Just started up selfemployed.

Mattspark

Right here goes.
My partner works 16 hours and we recieve help with are rent and counciltax.
Iv have been at college for 2 years and i have trained to be an electrician. I recently had a compensation pay out and iv used all of this setting myself up.
For 3 months iv have nt had any work. The last few weeks things have started to put up, So i rang WTC to explain what was happening, They said that i just need to tell them the average wage as profit after iv payed out all my expenses. If i devide this over the period i have nt made a profit(I had to buy tools to do the job).
Will housing benefit work in the same way? Im struggling to get my business going and want off benefits ASAP. As soon as i find some work as iv just started i need to buy tools etc to do said work?
Will housing benefit/CT ben just take what iv earnt or will they work on the profit way? Im afraid if i tell them iv earnt say £500 gross they ll instantly stop all my benefits, This figure is alot but after i take out feul materails insurances etc etc i dont end up with alot left. And as iv said before anything that is left over after all my out goings i spend on tools. Im finding it really hard to get off the ground and make a better standard of living for my family. I want of Benefits, But it seems as soon as you say you ve earnt anything they instantly stop it all and turn your life upside in 5 mins. They dont seem to take any factors in account.
Im trying to do this right but im not sticking my neck out to get everything stopped over night and spend the next 3 months picking up the pieces. i have nt got any work booked in for the future but iv got a few good leads from this 1 job.
Any advice would be helpfull.
Many Thanks Matt

Hammyman

Firstly, have you remembered to register as self employed with HMRC? Now thats done with....

Yes it will all work the same way in regards to profit being the income however HB will want to see your accounts on a regular basis, usually quarterly, so keep your books up to date.

Congratulations on the new business. Word of mouth is worth 10 times what paid advertising is so go above and beyond in the first year you trade and it'll pay dividends in the future.

Also, sign up at Business Link for a basic book-keeping course. Best to start out doing it right from day one than to get to Jan 30th and panic.