Written evidence submitted by Neil Roberts
I am a Sole Director of a Limited company who operates in the outdoor live music & festival industry and, therefore, have seen ALL of my work wiped out for the next few months. Furthermore, as these are summer months, this pretty much means I will not generate income until next year now. This is VERY typical for my industry.
None of the grant packages of support already offered to businesses or the self-employed apply to my situation, except the PAYE support which is a very small proportion of my overall income. Therefore, I can expect to receive approximately 80% of probably 20% of my annual income through the measures announced.
So, my question to you is: What am I supposed to do?
Income Support - Not Eligible as my wife has a part-time job
Coronavirus Job Retention Scheme - my only avenue for income at the moment, but a very, very small fraction of my income is PAYE
Self-Employed Support Scheme – I do not earn more than 50% of my income through Self-Employment so I am ineligible.
Deferring VAT and Income Tax payments - I will be doing this, although it is only a deferment
Business rates holiday for all retail, hospitality, leisure and nursery businesses in England - although I am in this industry and amongst the hardest hit, I do not pay rates
Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief - I do not pay rates
Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value of more than £15,000 and less than £51,000 – Although I operate in this industry, I do not pay rates as I work from home.
Grant funding of £10,000 for retail, hospitality and leisure businesses with property with a rateable value of £15,000 and under - Although I operate in this industry, I do not pay rates as I work from home.
Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank - I cannot afford to pay back a loan as I have now lost pretty much one year’s income
HMRC Time To Pay Scheme - I will be doing this, although it is only a deferment
I would like to end by saying that I operate through a limited company as (1) often, clients will not contract with sole traders (2) to limit my legal liability. I pay myself a small monthly wage which I can afford and then top this up through dividends once I know how successful my year has been, as income varies a lot from year to year.
I really think that people in my position need supporting too, which is not the case at the moment.