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Ipse Welcomes - government “historic lifeline to contractors”

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  • Paralytic
    replied
    Originally posted by eek View Post
    People are idiots and never see the bigger picture.

    The phrase be careful what you wish for as it may come true has rarely been so apt.
    +1. Expecting/wanting dividends to be covered is wrong on so many levels.

    Leave a comment:


  • Paralytic
    replied
    Originally posted by BrilloPad View Post
    It is far better for society as a whole - especially young. Oldies have had their own way for too long.
    What do you classify as an "oldie"?

    And what would have been your answer 10 years ago?

    I find the answer typically changes but can follow a formula of the form "{my} age + 20 years"

    Leave a comment:


  • eek
    replied
    People are idiots and never see the bigger picture.

    The phrase be careful what you wish for as it may come true has rarely been so apt.

    Leave a comment:


  • BackupBoy
    replied
    Petition . Limited companies to receive the same as self employed and employees during coronavirus. . Change.org

    Doesn’t look very encouraging.

    Leave a comment:


  • eek
    replied
    Originally posted by Andy Hallett View Post
    What you are describing is a business that is no longer viable. You still have choices, I suspect you are more able to attain employment than others if your business prospects don't improve in 1-2 years.

    FWIW this will pass quicker than the financial crash (IMHO) as it's been caused my non-monetary reasons, once they disappear we'll start to return to normal more quickly. There will be cheap money, lots to do and nobody will learn a thing from it....
    There will be cheap money and a lot to do but I strongly suspect people won't be rushing to spend it the way they used to.

    Leave a comment:


  • Andy Hallett
    replied
    Originally posted by CheeseSlice View Post
    Me too, and being highly risk averse I made the choice to build a large enough warchest to survive this, but not forever. I've had years to prepare, and not everyone is in the same boat and will be hard hit by this.

    Its interesting when you think about what has just happened. I don't see our situation as normal 'risks of running a business'.

    The government has effectively halted the normal functioning of our economy in response to the crisis. This has never happened before in living memory.
    They are very afraid of this creating a deep recession, a liquidity trap and deflation which will be disastrous and difficult to get out of. They have decided to mitigate from the damage the intervention is already creating by creating liquidity, protecting jobs, protecting businesses. They've effectively bailed out or nationalised large portions of the economy and are putting the income tax system into reverse to stave off mass unemployment, loan defaults, etc.

    This is an intervention that nobody has seen before, and nobody outside of government and BoE has any control over. Normal market forces certainly didn't bring this on, and they wont bring us out of it without first switching off the restrictions (shutting down shops, limiting movement, etc) that have halted the normal economy.

    Much larger businesses than ours are not having to accept the full risk of this intervention. Instead of laying off employees, they're able to retain some of them through the governments coronavirus mitigation package. Thinking longer term, if these restrictions carry on (e.g. 1-2 years), then many of us, no matter how large a warchest you have will ultimately be wiped out. So why shouldn't PSC contractors be eligible for protection also?
    What you are describing is a business that is no longer viable. You still have choices, I suspect you are more able to attain employment than others if your business prospects don't improve in 1-2 years.

    FWIW this will pass quicker than the financial crash (IMHO) as it's been caused my non-monetary reasons, once they disappear we'll start to return to normal more quickly. There will be cheap money, lots to do and nobody will learn a thing from it....

    Leave a comment:


  • Glencky
    replied
    Originally posted by pvfcpug View Post
    Interesting, thanks for sharing.

    As an side, I've always really liked and respected Martin Lewis. There's a reason he's one of the most trusted people in the UK.

    Leave a comment:


  • Glencky
    replied
    Originally posted by CheeseSlice View Post
    Me too, and being highly risk averse I made the choice to build a large enough warchest to survive this, but not forever. I've had years to prepare, and not everyone is in the same boat and will be hard hit by this.

    Its interesting when you think about what has just happened. I don't see our situation as normal 'risks of running a business'.

    The government has effectively halted the normal functioning of our economy in response to the crisis. This has never happened before in living memory.
    They are very afraid of this creating a deep recession, a liquidity trap and deflation which will be disastrous and difficult to get out of. They have decided to mitigate from the damage the intervention is already creating by creating liquidity, protecting jobs, protecting businesses. They've effectively bailed out or nationalised large portions of the economy and are putting the income tax system into reverse to stave off mass unemployment, loan defaults, etc.

    This is an intervention that nobody has seen before, and nobody outside of government and BoE has any control over. Normal market forces certainly didn't bring this on, and they wont bring us out of it without first switching off the restrictions (shutting down shops, limiting movement, etc) that have halted the normal economy.

    Much larger businesses than ours are not having to accept the full risk of this intervention. Instead of laying off employees, they're able to retain some of them through the governments coronavirus mitigation package. Thinking longer term, if these restrictions carry on (e.g. 1-2 years), then many of us, no matter how large a warchest you have will ultimately be wiped out. So why shouldn't PSC contractors be eligible for protection also?
    +1 to all this. Despite operating inside IR35, I've always also understood the risks of running my own business, and have always operated a warchest albeit one outside the company (in effect, a much larger savings buffer than I ever carried as a permie). But as you've said, these are extraordinary times. When massive corporations need government bailouts it's somewhat perverse to just say 'yah boo sucks' to us!

    But again, as I've said previously - I still know I'm lucky compared to most.

    Leave a comment:


  • pvfcpug
    replied
    Maybe some glimmer of hope:

    https://twitter.com/MartinSLewis/sta...95600433356804

    Leave a comment:


  • CheeseSlice
    replied
    Originally posted by Andy Hallett View Post
    And here is the truth:

    3. This is the big one. If Ltd Co contractors had been included in the package we would have lost the IR35 argument FOREVER. If you don't believe me look at what the Chancellor said about sole trader national insurance rates the announcement

    You are either running a business or you are not.

    And before anyone gets on their high horse, I started my Consultancy as a Limited Company on 3rd March. I understand and accept the risks and rewards of running a business.
    Me too, and being highly risk averse I made the choice to build a large enough warchest to survive this, but not forever. I've had years to prepare, and not everyone is in the same boat and will be hard hit by this.

    Its interesting when you think about what has just happened. I don't see our situation as normal 'risks of running a business'.

    The government has effectively halted the normal functioning of our economy in response to the crisis. This has never happened before in living memory.
    They are very afraid of this creating a deep recession, a liquidity trap and deflation which will be disastrous and difficult to get out of. They have decided to mitigate from the damage the intervention is already creating by creating liquidity, protecting jobs, protecting businesses. They've effectively bailed out or nationalised large portions of the economy and are putting the income tax system into reverse to stave off mass unemployment, loan defaults, etc.

    This is an intervention that nobody has seen before, and nobody outside of government and BoE has any control over. Normal market forces certainly didn't bring this on, and they wont bring us out of it without first switching off the restrictions (shutting down shops, limiting movement, etc) that have halted the normal economy.

    Much larger businesses than ours are not having to accept the full risk of this intervention. Instead of laying off employees, they're able to retain some of them through the governments coronavirus mitigation package. Thinking longer term, if these restrictions carry on (e.g. 1-2 years), then many of us, no matter how large a warchest you have will ultimately be wiped out. So why shouldn't PSC contractors be eligible for protection also?

    Leave a comment:

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