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This shit and my little business (or yours)


Carl Fimble
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Carl Fimble

Not seen anything about this on dosbods, but then up until last week I was avoiding the corona threads so I've likely missed it. 

The government have said they're gonna give GRANTS (not loans) of AT LEAST £3000 to "small businesses in sectors facing the worst economic impact of COVID-19".

I'm hoping I can get a decent little slice of that so am gonna phone them tomorrow. I'm not sure if what I do will be classed as being in a sector facing the worst of covid 19, gonna phone them and see though. 

Here's the Scottish government page on it, but it's happening in the rest of the country too :

https://www.gov.scot/news/gbp-320-million-package-of-support-for-businesses/

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I was speaking to a guy yesterday who runs a small firm of architects.

He recons he'll be hit bad..  he has about enough cash in the kitty to last a month..  maybe two..  after that they'll be leveraging up.

The only thing that seemed to make him feel better was that he thought most of his competition were in an even worse position.

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One percent
9 minutes ago, Libspero said:

I was speaking to a guy yesterday who runs a small firm of architects.

He recons he'll be hit bad..  he has about enough cash in the kitty to last a month..  maybe two..  after that they'll be leveraging up.

The only thing that seemed to make him feel better was that he thought most of his competition were in an even worse position.

The problem of living hand to mouth. Individuals are doing it, business, government. That’ll learn ‘em. 

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Kurt Barlow
10 minutes ago, Van Lady said:

I fear the consequences of the economic problems more than the virus.

How many people are there in the uk who could manage with reduced or no pay due to the lack of demand for a whole variety of services? I’d guess multi millions from all walks of life can’t cope for a month. That situation is only going to get worse in the foreseeable future.

 

 

In view of this I have brought forward some spending to help support local businesses (driving a good deal of course in the process;)) and increase our households resilience in these troubled times. 

New British built air rifle - local air rifle shop

Cavity wall insulation - local firm

New British manufactured boiler unit - local plumbing supplies business retail outlet.

I'd encourage other cash flush Dosbodians to do the same. 

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24 minutes ago, Libspero said:

I was speaking to a guy yesterday who runs a small firm of architects.

He recons he'll be hit bad..  he has about enough cash in the kitty to last a month..  maybe two..  after that they'll be leveraging up.

The only thing that seemed to make him feel better was that he thought most of his competition were in an even worse position.

Last man (firm) standing takes the prize?

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1 minute ago, DeepLurker said:

Last man (firm) standing takes the prize?

Yep..  they mostly do HMOs and private contracts..  but I'm sure when everyone else goes bust the council will get desperate and give them some high-rise cladding projects :ph34r:

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Wight Flight
39 minutes ago, Carl Fimble said:

Not seen anything about this on dosbods, but then up until last week I was avoiding the corona threads so I've likely missed it. 

The government have said they're gonna give GRANTS (not loans) of AT LEAST £3000 to "small businesses in sectors facing the worst economic impact of COVID-19".

I'm hoping I can get a decent little slice of that so am gonna phone them tomorrow. I'm not sure if what I do will be classed as being in a sector facing the worst of covid 19, gonna phone them and see though. 

Here's the Scottish government page on it, but it's happening in the rest of the country too :

https://www.gov.scot/news/gbp-320-million-package-of-support-for-businesses/

Don't want to be the bearer of bad news but the £3k is a grant to those that have business premises that are below the business rates limit.

And it is only in England.

On the plus side, the government is going to have to throw money at every viable business or when things get back to normal there will be almost nothing left.

I don't have much in the way of reserves but I am not panicking yet.

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Fully Detached

Realistically what good is £3k to your average small business? I mean obviously it's better than nothing but if you have any sort of overheads you might just manage to pay the bills and take a reduced salary for a month - hardly going to keep anybody going through this coronavirus.

Are we sure it's not just £3k of helicopter money to the 16 hour a week dog walkers and nail manicurists?

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Charles Carter
18 minutes ago, Kurt Barlow said:

In view of this I have brought forward some spending to help support local businesses (driving a good deal of course in the process;)) and increase our households resilience in these troubled times. 

New British built air rifle - local air rifle shop

Cavity wall insulation - local firm

New British manufactured boiler unit - local plumbing supplies business retail outlet.

I'd encourage other cash flush Dosbodians to do the same. 

Top bloke.

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Carl Fimble
33 minutes ago, Wight Flight said:

Don't want to be the bearer of bad news but the £3k is a grant to those that have business premises that are below the business rates limit.

And it is only in England.

On the plus side, the government is going to have to throw money at every viable business or when things get back to normal there will be almost nothing left.

I don't have much in the way of reserves but I am not panicking yet.

Nah, it's across the country, and I didn't read a link to business premises or rates in the bit talking about the £3k minumum grant. 

From the link I posted :

" 

Immediate action in response to COVID-19.

New measures to limit the impact of COVID-19 on the business community in Scotland have been announced by Finance Secretary Kate Forbes.
 
The following steps will be put in place to support businesses during the 2020-21 financial year:
 
• a 75% rates relief for retail, hospitality and leisure sectors with a rateable value of less than £69,000 from 1 April 2020
• an £80 million fund to provide grants of at least £3,000 to small businesses in sectors facing the worst economic impact of COVID-19
• 1.6% rates relief for all properties across Scotland, effectively reversing the planned below inflation uplift in the poundage from 1 April 2020
• a fixed rates relief of up to £5,000 for all pubs with a rateable value of less than £100,000 from 1 April 2020
 
The Finance Secretary will also write to all local authorities urging them to respond positively to requests from rate payers for payment deferrals for a fixed period.
 
Ms Forbes said:
 
“COVID-19 will have challenging implications for businesses and the economy over the coming weeks and months.
 
“As well as following the latest health and travel advice, it’s also crucial we consider the latest economic analysis and listen carefully to what the business community is telling us. We know that the tourism and hospitality sectors are facing immediate pressure, which is why we have directed support to them in particular.
 
“All rate-payers will benefit from a relief that effectively reverses the planned inflationary uplift in the poundage that was due to come into effect in April.
 
“The measures I’m announcing today will provide £320 million of assistance to Scottish business and ensures that all Non Domestic Rate consequentials we expect to receive from the UK Government associated with the COVID-19 outbreak will be used to provide Scottish business with support through what is likely to be a difficult time. We will also be making the case to the UK Government that, because of the larger number of small businesses in Scotland, we need additional resources to be able to provide further support.

“Businesses receiving support are being encouraged to operate with fair work principles including supporting staff to self-isolate when they need to and if they have caring responsibilities and to consider keeping staff in employment where at all possible.

“We continue to work closely with our partners to identify what further support is needed and I’d encourage any businesses with questions relating to the impact of COVID-19 to contact the helpline we launched this week.”
 
Background

The business helpline number is 0300 303 0660. The helpline will be open Monday to Friday 8.30am to 5.30pm.
 
Callers should select option one to speak to the COVID-19 team."

27 minutes ago, Fully Detached said:

Realistically what good is £3k to your average small business? I mean obviously it's better than nothing but if you have any sort of overheads you might just manage to pay the bills and take a reduced salary for a month - hardly going to keep anybody going through this coronavirus.

Are we sure it's not just £3k of helicopter money to the 16 hour a week dog walkers and nail manicurists?

I think helicopter money is just what it is, it's "at least £3000" too. 

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I’ve already had a difficult 18 months with each 6 month period worse than the last. I’m in a saturated market online and whilst my shop service is more specialised my customers are in the vulnerable group which means I’ll probably shut it at the end of this week, for now, so that’s extra revenue lost.

I’d be entering my busy period now, March to August but it’s looking bleak.

I’m glad I currently only have one member of staff, I had three last year and I really would be worrying about lay offs. I’ve discussed it with my staff and she says she doesn’t have to work (lucky thing) and is happy for me to reduce hours if necessary. 

I’ve got invoices falling due and cash flow is drying up. I’ve got 14 years of dealing with many of suppliers and I’m just hoping I can push bills back a bit. I have a good supply of stock, the problem is understandably people’s priorities are changing. 

I’ve just finished Autumn/winter 2020 ordering but tbh I’m not expecting some of it to be produced if China aren’t fully up and running as Spring/Summer are already delayed.

I’m due a large VAT refund, due to a cock up by my accountant, but I’ve been told it could take 21 weeks to process. With fewer people working at HMRC that will be much longer.

That refund would really help. 

When this is over I’m going to scale down and take more care of myself. The stress of running this has aged me a lot in the last 12 months. Shit like this really doesn’t help.

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People with a regular income from dividends/pensions and benefit recipients will be okay for basic needs...if they aren’t I have no sympathy.

Someone should remind Boris of the JAM section of society that his party in the not too distant past vowed that they would help or whatever word one chooses to use. That’s just about managing type folk.....the working people. Again I’ve no sympathy for anyone living above their means but for millions of workers from all walks of life JAM sums the situation up nicely.

Laurence Fox tweeted along the lines that in unprecedented current situation it was time for the people to call in the loan to bail out the bankers in 2008. I agree!

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Wight Flight
33 minutes ago, Carl Fimble said:

Nah, it's across the country, and I didn't read a link to business premises or rates in the bit talking about the £3k minumum grant. 

Looks like a Scottish thing. It is a devolved responsibility.

If you think you will struggle, stop paying everything you don't need to. This will be the era of forbearance.

Sad to say but it is every man for himself. Some of my customers won't pay me, and to counteract that I may need to delay paying non essential suppliers. The big boys will be the first. 

And if you think you may have to do this in three months time, do it NOW.

some will get aggressive, some won't. But if you stop them all now you can better deal with the essential or aggressive ones and ignore the others.

Whatever you do, don't cross your fingers and stick your head in the sand.

 

 

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Carl Fimble
6 minutes ago, Wight Flight said:

Looks like a Scottish thing. It is a devolved responsibility.

If you think you will struggle, stop paying everything you don't need to. This will be the era of forbearance.

Sad to say but it is every man for himself. Some of my customers won't pay me, and to counteract that I may need to delay paying non essential suppliers. The big boys will be the first. 

And if you think you may have to do this in three months time, do it NOW.

some will get aggressive, some won't. But if you stop them all now you can better deal with the essential or aggressive ones and ignore the others.

Whatever you do, don't cross your fingers and stick your head in the sand.

 

 

Hmmm, it is listed on the UK Gov site, wording is a bit different though :

"small business grant funding of £3,000 for all business in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief"

from :

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

 

I'm not sticking my head I the sand now, and wasn't really before, but I did just think it was gonna pass, and wasn't taking people's (slightly unhinged) reactions. Thanks for the advice though, I may need to think able ut bumping some...

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Wight Flight
5 minutes ago, Carl Fimble said:

Hmmm, it is listed on the UK Gov site, wording is a bit different though :

"small business grant funding of £3,000 for all business in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief"

from :

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

 

I'm not sticking my head I the sand now, and wasn't really before, but I did just think it was gonna pass, and wasn't taking people's (slightly unhinged) reactions. Thanks for the advice though, I may need to think able ut bumping some...

Yep. As I said, in England you will get it if you have rateable premises that are exempt from paying rates.

They haven't yet worked out how it will be distributed though.

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Carl Fimble
1 minute ago, Wight Flight said:

Yep. As I said, in England you will get it if you have rateable premises that are exempt from paying rates.

They haven't yet worked out how it will be distributed though.

They should just give it to me, I'll spend it into the economy in no time. 

I'm gonna phone them in the morning, get it the queue early so to speak. 

I'll update the thread once I know more, God- fingers crossed!!

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53 minutes ago, Battenberg said:

I’m due a large VAT refund, due to a cock up by my accountant, but I’ve been told it could take 21 weeks to process. With fewer people working at HMRC that will be much longer.

That refund would really help. 

When this is over I’m going to scale down and take more care of myself. The stress of running this has aged me a lot in the last 12 months. Shit like this really doesn’t help.

Harass them for it. They owed my company £30k due to a corp tax cock up - it took about 2 weeks but I had to harass my accountant to harass them. Your accountant should be doing the same as it's his cock up.

Of course the other time they overpaid a VAT refund to the tune of £10k I cashed the cheque (who wouldn't?!) hoping they wouldn't notice.. but they did, and within a few weeks they had sent round the debt collectors bashing on my office door demanding payment. They are arseholes, don't be afraid to harass them back.

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1 hour ago, Fully Detached said:

Realistically what good is £3k to your average small business? I mean obviously it's better than nothing but if you have any sort of overheads you might just manage to pay the bills and take a reduced salary for a month - hardly going to keep anybody going through this coronavirus.

Are we sure it's not just £3k of helicopter money to the 16 hour a week dog walkers and nail manicurists?

Who cares, it's free government money. If I were Scottish I'd be onto them, £3k is £3k... It's enough to withdraw as a dividend right before the shit hits the fan and pay off the mortgage for 6 months...

Helicopter money is still money.

 

Edited by spunko
removing perhaps inapprorpiate image
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Wight Flight
1 hour ago, Fully Detached said:

Realistically what good is £3k to your average small business? I mean obviously it's better than nothing but if you have any sort of overheads you might just manage to pay the bills and take a reduced salary for a month - hardly going to keep anybody going through this coronavirus.

Are we sure it's not just £3k of helicopter money to the 16 hour a week dog walkers and nail manicurists?

£3k is six months rent.

To a lot of micro businesses it is significant.

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