Self-employment benefits

Pete763

Hi all,
I have a quick question regarding self-employment and whether or not I am entitled to any benefits whilst self-employed.

My situation is this, I am currently living with my parents and I am 29 years old. I do not currently have any bills to pay.

I have devised an action plan that I will reveal to whoever needs to see it when registering as self-employed, I do not expect to earn much to begin with, possibly £20 to £30 a week. Hopefully once word of mouth spreads I’ll begin to start earning a higher income. What I would like to know is this, with the aforementioned situation am I entitled to any benefits whilst self-employed? I’m not sure if I have understood all the rules entirely correctly regarding self-employment but from what I gather is that I could earn £50 a week working tax credits for 16 hours of week work? Or is it self-employment credit as opposed to working tax credit? Also if I have a certain amount of savings will that have any effect on my possible self-employment benefit? Will i still be entitled to any self-employment benefit if i currently have for example just over 10k?

Thanks for your time.

Pete763

Anyone, please?

nannytone_2

if you atr working at least 20 hours a week, you could apply for working tax credits.
they will expect you to show that you are working for 30 hours

if you are working less than 16 hours a week you could sign on for JSA, but they will deduct any earning pound for pound after the first £5. you would also be expected to look for paid employment

andyscott

Pete763 wrote: »

Hi all,
I have a quick question regarding self-employment and whether or not I am entitled to any benefits whilst self-employed.

My situation is this, I am currently living with my parents and I am 29 years old. I do not currently have any bills to pay.

I have devised an action plan that I will reveal to whoever needs to see it when registering as self-employed, I do not expect to earn much to begin with, possibly £20 to £30 a week. Hopefully once word of mouth spreads I’ll begin to start earning a higher income. What I would like to know is this, with the aforementioned situation am I entitled to any benefits whilst self-employed? I’m not sure if I have understood all the rules entirely correctly regarding self-employment but from what I gather is that I could earn £50 a week working tax credits for 16 hours of week work? Or is it self-employment credit as opposed to working tax credit? Also if I have a certain amount of savings will that have any effect on my possible self-employment benefit? Will i still be entitled to any self-employment benefit if i currently have for example just over 10k?

Thanks for your time.

Are you claiming any benefits already?

For a single person you would be reuired to work 30 hours for your business, but this can be telesales, delivering flyers etc

nannytone_2

andyscott wrote: »

Are you claiming any benefits already?

For a single person you would be reuired to work 30 hours for your business, but this can be telesales, delivering flyers etc

it seems time spent on these things would be minimal as the OP is relying on word of mouth

aggypanthus

nannytone wrote: »

if you atr working at least 20 hours a week, you could apply for working tax credits.
they will expect you to show that you are working for 30 hours

if you are working less than 16 hours a week you could sign on for JSA, but they will deduct any earning pound for pound after the first £5. you would also be expected to look for paid employment

the first sentence is confusing, which is it, 20 or 30 hrs? how can it be both?

nannytone_2

sorry .... its a minimum of 30 hours a week

pinkypoopydoo

nannytone wrote: »

it seems time spent on these things would be minimal as the OP is relying on word of mouth

Word of mouth only becomes viable once you have established business, so for a start-up business, a significant amount of time should be spent pushing for new business, in every way possible.

Time spent on other things, such as bookkeeping, can also be taken into account for the working hours.

nannytone_2

pinkypoopydoo wrote: »

Word of mouth only becomes viable once you have established business, so for a start-up business, a significant amount of time should be spent pushing for new business, in every way possible.

Time spent on other things, such as bookkeeping, can also be taken into account for the working hours.

ym only going by what the OP said.

i cant see bookeeping taking long on an income of £20 - £30

pinkypoopydoo

Bookkeeping, done properly, takes time, even if just for income of £20-£30 a month.

Or you can do a slapdash job that takes 5 minutes but causes grief further down the line when your income rises and HMRC start to take more notice.

nannytone_2

it would account for at most, an hour.
only leaves another 29