Benefits if I go Self Employed 30 April 2012 at 6:58PM in Benefits & tax credits 2 replies 669 views

Jonnafun

Hi All

I'm in a bit of a conundrum. I'm currently on JSA, but I'm looking to start my own business self employed.

I'm really confused with the way benefits and tax credits work, so if anybody can help that would be great.

I'm wondering, if I go self employed, work 40+ hours a week, can I claim working tax credit? I'm not sure how much money I'll make within the first 6-12 months, so what I'm trying to find out is will I receive enough on Working Tax to support myself, wife and two children?

Can I ask them to calculate it based on this years earnings? As I've been claiming JSA since last October, I think I only made around £9000 or so during April 2011-April 2012.

So if I claim on this years earnings, is there a maximum they'll pay? And I assume things like Housing Benefit and Council Tax benefit can be paid too?

Hope that all makes sense.

Thanks all!

BigAunty

A couple with children have a requirement to work just 24 hours per week to qualify for WTC if their income is low enough.

Russe11

New Enterprise Allowance, you can take a loan on top which is upto 1k off the top off my head, tax credits if you do over 30 hours and over 25 if single. Also you could apply to the princes trust but that would require a business plan and more work, not just going selfemployed.