Covid-19 - Financial Issues

[BroadAmbition]

I see our government has now come up with a support package for the self employed - That's me and MrsG of course.

80% of earnings averaged over three years seems fair to me and I for one am grateful.  We won't actually get any funds until June - Just have to manage as best we can then.

Whilst I understand that this is a grant, its taxable, I agree with that too

What I don't get is that of the self employed, those that can carrying on working and earning can do so but still claim the grant?  Just how is that right and proper on the countries national debt?  It's like having free money from the taxpayer when you don't need it.  This is not a jealousy thing on my part.  Before the announcement yesterday I would have though government help is for those that really need it, not for some to cream free brass off the top for nowt.

Still good news for those still working eh?

Griff

[Cockatoo]

I think it's a great package that will really help people. In my case I have scaled right back on work because I now get 2 pensions so don't actually need 80% of what I used to earn and it wouldn't seem right taking it so I'm going to look at what else is available.

 

For others though I can see it will be a lifesaver.

[ExSurveyor]

The grant will be subject to a declaration that earnings have been reduced, that will enable a clawback against chancers, HMRC will see income declarations on the next return via Making tax digital that comes in to force for most self employed in April.unless it gets delayed again.

[JennyMorgan]

Financially this virus obviously has both winners and losers. That we can't get out and spend, spend, spend means that some folk will inevitably reduce their debts, others might even increase their nest eggs, some might realise that they can manage perfectly well without new this, that and the other. Inevitably there will be folk who will simply go ballistic when it's all over. Will our habits change? For many of us I suspect that the answer is 'yes'. Whatever happens, I predict that changes on the High street will accelerate as a result of this pandemic.  

As for the self employed, good news for those who operate within the 'system'. I have mixed feelings about those who live outside that system, those who can not or will not be able to illustrate a level of earning in order to justify a claim for assistance. Odd Jobbers for example, some of whom avoid paying tax quite simply because so long as they have enough, have no great aspirations, they just want to avoid the aggro of the system? 

[grendel]

I feel that a lot or workers, who now having proven to their companys that working from home is a viable option, will be calling to continue after the restrictions are lifted, I think that currently my company of over 1000 employees has in the region of 90% of office based staff working from home, either on company laptops, or logged into their work computers from their home pc - ok there are some restrictions - as I dont have a company phone I am not contactable by our clients - but then I dont see that as a bad thing, we are keeping up our normal office banter via our departments whats app page.

[annv]

One advantage of working from home if found viable could be part of the answer to travel pollution as they have found out in New York. John

[grendel]

Well I reckon I am saving £100 a week in fuel costs

[TheQ]

Only about a £40 a week saving in fuel for me,   I'm also lucky the company is making up the 80% to 100.% pay for the 12 week duration. 

About 10% of the factory staff are WFH,  I would guess there are another 10-20% are on the twelve week enforced stay-at-home vulnerable group like me.  The rest are at work with overtime trying to keep production up.. 

Our products are indirectly used by all the services including the NHS,  as well as temperature monitoring for food stuffs by most supermarkets and their suppliers. 

Expenses will go up slightly as stuff I need to use to work on sorting the house maintenance will have to be delivered.. 

I'll have to go shopping Monday,  I don't have a cloth mask,  but I do have an industrial face mask with changeable filters, and heavy rubber gloves, that will put the frighteners on the others... 

[Islander]

Interesting how much some will save by not travelling. Working from home could mean people not requiring child care or even a second car. Office buildings won't need to be so large with less cost to the company. Interesting times ahead.

Colin 

[Cockatoo]

Well I've got part-time work starting Tuesday that is going to last at least until things sort themselves out so I won't be needing to claim anything luckily.

[SwanR]

Grendel’s right. My team want to prove that working from home works so that they can do more of it in the future. 

For me, I’m missing the ease of conversation when we’re all in one place. Being sat on my own at a desk all day, typing away on my laptop, is too sedentary!! Having said that, I am taking proper breaks which I don’t often do in the office. 

[grendel]

you need to try and set up some way for the team to communicate informally between each other, my team uses a whats app group, and I am actively trying to get people to take part to keep the team spirit alive, little things like post a picture of what is happening outside today - we had great excitement thursday when the dustbin lorry came round.yesterday I posted a shot of my mini crossbow range I have set up beneath my screen for my mini cocktail stick crossbow - anything to get a laugh and start a chat going. as when we are all in the office, its the little side chats to work that really keep morale up.

maybe if you all have company mobiles set up a conference call at a set time each day, or have a text message or email quiz. my boss is a good one for informal work related quizzes, he will email a picture of an electrical installation, then ask what is wrong with it, we then respond to all with our thoughts, and about an hour later he will send out an email with who was correct and why, its a good learning point for all the team members, and a bit of fun to boot.

[SwanR]

There’s some great ideas there Grendel, thank you. 

 

[Cockatoo]

Debs' firm use Microsoft Teams to keep in touch

[NeilB]

We're using Microsoft Teams, seems to work well and we've had some good banter and funny photos.  We're only a small team of 23 people plus the dealer network, some of whom are still partially open as they need to cover essential services like fishing boats, wind farm support, MOD etc.  I'm not sure how many yet but some people have just been put on furlough, I'm ok for now but the company is making up the difference so not too bothered if it happens to me - my wife has plenty of jobs lined up around the house !!!

I've saved nothing at all working from home as the office is a 20 minute walk and the company car is sat on the drive doing nothing except collecting bird poo !!

[Smoggy]

6 minutes ago, NeilB said:

I've saved nothing at all working from home as the office is a 20 minute walk and the company car is sat on the drive doing nothing except collecting bird poo !!

You have saved something at least, you've saved having to clean as much bird poo off your drive.

[SwanR]

From what I hear my company won’t be making up the difference if any staff are furloughed. They are looking at cost cutting and might be asking for volunteers to reduce their hours depending on incoming work volumes the longer this goes on. 

[LizG]

My work has two WhatsApp groups, one for us team of receptionists (so we can have a natter and check everyone is okay) and one that has all the staff added so that although it does include trivia, the two business partners are able to update us on what is happening and what will happen as best they know.

I was able to have a WhatsApp video call with the two partners on Tuesday - to discuss everything and in turn they are trying have a chat with all the staff.

All bar one member of staff will be furloughed but they can't top up the difference.  They have said that if we had had a holiday booked during the time off period,  that we don't try to reclaim it after we get back working.  I haven't saved anything on travel as I walk!  We have two cars, which will be alternate taking to the shops each week - this is to ensure neither end up with flat batteries or anything else from not being used.  Saving on a lot of fuel costs!

We have had at least 2 members of staff with the correct symptoms.  I spoke on the phone to both and whereas some of those self isolating at work may well have had just a cold - these 2 without doubt must of had it but.................without being tested one can't say for absolute certain!

Take care everyone

[Smoggy]

That's where the figures look so bad for infections/deaths/recoveries, there must be lots of infected/recovered that are not known about due to not being tested so the death rate looks to be higher per infection than it realy is, I hope that once the main problem is settling mass antibody testing is done to find out the true numbers.

Most of us at work have had bad colds with sore throats over the last month or so but one guy has a spanish girlfriend who came back from madrid early feb and then spent a week in bed with a cold/fever so it could easily have gone round and unless one of got it bad we'd not know about it.

We probably just had colds but will we ever know.

[riverman]

On 27/03/2020 at 08:22, BroadAmbition said:

I see our government has now come up with a support package for the self employed - That's me and MrsG of course.

80% of earnings averaged over three years seems fair to me and I for one am grateful.  We won't actually get any funds until June - Just have to manage as best we can then.

Whilst I understand that this is a grant, its taxable, I agree with that too

What I don't get is that of the self employed, those that can carrying on working and earning can do so but still claim the grant?  Just how is that right and proper on the countries national debt?  It's like having free money from the taxpayer when you don't need it.  This is not a jealousy thing on my part.  Before the announcement yesterday I would have though government help is for those that really need it, not for some to cream free brass off the top for nowt.

Still good news for those still working eh?

Griff

It's right and proper for two reasons. Firstly, speaking for myself and a lot of other self employed sub contract construction workers in Norfolk and I'm sure across the rest of the country, most firms pay like crap. The opportunity to save for a rainy day just isn't there. I will continue to work as long as I can because with 3 months wait for any assistance there is no other option. However I know this will be at a greatly reduced level, so I fully intend to claim the grant. Secondly, I highly doubt we'll be repaying this great debt we're amassing as individuals, so if I have to pay for it, why shouldn't I have some of it. 

[BroadAmbition]

Well I can’t work. And if I can manage without the grant I will do so

Griff

[Smoggy]

I think they are doing it automatically Griff, Ali (swmbo) had an email from hmrc about it already basically saying do nothing but if anyone gets in touch tell them nothing as it's not how they work and it'll be a scam, at least they realised that was going to happen in advance.

She's an independant orthotist working for the companies that do the prosthetics/orthotics contracts so had all bookings cancelled for the foreseeable future as outpatients are not really wanted in the hospitals if they can be avoided, when it all dies down there will be lots of clinics I would guess as the waiting lists will be very long.

[CambridgeCabby]

The grant will help me keep my head above the water , at 80% of net profit it realistically equates to roughly 35% after I have paid my static overheads , yes I’m currently working ,my receipts are approx 8% of my normal gross.If it was not for the fact that we are needed to transport patients and nhs staff I wouldn’t place myself at risk and would stay at home .

So I will be most grateful for the governments help , it will be the first monies I have ever recieved from state and hopefully it will be the last , pension in a few years exempted .

[ExSurveyor]

25 minutes ago, BroadAmbition said:

Well I can’t work. And if I can manage without the grant I will do so

Griff

The grant will be classed as taxable income so we will be paying some of it back.

[Cockatoo]

On 28/03/2020 at 19:08, Smoggy said:

I think they are doing it automatically Griff, Ali (swmbo) had an email from hmrc about it already basically saying do nothing but if anyone gets in touch tell them nothing as it's not how they work and it'll be a scam, at least they realised that was going to happen in advance.

 

Yes I got that email as well.