Last updated: 01 April 2020

Self-employment Income Support Scheme. Government Guidance

00:00 – If you all self employed, you will have been very pleased, most in most cases to have heard about the self-employed income support scheme. S. E. I. S. S. I think they named it. They’re going to be some real acronyms coming out here. Now we know, well, the the chancellor did for employees, he gave them 80% up to two and a half thousand pounds and he’s done the same thing for self employed people.

Only though, this is a big caveat for employees, if you earned 200,000 pounds, you would still get two and a half thousand pounds per month on the job retention scheme, right? Even if you’re on 200,000 pounds a year, even if you earn 200,000 pounds a month, you’d still get it. Okay.  However, for self employed, what he said is, if you are an over 50,000 pounds on average over the last three years, you don’t qualify for anything.

01:00 – Zero. Nada. Now that can be heard. I mean, a lot of the business who work with me work really well to, to give better value and earn more money, and some of them I, I fear will be caught out by this. Okay. It’s a bit like limited company directors. They’re going to get quotes out because dividends don’t qualify for relief.

But let’s keep on the self employed. Now you’ve got to have supply returns for three years up to 2019 that’s 1718 and 19 and you still gotta be training. So that’s 20 cause we’re nearly at the end of 20 and we in a few days time from recording this, it’s going to be the end of the 20 self-assessment.

Rich. Yeah. So. We’ve got to be aware that, uh, many of self employed most businesses, by the way, 90% probably 80, 85, 90% of businesses never owned more than 50,000 pounds. The business owner never owns more than 50,000 pounds. In fact, and so as hard as they work, you know that that is what pains me. That is why I love working with businesses because I think they deserve more money, right?

02:00 – That is what I want. I do what I do, not because I need  to work. I could have retired so 20 years ago, but I do it because. If I hadn’t been coached and mentored by the people that mentioned me years and years ago, I wouldn’t be in the position and I owe it to the business community. You have helped me and let me help them to continue helping them.

Uh, now through. Well, it could be  because I think when it all ends, it’ll be, the world would be a different place, but they will be opportunity. Okay. The key thing is we got to stay healthy. We’re going to stay alert. We’ve got to stay active mentally and physically to take advantage of this, and so, well, I’m doing this month is doing weekly presentations to help.

Uh, businesses like yours, uh, be, uh, you know, be aware and stay up to date and get a bit of mental jujitsu going. Okay. So, um, just keep that in mind. If you are self employed and you were on the edge and you’ve just got in, maybe when times come back, there’s some trades that are going to be in great demand, like cleaning.

03:00 – I’m going to be in great, great demand, isn’t it? You know, um, cleaning the bacteria and stuff with all of this fear going on, there’s probably cleaning services. If you offer the right services and the packaging right, you could do really well, but there are many, many other businesses that could do so much better than they were then.

They were doing okay, but he’d got to think about it. And all of these courses are going to be about that. So don’t forget, please. You don’t have to do very much for the self employed, uh, income support scheme. But if you haven’t filed your returns, by the way, for 2019 he’s given us another four weeks now.

There’s only three weeks left from when recording this on the 1st of April, there’s only about three weeks left. You need to get your 2019 were 10 and if you wanted to ask to help, we can. If you’ve got your accountant or bookkeeper was being a bit sluggish. Give them a bit of a push and nudge, wake them up and get them to follow your 2019 return or I, this is Gordon wishing you well.

04:00 – Don’t forget, you know when you get that money and don’t spend it all at once, it may not even come in until the end of June, so you’ve got to make ends with, I’m hoping you’ve saved some money up. Uh, one of the things we talk about is saving on one on our programs now through April, because that’s going to be really important.

People who haven’t saved in real dire straights, people who could’ve saved but didn’t, you know, those are my, and some people just can’t afford to save. And that’s why we, they need to earn more. They can’t earn more by working harder cause they’re working all the ELLs. God sets. Anyway, I go one cause I’m passionate about it.

Um, I’m enthusiastic about helping businesses. It pains me when I see businesses struggling when they could be doing so much better and offering much more value to their customers and do better as a result. Okay. Both wins. The customer wins and the, the trader wins. Anyway, we work in for real limited companies and sole traders and stuff, and so it works for all cases.

05:00 – This is going to look. Be safe, be healthy, exercise mentally and physically and join me on these Facebook lives. Join me on the workshops. You know, they’re all, they’re all presented live. Excuse me. The old presented life and they’re available to watch. On demand. If the recording works right, it doesn’t always work, but when it does, it’s available on demand.

All right. This is Gordon wishing well. If you’re self employed, look out for that claim. If you haven’t filed your 2900% get it found. If you already have a 50,000. On average per year. Good on you, but you’re not going to qualify. And if you’re earning under, you should, you should win some money on that and it’s going to be taxable.

By the way, don’t forget, put aside the tax for it. As hard as it’s going to be, it’s going to be taxable. Well, it’s the same as employees, by the way. Right? Employees the that to an off thousand pounds, 80% off. Is also taxable. So we’ve been treated fairly as self employed individuals. Well, I, this is Gordon

06:00 – Wishing you well. Take care and have a good evening. Bye bye.