Change of Circumstances: Starting a business with funding whilst on HB

savemeup

Current Situation:

Myself: Unemployed
Partner: Self Employed Sole Trader
Currently in receipt of HB, CTB, WTC.

I am about to start my own sole trader business, i expect to make a loss in the first years trading. Do i treat this as a "change of circumstance" and notify the council, wtc immediately of my intention to trade and my projections for the year? Or do i wait until there is a change in my income?

I will also be receiving £2,500 start up fund from the princes trust which will be spent throughout the year. Do i notify the council/wtc of this to be classed as income?

many thanks in advance

Notmyrealname

Yes you need to notify a change of circumstances. You will be expected to take in your accounts periodically and the next period HB is based on those.

savemeup

thanks. So i notify of the intent to start business - how will my hb benefit be affected in the mean time? Do i make an estimate of income for a given period? Is it the same with wtc? thanks again

Notmyrealname

With WTC you give an estimated income for the year to 5/4/13. HB will be based on actual income over a period, for example, 3 months. The periods vary from council to council but you'll be asked to provide accounts for say 3 months and the next 3 months will be based on those. WTC is taken into account when calculating income for HB purposes.

savemeup

great thankyou you've cleared alot up- so if hb is based on actual income over 3 months - i cant actually provide that information until 3 months into trading am i correct?