CV19 Self Employed grant almost ready

[Sharpend]

I have to add a life experience to that Specs, years ago I took up every offer for credit that was thrown at me, believing I was quite capable of paying it, which I did year on year, however one road accident and a resulting year off work soon showed me that credit is not a credit but a huge burden which gives a false sense of security. I have since stopped dealing with credit in any shape and form, yes it was tough but no more tougher than going a year without a wage, now I live credit free and do the old fashioned thing called saving for what I want and remarkably I have more money than I’ve ever had :C  

this lock down has shown exactly how little money you really need to live. 

 

[Murdoch]

So my SEISS has appeared in my account today - later on I'll move it to my tax "savings" account (my premium bond account) - where it can stay unless I need it.

Like @SPECIAL LOCATION above when I went SE 10 years ago the first thing I did was to build up a reserve of cash in my business account - just as and when I could and over time it grew to a level where I've NEVER needed to defer a payment to a supplier or ask for a bank loan or overdraft.

As soon as the shut down occurred I took a download from Quickbooks and looked at ALL my business expenses from last year to see which were "fixed" overheads and when they occurred - so I could see if my "buffer" could cover them all if I had no income - answer yes.

Then we opted to have a mortgage holiday, the daughter came home from Uni - so no costs to cover with her, and our holiday was binned - more savings, along with curbing our going out and spending - more savings. Our only debt being the mortgage means we are living off the misses income and the few call outs I've had. #

So far, no scary financial moments ........... putting money aside and living within our means has paid off big time - sure we'll have to cover the missing months of mortgage payments but I was planning an over payment this year anyway.

 

[Sharpend]

^^ And that’s how to have a Financially viable business 

 

[Murdoch]

^^ And that’s how to have a Financially viable business 

And just to add I generally draw the same amount as a salary every month, and any excess gets put in my tax savings account OR used to buy new/ replacement tools.

 

[ProDave]

Just heard on the news the SEISS is to be extended until august but the grant this time will be 70% of your average profit not the 80% before.

No official details yet.

Good job because my phone is not ringing.

 

[Murdoch]

Just heard on the news the SEISS is to be extended until august but the grant this time will be 70% of your average profit not the 80% before.

No official details yet.

Good job because my phone is not ringing.

my phone has rung a bit and my inbox has been getting more in it so things are definitely looking up 

 

[SPECIAL LOCATION]

https://www.bbc.co.uk/news/business-52850371

According to the above,  The first phase of payments & applications, (80% of 3 months profits),  is still open until 13July....

This new proposed second phase, (70% of 3 months profits), will not open to applications until August...

As it is still May at the moment, (just about)…..

During June & July..  no further assistance coming in...

So.….  We had better just hope they do not open up airports and foreign travel before September.....

OTHERWISE...  we will all be out of the county, sunning ourselves on beaches on the Costa-Del-Something-or-other!...

and miss the deadline for August applications!..

:coffee