fbpx
72 F
New York
Wednesday, September 23, 2020

Nightmare for self employed people as Corona virus batters the economy

Must read

5 ideal destinations for your honeymoon

  The choice of destination for your honeymoon is as important as the preparations for your marriage. And, of course, if it will be one...

7 tips for travelling with friends

7 tips for travelling with friends     Have you ever travelled with friends and suddenly got to know peculiarities in the other or even yourself that...

Thyroid cancer: Causes, Symptoms and treatments

Thyroid cancer: Causes, Symptoms and treatments   Thyroid cancer, defined by the World Health Organization (WHO), begins in the thyroid gland, which is located inside and...

Symptoms you didn’t know about breast cancer.

Surely you know what breast cancer is, but you may not know what all the symptoms are. Do not miss a detail.   Breast cancer is...

After the UK government has announced the financial measures during this coronavirus crisis, the self-employed people are worried about their survival as the announced financial measures do not apply to them.

Cathy Wassell who owns a digital marketing agency in Stratford and has been running successful business for 17 years says, “It made me feel as if I wasn’t of any importance.”

“I watched the chancellor’s speech but it was glaringly obvious that there was no help for self-employed people in those packages at all” Cathy added.

As per the National Statistics, 5 million self-employed people in UK make up the 15% of the total labor market.

According to many reports, the self-employed people has notified that their income has nearly dropped to zero during this pandemic and it’s been difficult to manage to pay the bills.

Anneli Hukins who runs Kent-based holistic health business, said, “We shortly will have no income and no way of protecting ourselves financially from the expenditures we still have to make. I’ve been working as much as I can until I have to stop at the end of this week.”

Ms. Wassell, the owner of Socially Contented, has told that one of her clients has lost contracts worth £300,000, and might be out of business soon. The case is similar with her other clients, many are not able to pay her in time. As a result, she is struggling to pay her bills and her employees.

This Tuesday, the Chancellor of UK, Rishi Sunak announced a £350 billion stimulus package for firms to manage the impact of coronavirus, this also includes £330 billion for business loans. This will also aid business rates grants and holiday for pubs and retailers.

Despite all these supporting efforts by the UK Chancellor, the self-employed people are not able to take any benefit. These business rates tax relaxation does not apply to them because they don’t own a premise.

“There’s no way that I would take the loan,” said Ms Hukins. “If I’m going to be struggling to pay off my overdraft to continue to pay for my rent and bills, then there’s no way I can keep up with the payments for the loan.”

- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest article

5 ideal destinations for your honeymoon

  The choice of destination for your honeymoon is as important as the preparations for your marriage. And, of course, if it will be one...

7 tips for travelling with friends

7 tips for travelling with friends     Have you ever travelled with friends and suddenly got to know peculiarities in the other or even yourself that...

Thyroid cancer: Causes, Symptoms and treatments

Thyroid cancer: Causes, Symptoms and treatments   Thyroid cancer, defined by the World Health Organization (WHO), begins in the thyroid gland, which is located inside and...

Symptoms you didn’t know about breast cancer.

Surely you know what breast cancer is, but you may not know what all the symptoms are. Do not miss a detail.   Breast cancer is...

Which suitcase is better for travelling by plane?

Packing is one of those activities that already makes you feel on vacation! How do I leave or what suitcase is better to take,...