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

Horseunderwater

At least you're able bodied and have some savings - I would love to be cured - not ill - and back to work as I have a mortgage to pay & no savings & with all the lovely new rules coming in I will lose the family home. How do you think I feel.
Besides if you want to save on prescriptions you can buy a pre payment card for £104 /annum or £29.10 per 1/4 I think it is. You only need to be having 2 items per month to make savings. Can be done on line, so no need to het form from gp.

Teahfc

How did you end up allocating your £50k savings from 2 years ago ?
What rate did you get ?

Rich33

Teahfc wrote: »

How did you end up allocating your £50k savings from 2 years ago ?
What rate did you get ?

That post was for my Dad, we decided to just stick it in several Santander 123 accounts and get 3% as he isn't taxed on some of the interest because he is retired.

dippy3103

Rich33 wrote: »

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.

It's not penalised. You are fortunate enough to be leaving Uni with savings. You also have the ability to build a property which you will subsequently profit from. You could get a job but are choosing not to (and it's absolutely your choice because you have the savings which enable you to not have to worry about earning a living whilst you undertake this project). You have options open to you which the overwhelming majority of people do not- they have to work or they maybe are too ill to work.

I wish you every luck with the build, your marriage and your career. You are in a fabulous position and clearly have a great future.

Rich33

dippy3103 wrote: »

It's not penalised. You are fortunate enough to be leaving Uni with savings. You also have the ability to build a property which you will subsequently profit from. You could get a job but are choosing not to (and it's absolutely your choice because you have the savings which enable you to not have to worry about earning a living whilst you undertake this project). You have options open to you which the overwhelming majority of people do not- they have to work or they maybe are too ill to work.

I wish you every luck with the build, your marriage and your career. You are in a fabulous position and clearly have a great future.

Thanks for the best wishes!

I'm not trying to argue with anyone but just wondering if people see my point?

It seems people who work hard, save hard and do without to provide themselves with a safety net do get penalised... (I'm not saying that all people who have no savings pee money up the wall before people jump on me!)

Could there not be a system where you invest savings over your lifetime in a special government bond and as a reward you get discounted health costs, nursing home credits or other benefits available to all those who have no savings/income...

Hmmm thinking about that it sounds a bit like a pension, maybe that wouldn't work so well after all.

dippy3103

I get your frustration honestly I do, but you are choosing to take the time out from working. Your reward for saving is having that option.

Clearly you are a hardworking and intelligent man and I don't doubt that you will be a success.