Self Employed and no foreseeable money coming in

Love to see out like this

He has conned the system and now he has screwed himself

I feel sorry for those who declare correct details but love it when those who try to rip everyone off get screwed

 

Yeah June, what a nightmare man. It did sound like they're opening up benefits etc a little bit if that's any help?

 

I'm going to have to do some research what options are available.

 

I'm not one for giving advice but this seems like a case of 'call my bluff'.

If I were you id contact everyone you have a financial agreement with and ask them how they'd like to help you.

No matter who it is, bank/mortgage/loan/insurance/whatever, just tell them you can't pay for the moment and see what they say.

They play the law of averages so you may be lucky with one or more.

Please excuse me if none of this applies to you, its addressed to anyone tbh.

 

Thanks for advice mate - one day hopefully we can all look back at this current situation and learn some positives from it.

 

Chancellor is going to outline something about it today apparently. Not sure when! If your tax returns show a credible income then you should be ok! Should!!

 

A good percentage of my income last year was as a gigging musician, as you know mate like you, I play in pubs and we both know it's not huge amounts that we earn, fortunately my better half earns slightly more than me as a private music teacher; and we both work as community artist we tend to break even in that role, I've always tried to be philanthropic in life, I've never being someone that wants huge amounts- maybe that's going to bite me in the arse now .

 

No he said HMRC will contact people up to May and the money will be paid out in June.

 

I'm trying to claim ESA but I haven't been able to get through on the phone. I do have the letter from the NHS saying I am vulnerable and have to be shielded for 12 weeks though.

However when I claimed ESA after my surgery, they took weeks to process it and then called me in for an interview after I'd recovered and gone back to work. They then denied my claim as I was fit for work on the day they assessed me so I didn't get a penny

 

Sad isn’t it! As I say I’m lucky as my day job covers my bills. As I said, I’ve invested big amounts of my earnings in the band back into the band. To the extent that I have guitars now and am in the process of buying a bass! Recording kit and all sorts. I make a little cash profit but not mass amounts so don’t pay much tax and don’t hang out much hope in getting anything on the back of it! We’ll see. I’m working from home in the day job so get my full wage so have no issues

 

The Government through (unnecessary) Austerity measures and benefit sanctions have a lot to answer for ...

 

Info on the new support scheme:

https://www.businesssupport.gov.uk/self-employment-income-support-scheme/

Self-employment Income Support Scheme
What is it?
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.

HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.



Am I eligible?
To be eligible for the scheme you must meet all the criteria below:

• Be self-employed or a member of partnership;
• Have lost trading/partnership trading profits due to COVID-19;
• File a tax return for 2018-19 as self-employed or a member of a trading partnership. Those who have not yet filed for 2018-19 will have an additional 4 weeks from this announcement to do so;
• Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021
• Have trading profits of less than £50,000 and more than half of your total income come from self-employment. This can be with reference to at least one of the following conditions:
  • Your trading profits and total income in 2018/19
  • Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.

How do I access it?
Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational. HMRC will then pay the grant directly to eligible claimants’ bank account. HMRC is urgently working to deliver the scheme; grants are expected to start to be paid out by beginning of June 2020. For eligible individuals who have not submitted their returns for 2018-19, they will have 4 weeks’ notice from the date of the announcement to file their returns and therefore become eligible for this scheme.

HMRC are publishing guidance on the scheme, available here. This guidance will continue to be updated.

When can I access it?
HMRC is urgently working to deliver the scheme; grants are expected to start to be paid by the beginning of June 2020. This time is necessary to ensure that the scheme is both deliverable and fair. In the interim the self-employed will still able eligible for other government support including more generous universal credit and business continuity loans.

Further information on how to access these schemes can be found here.

 

Math never being one of my strengths can anyone hazard a guess to the HMRC formula that'll be used to work out how the 80% over the three yearly returns will be worked out? - for instance could it be a weekly or monthly breakdown ? So the grants will be paid every 3 months possibly?