[Finance] Self employed to receive 80% of income from the Gov’t too

[Questions]

Sorry, just making the point that when you go self employed from a salaried position, you must know you will lose some benefits/employment rights but the other side of the coin is you are in charge and if your business does well you reap those benefits rather than share them.

To an extent, it's personal choice. I left a salaried job in London and am now self employed but I wouldn't ordinarily expect the Government to cover my sick pay, holiday pay etc.

No you don’t expect those benefits because you set your own rates/tariffs. Concerning a successful business though you pay your tax on this so I see no particular benefit other than you reap what you sow.

 

[Pavilionaire]

Make no mistake, those small businesses who trade via a limited company have been ****ed over and ****ed hard today. Lenders consider salary and dividend as business income for mortgage purposes, yet the government choose to take a different view. Hundreds of thousands of businesses face ruin as a result of this.

 

[LlcoolJ]

Make no mistake, those small businesses who trade via a limited company have been ****ed over and ****ed hard today. Lenders consider salary and dividend as business income for mortgage purposes, yet the government choose to take a different view. Hundreds of thousands of businesses face ruin as a result of this.

Well they were trying to **** them all with IR35 anyway so this just pushes things forward.

It's such backward thinking when what the economy needs is a massive boost.

Some idiot PAYE drones (and the [very] odd accountant) on here might not understand. But they will...... unfortunately.

 

[drew]

Sorry but comparing self employed to employed is like comparing football to boxing, both sports but that's where the similarity ends, I'm going to bed, got to work at home for 7.5 hours again tomorrow

We're talking about income, it isn't hard.

Lucky you that you can work from home. My job is pretty much ****ed at the moment. Can't give a driving lesson without breaching social distancing guidelines and all the test centres are closed for 3 months anyway!

 

[OzMike]

I think that people who work for employers shouldn't comment on the self employed, as they really have no idea about it and just make assumptions.
I have been self employed since 1989 and trust me I have seen and heard it all.
In my case I was sort of deemed unemployable so had no choice, can't stand being surrounded by no knowledge tossers.

 

[drew]

No you don’t expect those benefits because you set your own rates/tariffs. Concerning a successful business though you pay your tax on this so I see no particular benefit other than you reap what you sow.

By 'reaping those benefits' I meant in terms of your business doing well and you having more disposable income, not benefits as in employee benefits etc.

 

[Questions]

By 'reaping those benefits' I meant in terms of your business doing well and you having more disposable income, not benefits as in employee benefits etc.

Ok,,,

 

[OzMike]

...

 

[OzMike]

By 'reaping those benefits' I meant in terms of your business doing well and you having more disposable income, not benefits as in employee benefits etc.

How long have exactly have you been self employed, as you seem to have all the answers.

 

[OzMike]

Make no mistake, those small businesses who trade via a limited company have been ****ed over and ****ed hard today. Lenders consider salary and dividend as business income for mortgage purposes, yet the government choose to take a different view. Hundreds of thousands of businesses face ruin as a result of this.

Going to happen here as well.

 

[sussex_guy2k2]

Limited companies - so far measures to help them on VAT and corporation tax payments (kicked into the long grass), HMRC to meet 80% of staff costs up to a cap for employees sent home and not working, cheap bank loans guaranteed by the government so no risk to the banks, nil rates for hospitality businesses, and cash grants.

Sole traders, business partners & possibly freelancers - to be announced by the Chancellor later this afternoon.

Thanks for this. But I mean the actual access to this money isn’t yet available is it?

 

[LlcoolJ]

Thanks for this. But I mean the actual access to this money isn’t yet available is it?

Correct.

 

[Seagull27]

Good to see the signalling on levelling up the tax burden in future, in a similar vein of going for the Facebook,, Amazon and other equivalents

I thought this was very interesting, and seems to have gone under the radar a bit. I've always thought that one of the main beliefs/selling points of the Conservatives is to give low taxes and facilitate people to make their own profits, particularly through self-employment or small businesses.

And this was totally unprovoked, so I wonder what made him bring it up. Maybe looking into the detail of taxes etc has highlighted a big difference in what self-employed pay compared to salaried people.

Will be very interesting to see how that one plays out for their core support in future.

Sent from my Pixel 3a using Tapatalk

 

[The Antikythera Mechanism]

Yep.....

 

[Gazwag]

We're talking about income, it isn't hard.

Lucky you that you can work from home. My job is pretty much ****ed at the moment. Can't give a driving lesson without breaching social distancing guidelines and all the test centres are closed for 3 months anyway!

I realise that and I'm sorry for you, I'd like to point out my wife and daughter are employees who were laid off on Wednesday which means zero pay not 80% so actually much worse off!!

But anyway, your income (turnover) is not the same thing as my income (salary). Let's just accept we are not going to agree and leave it there.

 

[Muzzy]

As a new small business owner that was doing very well since setting up in November. It now looks like it was a terrible mistake to give up a 50k salary to go it alone.

No help at all from the government for me at all.
I might get through this, I might not.

If we get relegated as well I’m going to kick the fecking cat all over the house!

 

[Hampster Gull]

Try being self employed. You're equating someone scraping a living and paying their fair share of tax........ to Amazon?

You are an Idiot.

I was being unempathetic which was not great. Self employment is a broad church. My thoughts were more on the segments that game the tax, e.g. those that use dividends as a tax strategy which places the burden on the rest of the taxpayers. But it’s a complex issue and of course an emotive one.

 

[Bold Seagull]

I was being unempathetic which was not great. Self employment is a broad church. My thoughts were more on the segments that game the tax, e.g. those that use dividends as a tax strategy which places the burden on the rest of the taxpayers. But it’s a complex issue and of course an emotive one.

It’s immotive when ignorance leads to people saying things like ‘game the tax’.

 

[LlcoolJ]

I was being unempathetic which was not great. Self employment is a broad church. My thoughts were more on the segments that game the tax, e.g. those that use dividends as a tax strategy which places the burden on the rest of the taxpayers. But it’s a complex issue and of course an emotive one.

FFS. Try reading some of the examples earlier in the thread. Please, just do it.

If you believe everything that you see on the news about tax then it's understandable to be ignorant. I spent most of yesterday shouting at the TV as they made incorrect statement after even more incorrect statement.

But ignorance of a subject should mean either shut up about it or learn more about it before you open your mouth.

Otherwise you are adding to the miseducation.

 

[DJ NOBO]

FFS. Try reading some of the examples earlier in the thread. Please, just do it.

If you believe everything that you see on the news about tax then it's understandable to be ignorant. I spent most of yesterday shouting at the TV as they made incorrect statement after even more incorrect statement.

But ignorance of a subject should mean either shut up about it or learn more about it before you open your mouth.

Otherwise you are adding to the miseducation.

Are you new here ?