've had to halt any sales I had planned, so I'm just working on a few backlog features whilst I have the time.
I have over 16k savings which I was saving for a deposit on a property, so me and my partner are not eligible for Universal Credit. I also didn't payroll myself salary since end of last year, so also not eligible to furlough myself and sit this out.
An idea that popped into my head was to potentially loan my company money to bring my savings under the threshold so we could claim Universal Credit, for at least a few months until things go back to normal - can this work/is it a good idea?
Alternatively, I could continue living on savings (it isn't ideal, but it is what is is). I don't need a lot of money to keep afloat for now - a couple hundred a month would be good enough, at least to tide me over until the COVID-19 situation improves and business start to open so I don't eat too much into our savings - during this time I could keep working on backlog non-MVP features.
Another option is to go back into contracting to make some money in the interim.
Any suggestions are appreciated - I'm also sorry ahead of time if I've misunderstood how any of the schemes work, I've rarely needed to use them (I claimed JSA once after college but haven't needed government support since then a decade and a half ago).
I'm an ex-contractor pivoted to working on my own startup end of last year (using same LTD company). I've been living off savings since then and used my income from contracting as seed. I planned to launch in March - it's a B2B SaaS tool which has been heavily impacted by COVID-19, so I've had to halt any sales I had planned, so I'm just working on a few backlog features whilst I have the time.
I have over 16k savings which I was saving for a deposit on a property, so me and my partner are not eligible for Universal Credit. I also didn't payroll myself salary since end of last year, so also not eligible to furlough myself and sit this out.
An idea that popped into my head was to potentially loan my company money to bring my savings under the threshold so we could claim Universal Credit, for at least a few months until things go back to normal - can this work/is it a good idea?
Alternatively, I could continue living on savings (it isn't ideal, but it is what is is). I don't need a lot of money to keep afloat for now - a couple hundred a month would be good enough, at least to tide me over until the COVID-19 situation improves and business start to open so I don't eat too much into our savings - during this time I could keep working on backlog non-MVP features.
Another option is to go back into contracting to make some money in the interim.
Any suggestions are appreciated - I'm also sorry ahead of time if I've misunderstood how any of the schemes work, I've rarely needed to use them (I claimed JSA once after college but haven't needed government support since then a decade and a half ago).
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