Sole Trader - Income Zero - £16k+ Savings

staffsuk

OK - so I'm a sole trader, and my income over the past two weeks has been £0.00. It has completely dried up since this sodding virus, and as of today I see no likelihood that will change for the better 
I have been scrimping and saving for the past few years as much as I can, and I have managed to save just over the £16k limit for claiming UC. I see the employed will be paid 80% of their wage irrespective of their savings (could be several hundred K as I see it), but I'm earning nothing now, and can't claim anything. So where does that leave me? What choice do I have? If I close my business does that change anything?

TurtleGirl88

No help but we're in a similar situation. My husband is the same as you but I am still working. It appears to be because I earn over £35k that he'll get nothing.  
Could you spend this weekend to take you just under the savings threshold? As you have no income coming in, you'll need to dip into it anyway.  I also didn't consider your point about closing the business and trying JSA instead (although for us, I still don't think it'd work due to my earnings).  I am fortunate to be in work and earning a decent salary but for a couple with kids £35,000 is not a lot and that's before tax, NI, pension deductions btw.

calcotti

staffsuk said: If I close my business does that change anything?

No.
When your savings drop below £16,000 you will be able to claim UC.

staffsuk

OK - I just checked with EntitledTo. I put in that I had £15k in savings, that would get me £37.21 a week... Wow. This is so unfair, employed people get 80% of their wage and can have hundreds of thousands in savings, and I get £37.21 a bloody week. I've saved so hard for years and now I feel like I'm being punished for doing so in comparison to the oh-so-lucky employed / laid off. 

mwarby

TurtleGirl88 said:

Could you spend this weekend to take you just under the savings threshold?

Be careful what you spend it on, as I belive there are rules around intentional deprivement. Spending on normal household stuff is ok, a new car or similar might not be looked on favorably (not that I think that's the OPs intent)

Jeremy535897

You don't say the industry you are in or whether you occupy property in England subject to small business rate relief or rural rate relief. Look at what the Government has said about help for businesses. If none of this helps, including the business interruption loan option, at present UC is it, and UC was designed to be very difficult for the self employed to claim. There is however a real head of steam building on the unfairness of this situation, so I suggest you keep a very close eye on the news.

staffsuk

Online retail, no business premises, work from home, not VAT registered, not subject to small business rate relief or rural rate relief.

justwhat

Same boat .....couple of pound more in savings lol 
SE(partnership) online retail 2 commercial properties(Owned, rateable)  and a LWB transit sitting idle. Not vat reged

Jeremy535897

I am not yet sure why the Government seems to think that only businesses that occupy property are deserving of assistance. Justwhat might make something of the grant available to all businesses in England that occupy property qualifying for SBBR or RRR. Any self assessment tax due 31 July 2020 is deferred interest free to 31 January 2021, and you might try for a business interruption loan, but I would be surprised if we don't see something more for the self employed next week.

justwhat

Jeremy535897 said:

I am not yet sure why the Government seems to think that only businesses that occupy property are deserving of assistance. Justwhat might make something of the grant available to all businesses in England that occupy property qualifying for SBBR or RRR. Any self assessment tax due 31 July 2020 is deferred interest free to 31 January 2021, and you might try for a business interruption loan, but I would be surprised if we don't see something more for the self employed next week.

The grant is only for certain business types. (retail shops , cafes/leisure)

There are a whole load of business types that are not included 
BTW funeral directors are included in the grant system.  So work that one out.

staffsuk

The Self Employed issue was the headline story on BBC News at 1pm. Pressure is building, we are being hung out to dry.