CV19 Self Employed grant almost ready

[Risteard]

Mate, you are in Eire aren't you, so what are you getting compared to the UK?

I'm in the north so it's the same deal as you. A mile and a half from here is the border. There they have been getting a Pandemic Unemployment Payment of 350 Euro a week (regardless of previous earnings) but this is contingent on them having been employed or self-employed. Otherwise the ordinary bru (dole) is 203 Euro a week. 

However there has now been an unelected government for 100 days there since the caretaker administration lost the general election. And yet they are making huge decisions affecting everyone's futures for the next decade with no oversight. 

But I do think the 350 Euro a week for everyone  is a better system than the UK system (although affordability is a huge issue with all of these systems). But the fact we've waited months for a one-off payment by HMRC is outrageous. There was no urgency bringing this in. Across the border they have been getting money from the outset each week. 

 

[Murdoch]

But the fact we've waited months for a one-off payment by HMRC is outrageous. 

sorry mate but I disagree with you.

 It’s not been months 

and you should have money set aside for lean times and your tax bill so borrow from that

 

[Risteard]

sorry mate but I disagree with you.

 It’s not been months 

and you should have money set aside for lean times and your tax bill so borrow from that

It's been well over 2 months since everything here closed. 

 

[Murdoch]

It's been well over 2 months since everything here closed. 

no it hasn’t

 

[ProDave]

And 8 hours after receiving the money, in comes the email to tell me it is being processed and I should expect it in 3 days,

 

[Risteard]

no it hasn’t

It has here. I didn't say in England.

Derry closed down at the same time as the south, but hasn't reopened yet.

 

[Sharpend]

Nice little srprise in my bank account this morning, it arrived early. Have not even had the email yet to tell me it is on it's way.

same here, arrived in bank overnight. Have to say I’m pleasantly impressed by the swiftness with which this has been handled given that I only applied/ confirmed my intent last week. Yes it has taken 8weeks to come to pass since the beginning of lockdown, but given the mammoth task the HMRC has had to undertake to cover millions of persons, all credit to them, there was a time when the self assessment rebate used to take longer to get back. So given I’ve had my rebate and SEISS payment within 8weeks I’m happy. 

 

[SPECIAL LOCATION]

Yes..

Payment received today...

If only the pubs were open with somewhere to spend it!!  

Guinness

:innocent

 

[UNG]

Got my payment today

 

[Murdoch]

It has here. I didn't say in England.

Derry closed down at the same time as the south, but hasn't reopened yet.

That aside you still haven't had to wait "months" for the HMRC payment. That was announced on either the 26th or 27th March.

 

[Risteard]

That aside you still haven't had to wait "months" for the HMRC payment. That was announced on either the 26th or 27th March.

That's because they took a ridiculous length of time to announce the support. Given that they effectively shut the businesses down, there was an onus on them to act promptly. Waiting till now (and I still haven't had the money paid into my account) simply isn't acceptable.

 

[Sharpend]

So what did you expect/want then to do? Given there are millions of ‘you’ to take into account? 

 

[Murdoch]

That's because they took a ridiculous length of time to announce the support. Given that they effectively shut the businesses down, there was an onus on them to act promptly. Waiting till now (and I still haven't had the money paid into my account) simply isn't acceptable.

Mate - i don't agree with you.

Thankfully I'm registered as a sole trader so the bail out is VERY welcome ........... mine should be with me tomorrow.

How do you cope with late payers? Surely you have cash in your business account? tax account? VAT account? put aside for a rainy day?

Its the poor sods who are LTD who up ship creek!

 

[Risteard]

So what did you expect/want then to do? Given there are millions of ‘you’ to take into account? 

I gave an example of what the south of Ireland did - pay everyone €350 per week. This was put in place instantly and to me was a much more sensible way of dealing with it.

Mate - i don't agree with you.

Thankfully I'm registered as a sole trader so the bail out is VERY welcome ........... mine should be with me tomorrow.

How do you cope with late payers? Surely you have cash in your business account? tax account? VAT account? put aside for a rainy day?

Its the poor sods who are LTD who up ship creek!

Basically I got by living off the wife's money. But because she was getting paid (public sector) I couldn't get Universal Credit.

 

[Murdoch]

I gave an example of what the south of Ireland did - pay everyone €350 per week. This was put in place instantly and to me was a much more sensible way of dealing with it.

Basically I got by living off the wife's money. But because she was getting paid (public sector) I couldn't get Universal Credit.

So you are Ltd then?

 

[Sharpend]

I gave an example of what the south of Ireland did - pay everyone €350 per week. This was put in place instantly and to me was a much more sensible way of dealing with it.

oddly enough I did think at the outset it would have been easier to put £X per week into each persons account, which would have prevented a difficult spot for those without a reasonable cash back up, and also bought them more time to come up with a more solid strategy, however I think there was always going to be winners and losers with which ever way they decided to do it. 
what if does tell us is that either we do not charge enough to have a healthy cash flow or we spend beyond our means? Perhaps prudence is the new buzz word going forward from this? 

 

[Murdoch]

oddly enough I did think at the outset it would have been easier to put £X per week into each persons account, which would have prevented a difficult spot for those without a reasonable cash back up, and also bought them more time to come up with a more solid strategy, however I think there was always going to be winners and losers with which ever way they decided to do it. 
what if does tell us is that either we do not charge enough to have a healthy cash flow or we spend beyond our means? Perhaps prudence is the new buzz word going forward from this? 

But what if somebody is earning £12K and somebody else is earning £49K - would that have been fair? The person earning £12K wouldn't have been much out of pocket whilst the person who earns £49K would never have been given enough

All in all, given the lack of time to consider all this I do think what's been done was probably the best they could have done...

AND not everybody receiving this money realises its taxable AND as it stands there is nothing to stop people working full time and claiming it. the latter is odd to say the least

 

[Badger]

Yes..

Payment received today...

If only the pubs were open with somewhere to spend it!!  

Guinness

:innocent

I received mine today and paid the wholesalers in full plus the phone company is upto date 

 

[Sharpend]

But what if somebody is earning £12K and somebody else is earning £49K - would that have been fair? The person earning £12K wouldn't have been much out of pocket whilst the person who earns £49K would never have been given enough

All in all, given the lack of time to consider all this I do think what's been done was probably the best they could have done...

AND not everybody receiving this money realises its taxable AND as it stands there is nothing to stop people working full time and claiming it. the latter is odd to say the least

I quite agree, hence why I said losers and winners, all I was thinking is that if they had paid an initial sum maybe a month or two, then they would have time to amend any discrepancies come month three/four etc or over the following tax year? At least people wouldn’t have been immediately short. 
having said that I am one of the losers , still the positive is it would have been more noticeable if they didn’t give us anything. So something is better than nothing. (caveat: until I have time review their proposals come next budget) 

here’s a question, has anybody appealed the amount they have been given as being wrong? 

 

[SPECIAL LOCATION]

what if does tell us is that either we do not charge enough to have a healthy cash flow or we spend beyond our means? Perhaps prudence is the new buzz word going forward from this? 

At least people wouldn’t have been immediately short. 

This is all just about getting back to basics...

There used to be a phrase that the older generation used to say...   "Always put a bit of money on one side for a rainy day..."

And back when I was looking at starting up self employed..  1998/99

(following redundancy in May 98 and various unproductive applications for other vacancies.. commenced self employment in Feb 99)..

The internet wasn't a significant research option as Google was only founded in Sep 98!!!

So it was 'Books' purchased at 'Bookshops' wot I read, about starting your own business...

Anyway...  Back then a fundamental bit of guidance that I read from various sources was something along the lines of...

In your business plan and financial projections build in provision for the times when income is slow/low/non-existent!

e.g.

Work is slow/quiet..

You want to take a holiday.. 

Customers pay late,  (and/or dispute an invoice).. 

Your company vehicle breaks down and is off the road, while you seek a replacement..

Suppliers fail you on an order, (not appear or just very late)..

You are taken ill..

A close family member who you need to care for is taken ill.. 

You must attend an important family event, (wedding, birthday, funeral, graduation, birth of child etc..)..

etc..

Then it said.. Image if several of these occurred in quick succession..

How long can you last with little or NO income..

The recommend targets they suggested was minimum one month, preferable three months of little or no income..

Summarising that if your business cannot survive if you encountered Two months of zero income, then you probably need to adjust your business plan,

or it may not actually be a financially viable business?

They didn't actually mention "pandemics"... 

BUT...  I think it falls within some similar categories!! 

Unfortunately the era of quick and easy credit has blurred the basic rules of sound financial budgeting..

and the perception about who should pay for what, and who should build provision to care for the hiccups in life has become a bit diluted in the responsibility stakes!

HMRC help very much appreciated,

and if they were assuming most sensible businesses could cope for a couple of months before the playing card tower collapsed....

Then their ability to get some funds to the self employed within two months of the official 23 March lockdown.. isn't too bad going IMHO.

Guinness