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Benefits entitlement when self-employed?
xs11ax
Posts: 209 Forumite
Hi,
I am asking this question on behalf of a friend who is a divorcee with 3 kids. At the moment i believe she is claiming income support and child tax credit. She would like to go into self employment but is worried about making ends meet while her business is still in the teething stage.
As a self employed single parent with 3 kids, what benefits will she be entitled to claim, and what is the maximum she will receive and what is the minimum she will receive (depending on her income from the business) in her first year of business?
Also is there any other help she can get while her business is picking up? She will be working as a graphic designer from home.
Cheers
I am asking this question on behalf of a friend who is a divorcee with 3 kids. At the moment i believe she is claiming income support and child tax credit. She would like to go into self employment but is worried about making ends meet while her business is still in the teething stage.
As a self employed single parent with 3 kids, what benefits will she be entitled to claim, and what is the maximum she will receive and what is the minimum she will receive (depending on her income from the business) in her first year of business?
Also is there any other help she can get while her business is picking up? She will be working as a graphic designer from home.
Cheers
0
Comments
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Anyone? Please?0
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She can carry on claiming Is whilst building the buisness up and just declare her earnings each week until she's earning over the threshold, then it will be working tax credit.0
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Tax credits are based on annual earnings. As she earnt next to nothing last year (I assume) she'll get maximum tax credits when she starts to work more than 16 hours. Next year the payments will be based on what she earnt this tax year. As she probably won't earn enough in the next 3 months it will still be maximum tax credits. Then the year after the more she earns the less she gets.I remember from when i used to post before that replies used to be fast.....so i thought maybe my post got overlooked and buried.
How do working tax credits work for self employed people who's wage fluctuates week by week?:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
She can carry on claiming Is whilst building the buisness up and just declare her earnings each week until she's earning over the threshold, then it will be working tax credit.
so her income support will be adjusted according to how much she earns each week and she will receive child tax credit as normal?0 -
Am i right in thinking that she can either carry on claiming income support and child tax credits if she works less than 16 hours a week, and both of these benefits will be adjusted according to how much she earns?
...and if she works more than 16 hours a week she can claim working tax credits and child tax credits, and the amount will depend on how much she has earned in the previous tax year?0 -
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Oldernotwiser wrote: »How old is her youngest child?
He is 6. Will turn 7 on April 10th.0 -
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