Benefits / Tax Breaks / Student Loan - When not earning but MD of Ltd Company

Rich33

tomtontom wrote: »

Apologies, your plans have obviously changed in the last eight hours!

I find it hilarious people try to pick holes in peoples posts and catch them out smugly...

I said in 12 - 18 months that was the plan to buy the 50% share. It might not be completely explicit in how I said it, but that's the case.

Rich33

Jobseeeker wrote: »

Who owns the caravan? Are you renting it privately?

It may be possible to claim housing benefit for this when your savings are below £16k. But obviously you can't just buy a car you have to spend them in the normal way

No it's owned by me and my Dad, only worth £500 if that.

Rich33

cbrown372 wrote: »

Father is paying him £12k?

Eventually yes, but not until after the build is done... This is purely to improve my parents cash flow for the build. I'll be paid once we submit the VAT refund (20% back on all materials etc)

cbrown372

Rich33 wrote: »

Eventually yes, but not until after the build is done... This is purely to improve my parents cash flow for the build. I'll be paid once we submit the VAT refund (20% back on all materials etc)

So Dad gets a house built for nothing while you claim benefits, nice one.

nannytone_2

its lovely that you have the fream of renovating and owning a share in this property, but you also have to be realistic.
you will not receive benefits for choosing to do this instead of getting a paid job so mayne you should postpone this for a while until you have enough put aside to support yourself during the renovation

Rich33

cbrown372 wrote: »

So Dad gets a house built for nothing while you claim benefits, nice one.

I wasn't expecting to get much from the government, I was just seeing if I was entitled to it. If I was entitled to it, why else wouldn't I claim it...

It appears, I'm not entitled to anything... I'm cool with that, just wanted to check to see otherwise I would kick myself otherwise.

zagfles

If you're building a house and are going to get paid for it, why not do it officially as a self employed builder, then you're working and could get WTC. Are you over 25, and will you work 30+ hours? What was your income last tax year?

Rich33

zagfles wrote: »

If you're building a house and are going to get paid for it, why not do it officially as a self employed builder, then you're working and could get WTC. Are you over 25, and will you work 30+ hours? What was your income last tax year?

Iv'e considered this, then I would at least have some income records for a mortgage.

I'm 22 at the moment, 23 in August. I'll be working 60+ hours a week on the build.

Last year I was on £12,000.00 - Part of my sponsored placement year at university.

Rich33

blondebubbles wrote: »

You wouldn't be entitled to working tax credit unless you had children/disabilities.

Have you used a benefit calculator like entitledto?

I don't think I'm entitled to anything really. I even just checked regarding a HC1 Certificate for help with health costs. But even now I'm being penalised for having savings over £16,000.00.

FBaby

Yes just like all those people who are penalised because they earn an income. It really is not fair!