Fight to save Ltd or not

[PCTNN]

That won’t happen. I have a couple of properties with equity in each. I could sell the U.K. one and plough the proceeds into my foreign place. Good luck getting at that post Brexit. But as I’ve said, I’m intent on resolving this through the correct channels.

So no problems then.

Sell the property in the UK, pay what you owe and enjoy an early Christmas holiday.

Who needs more than 1 property anyways?

[oliverson]

So no problems then.

Sell the property in the UK, pay what you owe and enjoy an early Christmas holiday.

Who needs more than 1 property anyways?

I can see why people might take that approach but part of me says why the **** should I sell a property just because the government has ****ed me over. The place abroad is my pension. Suppose the reality is that if it becomes impossible to conduct business here in the UK as a contractor as I always have done, then why continue living here? Depending on Brexit, maybe Europe would be a better option.

[uk contractor]

There's something in the term 'bounce back loan'. A loan that enables a company to bounce back from the impact of coronavirus.

I doubt many directors are in good financial control of a company right now, especially contractors. The government effectively killed them dead with IR35 and then the pandemic nailed the coffin lid shut. Sure, there are those lucky ones that haven't been impacted yet. Good for them but let's not pretend there is negligence on the side of those like myself. As for paying myself from the loan, I'll do whatever it takes to survive this, just like I did the last crisis. If that means spending the CT and VAT as well, so be it. All it takes is one contract and it's the flick of a switch. c. £ 17k a month back into the account each and every month enables recovery.

Good luck hope you can turn it around but £17K a month! You would be lottery winning level lucky to land £7K per month right now!!

[jayn200]

I can see why people might take that approach but part of me says why the **** should I sell a property just because the government has ****ed me over. The place abroad is my pension. Suppose the reality is that if it becomes impossible to conduct business here in the UK as a contractor as I always have done, then why continue living here? Depending on Brexit, maybe Europe would be a better option.

Yeah running away is an option. I do mean that seriously. If you don't have any strong ties to the UK and know you don't want to come back.

What do you bill at? at 500 a day you could clear all of your problems in 4 months. i know the hard part is even getting a contract but you said in your first post it will take years to clear this debt, it really won't unless you are contracting at 200 a day but the fact you got a BBL at 30k means you should be billing 500 a day at least maybe more.

[Old Greg]

Yeah running away is an option. I do mean that seriously. If you don't have any strong ties to the UK and know you don't want to come back.

What do you bill at? at 500 a day you could clear all of your problems in 4 months. i know the hard part is even getting a contract but you said in your first post it will take years to clear this debt, it really won't unless you are contracting at 200 a day but the fact you got a BBL at 30k means you should be billing 500 a day at least maybe more.

Possibly better off working PAYE via a brolly, paying the director's loan off and letting the business fold.

[oliverson]

Yeah running away is an option. I do mean that seriously. If you don't have any strong ties to the UK and know you don't want to come back.

What do you bill at? at 500 a day you could clear all of your problems in 4 months. i know the hard part is even getting a contract but you said in your first post it will take years to clear this debt, it really won't unless you are contracting at 200 a day but the fact you got a BBL at 30k means you should be billing 500 a day at least maybe more.

min £ 650, London finance. I'd be looking slightly higher but not in this climate. Have a mate (same skillset) who recently landed a contract at an investment bank we have both contracted at previously. He's on £ 750, outside. Sadly they don't need anyone else currently. Not sure what will happen with them come April given they banned but then did a u-turn on PSC's. Probably another ban.

[PCTNN]

I can see why people might take that approach but part of me says why the **** should I sell a property just because the government has ****ed me over. The place abroad is my pension. Suppose the reality is that if it becomes impossible to conduct business here in the UK as a contractor as I always have done, then why continue living here? Depending on Brexit, maybe Europe would be a better option.

Earlier you wrote that you've been on the bench several months "by choice" and you only blame the government?

Start blaming yourself as well for deciding not to work when you could have.

[oliverson]

Possibly better off working PAYE via a brolly, paying the director's loan off and letting the business fold.

It is something along these lines that I was thinking, should it be necessary.

[Old Greg]

Earlier you wrote that you've been on the bench several months "by choice" and you only blame the government?

Start blaming yourself as well for deciding not to work when you could have.

Do **** off, if you're going to be a dick when someone's in real financial difficulties during a global pandemic.

[oliverson]

Earlier you wrote that you've been on the bench several months "by choice" and you only blame the government?

Start blaming yourself as well for deciding not to work when you could have.

Same choice a lot of contractors had approaching the IR35 cut-off date. I made the decision to cease with client end February so as not to go down this determination route. But then a week later close family bereavement, then the pandemic hit. The fact is there was no work out there and I wasn't in the right frame of mind to take it even if there had been. Then there's burnout from 8 years of constant end-to-end contracting, repairing the tulip from the last crisis, including a stint over 2 years sometimes billing 8 days a week! You could say it was my choice/decision, but sometimes things aren't as clear cut as people think.