Self employment & BR

nomis213

Hi,

I plan on returning back to work after being on Incapicty Benefit since may, before i went onto benefit in may (thru ill health) i was self employed.
I Declared myself BR on the mid july, and now want to get back to work.
I dont need any outlay (i just charge labour) and i will have to use my cashminder account for self employment.
Just wondering what happens when i file my self assesment?
do i still declare any income thats due tax before my BR??
Propably best to ring tax office, but just wondered if anyone else on here can give advise.
Also i went to jobcentre today for a "pathfinder" into work interview, i told them i was returning back to work shortly, and she asked how much ill be making?? Anyhow apparently i qualify for £40 a week incentive for returning back to work and £20 tax credits because i didnt now how much ill make, so i just agreed with the advisor that it will be around 15k.
Looks like ill be on a good thing!
Any thaughts on all of this considering iam BR

Thanx

fiveyearplan

If your circumstances change you need to report it to the OR within 21 days. Thats great that you are due some benefits. Why don't you post up your expenditure (you'll have to do a new I&E when you start receiving the money from your self employment) and we can see if you miss anything out.

nomis213

Rent 175 month
C/tax 75
tv lic 10
gas 60
elec 25
Car tax&ins 30
Internet 15
Mobile 10
Fuel 80
Shopping 160

Total 640

Income 680 + benefits as above 240

Total 920
CSA 20% -184
Exp - 640

Surplus 96

betterlatethannever

nomis213 wrote: »

Rent 175 month
C/tax 75
tv lic 10
gas 60
elec

well thats a neat tidy and small soa.:D

do you eat at all? travel? pay for tv, water, clothes etc etc?

fiveyearplan

BLTN - you crack me up!

Nomis - thats a good start. The purpose of an I&E is to make sure you have enough to live on before you have to pay back any of your creditors. So you need to include as much as possible.

Travel
prescriptions
dry cleaning
telephone
tv licence is now £12 I think

How many people in your family?

I'm logging off now but will come back and have a look at this tomorrow, in the meantime I'm sure others will have a look and comment.