Handed My Notice In - Here Goes

scottandjen_2

Hello,

I have just handed my notice in with my current job as i am going self employed.

As we claim tax credits, if i let them know now will out payments change or stop?

Any info would be great.

Thanks,

Scott

Hammyman

You HAVE to tell them of the change in circumstances. You'll be asked your changed income for the year. This will be what you've earned from 6th April to date in the job you've just left plus ESTIMATED PROFIT in S/E to the 5th April 2011 which is income less expenses and with startup costs and only 5 months trading left in the current year it could be zero. Your payments will then be recalculated based on this. When it comes to renewal, you then give them the actual figure which will probably be less than you estimated as many people are grossly over optimistic in what they think their profit will be in their first years trading.

Jowo_2

What is your estimated profit, according to the business plan you produced? The one where the cost/benefit analysis showed that you improved your income position compared to your current job?

dktreesea

You also need to register with the HMRC as self employed, preferably before telling them about your change in circumstances.