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  • FIRST POST
    • kingsroad
    • By kingsroad 11th Sep 17, 9:10 PM
    • 5Posts
    • 0Thanks
    kingsroad
    Universal Credit - Self Employed - Allowable Expenses
    • #1
    • 11th Sep 17, 9:10 PM
    Universal Credit - Self Employed - Allowable Expenses 11th Sep 17 at 9:10 PM
    Hi

    I have a few questions regarding being self employed on universal credit.

    I need to buy a van but am struggling to find the best way to do it.
    Millage/pence per mile does not work for me.

    Is contract hire the only way to take the full payment off per month (if 100% for work).

    If I use a personal loan or HP all I can deduct is the interest per month? (up to £500 per year)

    I need to put everything through for expenses so the millage does not work - but its the buying off the van i am confused about .

    1. I can buy a £1500 van but it can only be counted for the first month on UC thereafter all I can charge is the expenses for fuel/tax/repairs on the month they are paid.

    2. Buy a more expensive van - How do I fun it to give me monthly payments I can count - eg - If my personal loan is £150 for the van and 20 is interest all i can count is £20 interest?

    I am stumped as it seems I only have the option of an old van which is going to need more repairs or a contact hire .

    If I am missing something please give me your input.
Page 1
    • fishybusiness
    • By fishybusiness 11th Sep 17, 10:01 PM
    • 1,128 Posts
    • 698 Thanks
    fishybusiness
    • #2
    • 11th Sep 17, 10:01 PM
    • #2
    • 11th Sep 17, 10:01 PM
    Run your business as a ltd.

    Rules totally change, some will tell you of deprivation of capital, but in the real world a ltd will give you a fighting chance of success.
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