Self employed sick pay
Discussion
I'm a self employed 'sole trader' decorator.
I fell off my ladder on Friday and have sustained injuries that look like I'll be out of action for 3 months plus. (I'm typing this with one finger with my wrong hand...)
I have income protection that pays £800 per month but there's a 13 week deferred period.
Always paid my NIC's so am I 'entitled' (not a word I particularly like) to any form of SSP?
I've done a Google but there seems to be a myriad of different benefits but none that I can see that involve a sole trader.
Thanks in advance.
I fell off my ladder on Friday and have sustained injuries that look like I'll be out of action for 3 months plus. (I'm typing this with one finger with my wrong hand...)
I have income protection that pays £800 per month but there's a 13 week deferred period.
Always paid my NIC's so am I 'entitled' (not a word I particularly like) to any form of SSP?
I've done a Google but there seems to be a myriad of different benefits but none that I can see that involve a sole trader.
Thanks in advance.
From the gov.uk site on SSP:
You can get £89.35 per week Statutory Sick Pay ( SSP ) if you're too ill to work. It's paid by your employer for up to 28 weeks. You need to qualify for SSP and have been off work sick for 4 or more days in a row (including non-working days). You can't get less than the statutory amount.
It seems that it is paid by your employer, therefore if you are self employed, then you need to pay it to yourself.
You can get £89.35 per week Statutory Sick Pay ( SSP ) if you're too ill to work. It's paid by your employer for up to 28 weeks. You need to qualify for SSP and have been off work sick for 4 or more days in a row (including non-working days). You can't get less than the statutory amount.
It seems that it is paid by your employer, therefore if you are self employed, then you need to pay it to yourself.
MellowshipSlinky said:
Just delved a bit deeper and it seems I've been too prudent and saved too much.
As above, I'll pay it myself
Can't complain as I've had my money's worth from the NHS recently.
On that note...I'd read somewhere that many people save too much in their pensions and get up with a nice juicy tax bill.As above, I'll pay it myself
Can't complain as I've had my money's worth from the NHS recently.
http://www.telegraph.co.uk/pensions-retirement/tax...
Seems mad, but I guess fairly straightforward to get round?
Otispunkmeyer said:
MellowshipSlinky said:
Just delved a bit deeper and it seems I've been too prudent and saved too much.
As above, I'll pay it myself
Can't complain as I've had my money's worth from the NHS recently.
On that note...I'd read somewhere that many people save too much in their pensions and get up with a nice juicy tax bill.As above, I'll pay it myself
Can't complain as I've had my money's worth from the NHS recently.
http://www.telegraph.co.uk/pensions-retirement/tax...
Seems mad, but I guess fairly straightforward to get round?
Not mad at all, quite straightforward and doesn't need to be 'got around'.
When you 'save' for a pension you avoid paying income tax on those savings. There's a limit on how much you're allowed to 'save' and how much the savings can grow tax free.
If you go above the limit you pay extra tax to offset the benefit of the tax relief.
Not saying I'm in favour of the rules but I can see the argument. Encourage people to invest in a pension by deferring tax, but limit the amount they do this to.
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