Freelancers / Sole Traders thread
Discussion
There seems to be some pretty good chat happening on other threads here on PH that mostly lean towards the help that Ltd companies need and are getting from the government, but as we are all hopefully aware, sole traders/freelancers are getting little or no help from the government, certainly nothing in the way Ltd's are getting which is pretty shameful.
I thought there could be some general discussion, support and ideas kept to a separate thread here to help either by way of general morale-boosting posts, but if ideas, news etc of relevance materialises it can be shared here to make it easy to find. Good idea?
I thought there could be some general discussion, support and ideas kept to a separate thread here to help either by way of general morale-boosting posts, but if ideas, news etc of relevance materialises it can be shared here to make it easy to find. Good idea?
Happy you started this.
I'm a one man band sign maker as a sole trader, built the business up from the start myself.
I had a few small jobs lined up for last week and this week but I don't think signage isn't a main concern at the moment so I've not heard back.
Things will be quiet for me, not only can i not go out now quoting/fitting but who will be opening new business (usually most of my work is shop signage) in the near future.
I guess I'm lucky in one way as my workshop is at home so no unit etc to pay. I'm not going to think about any loans so I'll eat into my savings for now...
There are rumours we might hear some news later this week but I'm not sure what to expect.
I'm a one man band sign maker as a sole trader, built the business up from the start myself.
I had a few small jobs lined up for last week and this week but I don't think signage isn't a main concern at the moment so I've not heard back.
Things will be quiet for me, not only can i not go out now quoting/fitting but who will be opening new business (usually most of my work is shop signage) in the near future.
I guess I'm lucky in one way as my workshop is at home so no unit etc to pay. I'm not going to think about any loans so I'll eat into my savings for now...
There are rumours we might hear some news later this week but I'm not sure what to expect.
https://publications.parliament.uk/pa/bills/cbill/...
I don’t know how far this will get but would be good news if successful.
I don’t know how far this will get but would be good news if successful.
All changed... old photobucket pictures.
Ive just had a call to confirm one of the jobs, its fitting external window graphics and parkings signs, not essential so guess it will have to wait if the customers happy, its a bit of a joke though, how are self employed supposed to make any money.
The other is for AgeUK so will come once its settled i hope.
Plan is to maybe build a new wordpress website over the next few weeks, its needed. Oh and plenty of diy around the house.
Ive just had a call to confirm one of the jobs, its fitting external window graphics and parkings signs, not essential so guess it will have to wait if the customers happy, its a bit of a joke though, how are self employed supposed to make any money.
The other is for AgeUK so will come once its settled i hope.
Plan is to maybe build a new wordpress website over the next few weeks, its needed. Oh and plenty of diy around the house.
The government, as ever, forgot about specific measures to assist the genuine sole-traders/self employed and partnerships out there.
The only concession they have offered so far is that the Second Self Assessment tax Payment on Account normally payable by 31 July has been deferred until the following 31 January. That isn't much of a concession in my book.
There have been NO specific arrangements made for limited companies. In theory, SOME directors may be eligible for the 80% salary subsidy but only if they are:
a) proper employees of the company too
b) have been genuinely furloughed from the work they normally do in the company
If a sole trader or a partnership has any employees, those employees will be eligible for the 80% "Furlough Relief" - if they have genuinely been furloughed.
The only concession they have offered so far is that the Second Self Assessment tax Payment on Account normally payable by 31 July has been deferred until the following 31 January. That isn't much of a concession in my book.
There have been NO specific arrangements made for limited companies. In theory, SOME directors may be eligible for the 80% salary subsidy but only if they are:
a) proper employees of the company too
b) have been genuinely furloughed from the work they normally do in the company
If a sole trader or a partnership has any employees, those employees will be eligible for the 80% "Furlough Relief" - if they have genuinely been furloughed.
Eric Mc said:
The government, as ever, forgot about specific measures to assist the genuine sole-traders/self employed and partnerships out there.
The only concession they have offered so far is that the Second Self Assessment tax Payment on Account normally payable by 31 July has been deferred until the following 31 January. That isn't much of a concession in my book.
There have been NO specific arrangements made for limited companies. In theory, SOME directors may be eligible for the 80% salary subsidy but only if they are:
a) proper employees of the company too
b) have been genuinely furloughed from the work they normally do in the company
If a sole trader or a partnership has any employees, those employees will be eligible for the 80% "Furlough Relief" - if they have genuinely been furloughed.
I agree totally.The only concession they have offered so far is that the Second Self Assessment tax Payment on Account normally payable by 31 July has been deferred until the following 31 January. That isn't much of a concession in my book.
There have been NO specific arrangements made for limited companies. In theory, SOME directors may be eligible for the 80% salary subsidy but only if they are:
a) proper employees of the company too
b) have been genuinely furloughed from the work they normally do in the company
If a sole trader or a partnership has any employees, those employees will be eligible for the 80% "Furlough Relief" - if they have genuinely been furloughed.
The tax deferals being offered are potentially a problem in their own right as you are essentially storing up a bigger problem for later down the line, who knows whether next year things will be any better or worse, recession all the way into next year looks likely and I for one would not feel comfy with a larger tax bill hanging over me next year. This is all while the government is assuming there is revenue to be taxed in the first place, most freelancers and sole traders are seeing a huge impact on revenue right now, so it's totally arse about tit.
Don't forget that there has always been a flexible aspect of the Payments on Account system.
If you think that your trading profits for the following tax year are going to be lower - or you have any other reasons why you think your Self Assessment tax liability will be lower in the following tax year - then you can apply to have the Payments on Account reduced to a lower amount - even Zero if appropriate.
That might be a better option for many sole traders/partnerships rather than just blindly deferring the payment.
If you think that your trading profits for the following tax year are going to be lower - or you have any other reasons why you think your Self Assessment tax liability will be lower in the following tax year - then you can apply to have the Payments on Account reduced to a lower amount - even Zero if appropriate.
That might be a better option for many sole traders/partnerships rather than just blindly deferring the payment.
Canute said:
Eric Mc said:
The government, as ever, forgot about specific measures to assist the genuine sole-traders/self employed and partnerships out there.
The only concession they have offered so far is that the Second Self Assessment tax Payment on Account normally payable by 31 July has been deferred until the following 31 January. That isn't much of a concession in my book.
There have been NO specific arrangements made for limited companies. In theory, SOME directors may be eligible for the 80% salary subsidy but only if they are:
a) proper employees of the company too
b) have been genuinely furloughed from the work they normally do in the company
If a sole trader or a partnership has any employees, those employees will be eligible for the 80% "Furlough Relief" - if they have genuinely been furloughed.
I agree totally.The only concession they have offered so far is that the Second Self Assessment tax Payment on Account normally payable by 31 July has been deferred until the following 31 January. That isn't much of a concession in my book.
There have been NO specific arrangements made for limited companies. In theory, SOME directors may be eligible for the 80% salary subsidy but only if they are:
a) proper employees of the company too
b) have been genuinely furloughed from the work they normally do in the company
If a sole trader or a partnership has any employees, those employees will be eligible for the 80% "Furlough Relief" - if they have genuinely been furloughed.
The tax deferals being offered are potentially a problem in their own right as you are essentially storing up a bigger problem for later down the line, who knows whether next year things will be any better or worse, recession all the way into next year looks likely and I for one would not feel comfy with a larger tax bill hanging over me next year. This is all while the government is assuming there is revenue to be taxed in the first place, most freelancers and sole traders are seeing a huge impact on revenue right now, so it's totally arse about tit.
Eric Mc said:
Where did you hear about a deferment of VAT payments?
A government source?
All on the gov. website... this was in an earlier statement by the chancellor...A government source?
https://www.businesssupport.gov.uk/vat-deferral/
I have a number of clients, some on legacy contracts who can wrap things up with me within the next 30 days - most of them have done so. The remainder are on 6-12 months of leftovers on their contracts.
Given I am already faced with a mass exodus and no help from the government at all here compared to an Ltd, however the remaining Ltd's clients of mine do get help from the government, does anyone have any thoughts on how to proceed? I don't want to be an arse here, however the remaining clients are getting far more help than I will from the state so it seems I should dig my heals in slightly if they do not want to help me....
Thoughts?
Given I am already faced with a mass exodus and no help from the government at all here compared to an Ltd, however the remaining Ltd's clients of mine do get help from the government, does anyone have any thoughts on how to proceed? I don't want to be an arse here, however the remaining clients are getting far more help than I will from the state so it seems I should dig my heals in slightly if they do not want to help me....
Thoughts?
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