Packing in Small Buisness ?

HOGOGG

Ok, the time has come to admit defeat and for my husband to cease trading. We have no kids and i earn approx £670 per month after tax. We have approx £9k in savings and no mortgage, but o\s loan on credit card of £8k. Are we entitled to anything ?

It looks like my husband who's over 50 will hav to find a job , but are a bit thin on the ground at the moment.....:o

karenx

Do you rent? You may be entitled to a little help with the rent but they will take into account your savings and income.
If you work more than 30 hours a week you may be entitled to some working tax credit

HOGOGG

karenx wrote: »

Do you rent? You may be entitled to a little help with the rent but they will take into account your savings and income.
If you work more than 30 hours a week you may be entitled to some working tax credit

Hiya, no we have about £900 left on our mortgage, which isn't alot , only about £18 a month. I work 22.5 hours a week and bring home £600 - £650, but the credit card bills are £150 a month, then monthly bills, car insurance, p.tax and food. I don't think we can both live on my wage until he finds a job.

karenx

How can you not survive when you have 9k in savings???? unfortunatly you won't get help with anything due to your income and savings.

hyposmurf

Ring up the benefits office and find out what youre entitled to.I ran into problems havings more savings than you and my partner working for a low wage but the hours were over a certain amount.You may have already done this but sit down and calculate all your monthly otugoings,so you can determine how much youll have to find above your wage.
Link beow is for income support,your husband might have to claim for contributory job seekers allowance as you have savings and your working.

http://www.direct.gov.uk/en/moneytaxandbenefits/benefitstaxcreditsandothersupport/on_a_low_income/DG_10018708

HOGOGG

karenx wrote: »

How can you not survive when you have 9k in savings???? unfortunatly you won't get help with anything due to your income and savings.

The £9k is my husbands pension as being in his own business he only paid class 2 NI contributions, I could pay the £9k off my Credit Card and still be left struggling on my wage each month.

NASA_2

If he was a director of a company (Small business) then he should have been playing class 1 NIC's.

HOGOGG

hyposmurf wrote: »

Ring up the benefits office and find out what youre entitled to.I ran into problems havings more savings than you and my partner working for a low wage but the hours were over a certain amount.You may have already done this but sit down and calculate all your monthly otugoings,so you can determine how much youll have to find above your wage.
Link beow is for income support,your husband might have to claim for contributory job seekers allowance as you have savings and your working.

http://www.direct.gov.uk/en/moneytaxandbenefits/benefitstaxcreditsandothersupport/on_a_low_income/DG_10018708

Thanks so much, i'll give them a call in the morning

karenx

why are you giving a link for income support?? OP and their partner is not sick, disabled, caring for a sick person or a lone parent???

Vader123

HOGOGG wrote: »

Hiya, no we have about £900 left on our mortgage, which isn't alot , only about £18 a month. I work 22.5 hours a week and bring home £600 - £650, but the credit card bills are £150 a month, then monthly bills, car insurance, p.tax and food. I don't think we can both live on my wage until he finds a job.

Assuming you need £1000 a month to live on, £1000 - £650 = £450 extra to find.

£450 divided by £9000 (savings), you can live for 20 months.

Thats how long he has to find a job.

Good luck.

Vader

HOGOGG

NASA wrote: »

If he was a director of a company (Small business) then he should have been playing class 1 NIC's.

Thanks , i'll check with the accountant tommorow, i always thought it was class 2