Self Employment & Pension Credits

Swanseajack

Morning, can anyone out there help me please.

I have recently been awarded PC, I am 63 and was made redundant (again), but, as I'm of pensionable age, I don't need to sign on. As I'm not quite ready for the scrap heap, I'm trying to start a little business up, nothing amazing, a spot of landscape gardening. Now, I have spoken to the Pension Service but don't fully understand the position.

What I do understand (I think) is that I am deducted £1 for every £1 that I earn (although as it's a joint claim, I understand that we are entitled to a £10 income disregard). However, I don't understand if income is classed as net profit only and not turnover, does anyone know?

When I asked such questions about self employment and PC, the lady seemed very cagey and wouldn't just give me general information. She just said that I would have to submit my accounts and they would let me know. Well, that isn't very helpful when you're trying to run a household and pay bills, and you're genuinely trying to work and not be dependent on benefits.

Because I'm on PC I get help with housing, now if my earnings should end up being over the weekly PC amount, (so I'm no longer entitled to PC), I don't then understand how that would affect my Housing Benefit. Also, with what I would be earning, do I tell the Pension Service my figures on a weekly basis, or would it be done on a monthly basis and then my entitlement would be taken away for the next 'x' weeks? (I'm currently paid weekly).

I've tried going through various websites but there doesn't seem to be a general place or helpline where you can ask all these types of questions. If I'm missing something obvious, I'd appreciate some direction to the right place.

I'm really thrown by all this and it's worrying me; I'm anxious to do the right thing from the outset or I won't sleep at night! If anyone has any advice as to how these things work, at a practical level, I'd really appreciate hearing others' experience(s). Thanks very much, Jack

anmarj

https://forums.moneysavingexpert.com/discussion/4572087


will help

Swanseajack

Hi, thanks for directing me to that link, starting to make more sense now. I'm still not entirely sure what constitutes self employment in the eyes of the PC peeps, e.g. if it needs to be a minimum number of hours worked or a certain (minimum) net amount, or, just any amount of income. Maybe if I ring up and say I have been paid some money it will get the ball rolling. I am envisaging making approx £100 per week gross, so prob around £250/month net. I'm kind of assuming that they would let me keep my £10/week disregard and deduct £1 for £1 the
other £50-60 or so from the weekly PC amount.

I just need to try and work out the HMRC guidelines for s/e now! Cheers, Jack