Self-Employed Help from UK Govt.

SquirrellCook

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200
Many small businesses don’t work the way you’d expect. We manufacture for no customers, guessing what the future holds. Our income is from previously made stock. All profit is spent on machinery and material. On the upside we normally work in isolation so not much has changed. We’ve just put a ban on visitors. We have offered our manufacturing capabilities to the government though I doubt if they have the ability to organise lots of small companies. It has to be though on those that relies on casual work.
 

wildebus

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2,515
ALL profit is spent on machinery and material? so you pay yourself nothing at all from your work?
If this is regards to the govt scheme, the "profit" they are referring to - and you put on the self-assessment form - as self-employed income - is income (revenue) - expenses (costs, including capital expenditure or machinery and costs of materials), so in essence what you earn - or pay yourself - from your business.
All above is only relevant for people who have declared self-employment income as opposed to dividends, PAYE, or maybe others
 

SquirrellCook

Full Member

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200
so in essence what you earn - or pay yourself - from your business.
I don't really have a life away from work, so my expenses are next to zero. Even when I have taken an income I've only spent it on something for work.
Anita feeds me, so a very simple life. The down side was when I got ran over by a car, as I had no income my insurance wouldn't pay out. I still have to turn over around £7 - 10k a month for the business to break even. So profit comes after this. It's a very expensive business to run :(
 

Yeoblade

Full Member

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37
I don't really have a life away from work, so my expenses are next to zero. Even when I have taken an income I've only spent it on something for work.
Anita feeds me, so a very simple life. The down side was when I got ran over by a car, as I had no income my insurance wouldn't pay out. I still have to turn over around £7 - 10k a month for the business to break even. So profit comes after this. It's a very expensive business to run :(
What is it that you do / make ?
 

wildebus

Full Member

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2,515
I don't really have a life away from work, so my expenses are next to zero. Even when I have taken an income I've only spent it on something for work.
Anita feeds me, so a very simple life. The down side was when I got ran over by a car, as I had no income my insurance wouldn't pay out. I still have to turn over around £7 - 10k a month for the business to break even. So profit comes after this. It's a very expensive business to run :(
Sounds like a labour of love. Must be something you really enjoy.
 
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SquirrellCook

Full Member

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200
Sounds like a labour of love. Must be something you really enjoy.
I like doing the development of a part, trying to figure out what was used to originally make it. Seeing if I can resolve why it failed. Then producing a better item. So drawings, tooling, moulds and that sort of thing. I hate production work, but ones off's can be very expensive.
 

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