selfemployed. is it worth signing on

ive been self employed for a number of years. 60 years old, receiving working tax credit and have a class2 NIC small earnings exception certificate. now i have lost the rental income from a property that i own, i am considering signing on for unemployent benefit ( what ever it is called nowadays ) because theoreticaly the £71 benefit will be more than the working tax credit i receive. will i get that amount. any advice is much appreciatted. geof

Replies

  • HappyMJHappyMJ Forumite
    21.1K Posts
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    Are you looking for work?

    Have you enough worked (employed...not self employed) over the last 2 tax years earning more than the lower earnings limit of National Insurance or to be credited with contributions almost every week/month?

    With your Class 2 NIC exemption you won't get any benefits from that but you may have also had a paid employed job.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • gncgnc Forumite
    5 Posts
    hello, no to other paid work. got exception from the last 8 years.
  • HappyMJHappyMJ Forumite
    21.1K Posts
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    gnc wrote: »
    hello, no to other paid work. got exception from the last 8 years.
    You could get income based job seekers allowance but it will be reduced by any capital you have over £6,000 excluding the home that you live in and will be reduced by any income you have coming in from your partner if applicable.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • gncgnc Forumite
    5 Posts
    no partner, so no income. and less than £6000 savings. so it looks like it would be worth signing on then, if i get the £71
  • HappyMJHappyMJ Forumite
    21.1K Posts
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    gnc wrote: »
    no partner, so no income. and less than £6000 savings. so it looks like it would be worth signing on then, if i get the £71
    Does that include the equity in the property that was rented out or are you now living in that house?
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • gncgnc Forumite
    5 Posts
    the property is a car repair workshop, now empty and on the market. no other property. now living there and friends places.
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