Unemployment On The Horizon
Discussion
I am a contractor and my contract is about to be terminated, there are no other contracts likely to come up and as I am in my 60s and work in the oil industry which has high unemployment at the moment I think I am just going to retire at the start of the new tax year.
I am fairly certain I would not be eligible for any benefits, reduction of council tax etc as I have savings, but are there any reasons I should register as unemployed between my last contract ending and starting drawing from my pension?
I am fairly certain I would not be eligible for any benefits, reduction of council tax etc as I have savings, but are there any reasons I should register as unemployed between my last contract ending and starting drawing from my pension?
condor said:
You could also ask if there are any self-employed start-up grants available for the over 60s.
7 years ago I was made redundant aged 50, and after my 6 months NI contributions based JSA had passed, was told that help was available to set up as a self employed dog walker. Which is what I did - I was given a few weeks tuition/guidance, a grant of £1000 and sent on my way
7 years ago I was made redundant aged 50, and after my 6 months NI contributions based JSA had passed, was told that help was available to set up as a self employed dog walker. Which is what I did - I was given a few weeks tuition/guidance, a grant of £1000 and sent on my way
Eric Mc said:
That's the mindset you MUST have if you want to be a successful business person.
Everything you have done for the period you have been subcontracting SHOULD have been in the nature of running a business - not being an employee in a job. If the latter, you were fraudulently claiming you were NOT an employee - and HMRC would be very keen to know why you weren't paying the taxes and NI amounts due on employee income.
All that's happened is that you have lost a customer. Being a "business", you need to find a new customer - or possibly, more than one.
You are not wrong and as I have run my engineering consultancy business for over 25 years I think I have been successful in retaining and finding new customers, however the state of the industry is such that new contracts are unlikely to be available, I have many contacts and would not discount defering my retirement, but it seems unlikely.Everything you have done for the period you have been subcontracting SHOULD have been in the nature of running a business - not being an employee in a job. If the latter, you were fraudulently claiming you were NOT an employee - and HMRC would be very keen to know why you weren't paying the taxes and NI amounts due on employee income.
All that's happened is that you have lost a customer. Being a "business", you need to find a new customer - or possibly, more than one.
As for HMRC they did take an interest in my business some years ago, I was investigated and found to comply fully with IR35 requirements.
Are you a member of staff with a greivance against contractors by any chance ?
Eric Mc said:
The expression "Self Employment" is even used, incorrectly, to describe directors of limited companies.
And, even if you want to label me as pedantic, these expressions have clear and distinct meaning sin both general law and tax law - and if an individual gets muddled as to their correct status regarding their work, it can prove very costly.
Those I know who are director of a limited company, including myself, describe themselves as an employee of that company.And, even if you want to label me as pedantic, these expressions have clear and distinct meaning sin both general law and tax law - and if an individual gets muddled as to their correct status regarding their work, it can prove very costly.
I know you can be a director without being an employee, but most I know are employed by their company.
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