Tax credits self employed or full time work

Claudiab251274

In a quandary... Made redundant in sept, claiming tax credits and JSA (claiming credits with self employed partner) and have insurance redundancy policy paying out.
I'd like to go self employed but I'm unsure of what tax credts id be entitled to. I wouldn't be making a loss in the first yr or very little and my partner makes under £5k per yr. as I was the bread winner so have a lot of outgoings keeping the house and our son in nursery. Should I forget self employment and just look for another well paid job ? (I've applied for over 20 and not having much luck )

HappyMJ

If you eventually make self employment work then go for it. You might not and its not expected you make a profit in the first year. You can claim maximum tax credits. Once you start earning for every pound of profit you make over a certain amount you will lose 41p of tax credits. You'll also have tax and NI contributions to make....you get to claim expenses to reduce your profit which can help.

Claudiab251274

Thanks everyone out of interest what are the max tax credits?

UsetheFORCE

For a couple with 1 healthy child, no childcare and household earnings below £6420, it is roughly £75 WTC and £60 CTC per week!

Claudiab251274

Partner works over 30 and I would be working about 8
1 child
Child care £84 per week
Combined salary would be less than £6500

Claudiab251274

That's great thanks what if I upped my hours to more than 16?