Self employed, no income for over 6 months, help

nickythesaint

Hi Guys,

I've been running my own, small start up company. I'm working on long term projects which should eventually make me money. However, I have not been able to draw any personal money since the summer last year.

I have survived on credit cards (all now maxed) and recently loans from family and friends. Not a happy place to be. Much risk and much stress.

I've never thought about benefits before, but this is the crunch month, I cannot bring myself to borrow any more money from my nearest and dearest and there is no chance of getting any credit becuase I've got too much out standing.

I don't need much, my main concern is paying my rent and of course seriving my debts to protect my credit rating.

I've looked around abit and seems I might be eligible for tax credits.

Would there be any chance of getting income support or contributions towards rent, or would my company need to fold?

THanks in advance,

Nicky

Edited to say, I am over 30 and currently working more than 30 hours a week.

karenx

You would not get income support no, thats for single parents and disabled etc.
You may be eligable for help with your rent and working tax credits depending on how meny hours you work and how old u r etc.
You will get no help with paying debts.

jlh80

my friends partner is a plasterer and has had now rok for 18 months, she works in a bank an earns 1200 a month, she pleaded for help and they refused her. she is now in serious debt and sees no way out. she is supporting both on one wage and now payin of so many debts, she is suicidal and no onw will help her. its awful to see people struggle just to live.
maybe fill in a tax return and yiu may be able to clkaim tax on alot of your expenses back and may help pay debts.

welshmoneylover

nickythesaint wrote: »

Hi Guys,

I've been running my own, small start up company. I'm working on long term projects which should eventually make me money. However, I have not been able to draw any personal money since the summer last year.

I have survived on credit cards (all now maxed) and recently loans from family and friends. Not a happy place to be. Much risk and much stress.

I've never thought about benefits before, but this is the crunch month, I cannot bring myself to borrow any more money from my nearest and dearest and there is no chance of getting any credit becuase I've got too much out standing.

I don't need much, my main concern is paying my rent and of course seriving my debts to protect my credit rating.

I've looked around abit and seems I might be eligible for tax credits.

Would there be any chance of getting income support or contributions towards rent, or would my company need to fold?

THanks in advance,

Nicky

Are you working over 30 hours a week? If so you maybe entitled to claim working tax credits for yourself. Check out the HMRC website to see if you qualify.

Good luck.

Incyder

jlh80 wrote: »

she is suicidal

I wonder if this a taboo subject on this site as in real life.

Oldernotwiser

welshmoneylover wrote: »

Are you working over 30 hours a week? If so you maybe entitled to claim working tax credits for yourself. Check out the HMRC website to see if you qualify.

Good luck.

The OP hasn't said whether s/he is over 25.

Oldernotwiser

cyclops. wrote: »

Tax Credits are OK if you are working for normally at least over 16 hours pw. But when you have a business with no work, Tax Credits don't come into play (simply because you aren't actually working).?

Wrong.

All the marketing, canvassing, advertising, estimating you do count as work for tax credits purposes, even if they bring in no income. However, unless you have children, you must be working for at least 30 hours per week.

Lifeisbutadream

cyclops. wrote: »

Yes I am aware of that thank you.

But there is only so much that someone can do in a business with no actual work. All the admin in the world isn't going to add up to at least 16 hrs pw.

And yes, I said that you could get TC's with 16hrs pw + - but that depends on the person's circumstances - may be disabled.

But yes 30hrs pw is the accepted NORM.

If I was trying to run a business, had no work for 18 months and yet was spendng over 16 hrs pw on admin - I would be seriously jacking it in and claiming benefits until a better paid job came about.

The OP didnt say they had no work, they said that they were not making money. There is a massive difference.

nickythesaint

Hi Guys,

Thanks for the responses.

I am 33, I work all day, most evenings and weekends.

On the plus side, there is a big upside if I pull it off, its just trying to hang on in there until it does. I absolutely hate borrowing money off friends and family (or at all). And its only that they have belief in what I am doing that they have done so. I'd rather not be specific about what I do, but its large deals, they take much time and energy and in the current economic climate are prown to falling over due to lack of funding from banks and a myriad of other things which cause people to be cautious. However, when they do I get paid pretty well and will be able to support myself for the next 12-18 months whilst I consolidate what I am doing.

I do believe it will work out, I hope this month, but if there is any further delay, I literally cannot meet my rent.

I did after posting this find a thread on this website, which linked to an only questionnaire and it would seem that tax credits and housing benefit might be applicable.

How long these take to set up, is another question as yet unanswered.

Oldernotwiser

cyclops. wrote: »

Yes I am aware of that thank you.

But there is only so much that someone can do in a business with no actual work. All the admin in the world isn't going to add up to at least 16 hrs pw.

And yes, I said that you could get TC's with 16hrs pw + - but that depends on the person's circumstances - may be disabled.

But yes 30hrs pw is the accepted NORM.

If I was trying to run a business, had no work for 18 months and yet was spendng over 16 hrs pw on admin - I would be seriously jacking it in and claiming benefits until a better paid job came about.

I mentioned far more than admin. If the OP has no work he should be spending many hours each week making contacts, doing estimates, handing out flyers etc., all of which can be counted for tax credits.

If he isn't doing this then it's no surprise that he has no work.

And, by the way, 30 hours isn't the "accepted norm", it's the minimum number of hours someone has to work to claim tax credits if not disabled or a lone parent.