Starting a business, what happens to benefits

captain_nugget

Hi all. I've been working 16hrs per week for the last few months and getting WTC and CTC to help out. I've kept the hours at 16 because I've been getting ready to start a business. The business starts in about 5 weeks, I'm just wondering if anyone can give me an idea of what will happen benefits wise when I call them up and tell them my circumstances have changed. I won't be drawing a wage for at least 3 months. Am I looking at income support? Am I entitled to anything at all?
Thanks for any input.

krisskross

Do you plan to give up the 16 hours a week job? Anyone else in the household earning?

captain_nugget

krisskross wrote: »

Do you plan to give up the 16 hours a week job? Anyone else in the household earning?

Yes, new business will be my only job. My wife works less than 10 hrs PW, she'll be keeping this job and helping out with the business the rest of the time.

karenx

on what grounds do you think you qualify for income support?

viktory

Would it not have been prudent to have saved enough money for you and family to live off while the business gets underway?

Caz3121

If you are working self employed over 16 hours you should still qualify for your working tax credits. You should contact them and advise of the change of circumstances it may make no difference to your payment. Next years WTC is based in this years earnings. You will not qualify for Income support. Can you not keep some employment until the business is in a position to pay you? even evening work.

unemployedJCP

why are you not planning of drawing a wage for an entire 3 months?

I understand for say around a month... but if your business can't survive for you working say part time... then will it really work?

captain_nugget

karenx wrote: »

on what grounds do you think you qualify for income support?

I don't know if I qualify for anything, thats why I'm asking.

captain_nugget

viktory wrote: »

Would it not have been prudent to have saved enough money for you and family to live off while the business gets underway?

It would have been nice to have had the chance to save yes, but sometimes you just don't have the choice.

captain_nugget

unemployedJCP wrote: »

why are you not planning of drawing a wage for an entire 3 months?

I understand for say around a month... but if your business can't survive for you working say part time... then will it really work?

I've got to earn it before I can pay it.

krisskross

How are you goimg to support the child/ren with no income for 3 months?