'Disposable income' in DRO for self-employed

fostertom

Any idea how 'disposable income' is calculated in DRO, for self-employed? Is it based on income as in taxable nett profit, after biz expenses? Tho my self-employed income has collapsed since Oct, I'm still at work trying to rebuild same, with biz expenses like car, phone, stationery, computer repairs etc still carrying on.

As it's 8 months since my last year-end accounts, no up to date figures, but my 'disposable income' after those expenses and basic living expenses is v small, even tho my small continuing gross income may look a bit high by breadline/DRO standards.

Could I qualify for DRO?

elfieb

As long as you meet the £50 surplus for the duration of your DRO, then you should qualify.

Have you saught advice from a debt charity regarding a DRO?
Have they advised you this is the way to go?

fostertom

Yes but how's income calculated for self-employed - on gross takings, or taxable nett profit? - which is v variable from month to month - can't state a regular £ per week figure.

Yes - doing my own research for next meet with advisor.

elfieb

fostertom wrote: »

Yes but how's income calculated for self-employed - on gross takings, or taxable nett profit? - which is v variable from month to month - can't state a regular £ per week figure.

Yes - doing my own research for next meet with advisor.

Perhaps a quick email to the DRO department of the IS would answer this question......

DRO's are less than a year old as you probably know, so not all the information is out there for research.

fostertom

Thanks - everyone's been great, lots to take to tomorrow's meet.

elfieb

fostertom wrote: »

Thanks - everyone's been great, lots to take to tomorrow's meet.

No problem...been exactly where you are, and know how you feel!:p

Good luck with everything tomorrow, and do post back should you require any more help, or even if you just want to let off steam.....always someone around to lend an ear!!