Job Seekers Question & Sole Trader (Self Employed)

chrisb1357

Hi all,

I have just found out that i wont be having a job at the end of the week and have a few questions to ask.

I have been putting plans together to startup on my own as a Sole Trader for now doing IT Support in my area and i thought as i will be out of work next week should i take this time to try and kick start my new business. If i was to start my own business up would i be able to claim any type of Job Seekers as i know the startup of my business will be a bit slow and mignt need a little bit of income coming in at the same time from Job Seekers.

Thanks
Chris

mcc28_x

If you are working less than 16 hours you can claim JSA provided you fill available and actively seeking conditions.

Income will be taken into account.

You may like to ask the Jobcentre if early entry to New Deal Self Employed option is available as it would probably be beneficial to you..

Conor_3

If you're working more than 16hrs, Working Tax Credit would be used to support your income. There is no expectation for you to make a profit in the first year so it is quite reasonable to put ZERO in as your S/E figure for the year, even though you've put that you work more than 16 or 30 hrs. Remember that all activity related to the business counts as working so that's even time spent online browsing for information. Depending on your income from the business (that's the business net profit as a sole trader - not what you pay yourself out of it) , you may also be able to claim CTB and HB/LHA although the council will require you to submit accounts on a quarterly basis to ascertain your income.

Your local Business Link often runs courses on basic book-keeping and HMRC run courses at the Business Link periodically for completing self assessment.

chrisb1357

Hi,

Well i have been trying to work out if to use an Accountant for about £45 a month or save £45 and do everything myself. I have been told its easy to do once you read up online etc.

Chris

Conor_3

It is quite easy. The trick is to keep up to it. I did mine weekly and it only took 20-30 minutes. Keep a spreadsheet. When you list bills on it, put down the receipt number. Keep all your receipts in date order. When it comes to the end of your financial year, print off the spreadsheet and take the lot to an accountant to get them to check over it. If you keep good easy to follow accounts, they'll only charge you a couple of hundred quid at most. You could do what my parents do and barter, especially being in IT. In exchange for doing their accounts, my parents groom their accountants dog 6-8 times a year. You could offer to do a quarterly service on their computers. Costs you nothing but a bit of time.